MANILA — The Senate has approved a bill granting President Ferdinand “Bongbong” Marcos Jr. emergency powers to suspend or reduce fuel excise taxes in response to rising global oil prices.
All 17 senators present voted in favor during the third and final reading, with no opposition or abstentions. The measure aims to help mitigate the impact of higher fuel costs caused by escalating tensions in the Middle East.
The legislation, Senate Bill No. 1982, is formally titled “An Act authorizing the President to suspend or reduce excise tax on petroleum products, amending Article 148 of the National Internal Revenue Code, as amended.”
Under the bill, the President may exercise emergency powers when the price of Dubai crude oil exceeds $80 per barrel. Once the threshold is met, excise taxes on petroleum products must be immediately suspended or reduced.
The House of Representatives has already approved the measure, following President Marcos’ certification of the bill as urgent due to rising fuel prices.
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