MANILA — Lawmakers in the House of Representatives have approved two bills designed to help the government respond swiftly to rising fuel costs caused by global oil market instability.
House Speaker Faustino “Bojie” Dy III said the measures provide President Ferdinand R. Marcos Jr. with additional authority to mitigate the impact of oil price shocks on consumers and the broader economy.
The proposed laws, House Bills 8418 and 8469, were approved on third and final reading Monday night.
HB 8418 would allow the President to temporarily suspend or reduce excise taxes on petroleum products once certain conditions are met. The measure gained overwhelming support, with 248 lawmakers voting in favor and three voting against.
The proposal was mainly authored by Dy and House Majority Leader Ferdinand Alexander “Sandro” Marcos.
Under the bill, the President may exercise this authority if the average price of Dubai crude oil reaches at least USD80 per barrel for one month, based on the Mean of Platts Singapore benchmark. It can also be invoked in cases of national emergencies or disasters that lead to extraordinary increases in fuel prices.
Any suspension of excise taxes would initially be effective for up to six months, with the possibility of extension for a total of one year, subject to congressional approval. The provision granting this authority would remain in effect until the end of 2028.
In a separate vote, lawmakers also approved HB 8469, which received 209 votes in favor and five against. The measure seeks to amend Republic Act No. 9367, also known as the Biofuels Act of 2006.
The amendment would allow the President to temporarily halt the mandatory blending of biofuels if blended fuel prices rise to at least five percent higher than pure gasoline or diesel.
Dy said the legislation ensures that while the country continues promoting renewable energy, the government retains the ability to intervene when blending requirements contribute to higher pump prices.
According to the House leadership, the twin measures aim to protect Filipino consumers and maintain economic stability amid continuing geopolitical tensions that influence global oil supply and prices.
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