MANILA – Lawmakers are poised to pass a bill giving President Ferdinand Marcos Jr. the authority to temporarily cut excise taxes on petroleum products amid rising global oil prices.
HB 8418 allows targeted reductions or suspensions of fuel taxes when international prices stay high or during emergencies, aiming to ease costs for motorists, public transport, and basic commodities.
“The bill ensures fast, lawful action to prevent price shocks from hitting households and businesses,” said House Majority Leader Ferdinand “Sandro” Marcos.
The measure sets a six-month limit per suspension, requires monthly reporting to Congress, and mandates that excise rates be reinstated automatically when conditions normalize.
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