MANILA — President Ferdinand “Bongbong” Marcos Jr. has certified as urgent House Bill No. 8418, which seeks to give the Chief Executive authority to suspend or reduce excise taxes on petroleum products during periods of economic crisis.
In a letter addressed to House Speaker Bojie Dy, Marcos emphasized the need for swift legislative action:
“Pursuant to Article VI, Section 26(2) of the 1987 Constitution, I hereby certify to the necessity of the immediate enactment of House Bill No. 8418, entitled: ‘AN ACT AUTHORIZING THE PRESIDENT OF THE PHILIPPINES TO SUSPEND OR REDUCE THE EXCISE TAXES ON PETROLEUM PRODUCTS DURING NATIONAL OR GLOBAL ECONOMIC EMERGENCIES, AMENDING FOR THE PURPOSE THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED,’
to enable the Government to respond promptly to extraordinary fuel price volatility and stabilize domestic fuel prices during severe economic disruptions.”
The certification comes as government offices have recently adopted a four‑day work week to conserve energy and reduce fuel consumption, following the surge in global oil prices triggered by tensions in the Middle East.
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