MANILA, Philippines — Voting 209–5, the House of Representatives on Monday approved on third and final reading House Bill No. 8469, which seeks to amend the Biofuels Act.
In a statement, the office of Speaker Faustino Dy III said the measure, also known as the proposed Oil Price Stabilization Act, aims to allow the president to suspend mandatory biofuel blending if blended fuel prices are at least five percent higher than pure fuel, easing pump prices.
President Ferdinand Marcos Jr. has certified the measure as urgent.
“The President’s certification makes clear that this is an urgent matter affecting every Filipino household and the entire economy. The House stands ready to act swiftly on this measure so we can give government the flexibility to stabilize fuel prices,” Dy said.
“Our priority is to protect consumers, keep transport and production costs manageable, and ensure that energy supply remains stable,” he added.