MANILA, Philippines — A proposed law granting the President authority to suspend fuel excise taxes is now inching closer to enactment after the House of Representatives transmitted the signed measure back to the Senate.
Speaker Faustino “Bojie” Dy III approved the final version of the consolidated House Bill No. 8418 and Senate Bill No. 1982, directing its immediate return to the Senate as part of the legislative process before it reaches Malacañang.
The bill seeks to amend provisions of the National Internal Revenue Code, allowing the President to temporarily lift or reduce excise taxes on petroleum products during periods of significant global oil price increases.
House officials said the swift action reflects the urgency of cushioning the impact of rising fuel costs on Filipino households, transport operators, and businesses, especially amid geopolitical tensions affecting oil supply.
The measure, principally authored by Dy and Majority Leader Ferdinand Alexander “Sandro” Marcos, is designed to provide the executive branch with flexibility to respond quickly to volatile fuel prices.
Senate President Vicente Sotto III had earlier confirmed signing the Senate version of the bill and forwarding it to the House, completing a key step before the enrolled measure can be sent to President Ferdinand Marcos Jr. for final approval.
Under the proposed law, the President may order a suspension or reduction of fuel excise taxes if global oil prices—based on the Mean of Platts Singapore—reach at least $80 per barrel for one month.
Currently, excise taxes stand at P6 per liter for diesel and P10 per liter for gasoline.
Government economic managers have warned that continued instability in the Middle East could further push fuel prices upward, with diesel potentially nearing P96 per liter. A suspension of excise taxes could help bring prices down by several pesos per liter, offering some relief to consumers.
In recent weeks, fuel prices have steadily climbed, with diesel already exceeding P130 per liter in some areas, while gasoline prices approach the P95 mark.
Malacañang, for its part, has indicated that President Marcos is prepared to act on the measure once it is formally submitted, raising expectations of swift implementation should the bill be signed into law.
ia/xf
