SPEAKER Faustino “Bojie” G. Dy III said on Monday evening that the House of Representatives has equipped President Ferdinand R. Marcos Jr. with stronger policy tools to tame fuel price shocks after approving, on the third and final reading, two key measures aimed at protecting Filipinos from global oil market volatility.
The measures, House Bill (HB) Nos. 8418 and 8469, authorize the President to temporarily suspend or reduce fuel excise taxes and suspend mandatory biofuel blending under the Biofuels Act of 2006, respectively, to help cushion the impact of global oil price spikes amid tensions in the Middle East.
“These measures give our president stronger and more flexible tools to protect Filipinos from fuel price shocks,” Dy said.
“When global oil prices surge, government must be able to act quickly to stabilize pump prices and shield families, commuters, and businesses from its ripple effects.”
Voting 248 in favor, three against, with zero abstentions, the House approved HB 8418, principally authored by Speaker Dy and House Majority Leader Ferdinand Alexander “Sandro” A. Marcos was sponsored on the floor by Marikina City Rep. Miro Quimbo, chair of the House Committee on Ways and Means.
According to Dy, the measure ensures the government can act swiftly when global crude prices surge.
“When global oil prices spike, ordinary Filipinos feel the impact immediately. This bill ensures the government has the flexibility to intervene and prevent runaway increases in pump prices and inflation,” the speaker from Isabela said.
Under HB 8418, the President may suspend or reduce excise taxes on petroleum products upon the recommendation of the Development Budget Coordination Committee, in coordination with the Department of Energy.
The authority may be exercised if the average Dubai crude oil price based on the Mean of Platts Singapore reaches or exceeds $80 per barrel for one month, or if a national emergency or calamity results in extraordinary increases in domestic fuel prices.
Any suspension will be effective for up to six months and may be extended for a maximum aggregate period of one year, subject to congressional action. The authority granted to the President will remain in effect until Dec. 31, 2028.
Meanwhile, the House also approved HB 8469 with 209 votes in favor, five against and zero abstentions.
The bill amends Section 5 of Republic Act No. 9367, or the Biofuels Act of 2006, to allow the President to temporarily suspend the mandatory biofuel blending requirement when blended fuel prices become at least five percent higher than pure gasoline or diesel, helping ease pump costs.
The bill was sponsored on the floor by Palawan Rep. Jose “Pepito” Alvarez, chair of the House Committee on Energy.
Dy said the proposed amendment allows the government to respond to abnormal price movements in the global oil market without abandoning its long-term commitment to renewable energy.
“We support renewable energy, but when blending requirements drive up pump prices, the government must have the flexibility to act in the interest of consumers and the general public,” the House chief said.
Dy said the passage of the two measures reflects the House commitment to support President Marcos’ efforts to safeguard the economy amid geopolitical tensions affecting global energy markets.
“The goal of these twin measures is to protect the purchasing power of every Filipino household and ensure the stability of our economy. By giving the president these tools, we are strengthening the government’s ability to keep fuel prices manageable during times of global uncertainty.”
