MANILA, Philippines—President Ferdinand Marcos Jr. on Thursday certified as urgent House Bill 8418 which would grant him emergency powers to suspend or reduce excise taxes on petroleum products.
Executive Secretary Ralph Recto, by authority of the president, transmitted a letter to Speaker Faustino “Bodjie” Dy 3rd stating the “necessity of the immediate enactment” of the proposed law.
HB 8418 seeks to give Marcos the power to suspend or reduce excise taxes on petroleum during national or global emergencies not longer than six months. It likewise authorizes the government to address the “extraordinary fuel price volatility and stabilize domestic fuel prices during the period of severe economic disruptions.”
As prescribed in the 2017 Tax Reform for Acceleration and Inclusion (Train) Law, the Philippines imposes an excise tax of P10 per liter on gasoline, P6 per liter on diesel and P5 per liter on kerosene.
Under the Constitution, certifying a bill as urgent allows Congress to bypass the usual requirement of three separate readings on different days, enabling lawmakers to accelerate the passage of legislation deemed critical.
The war in the Middle East caused pump prices to spike this week. Last Tuesday saw a double digit rise with gasoline prices up by as much as P10.20 a liter, diesel by as much as P24.25 a liter, and kerosene by as much as P38.50 a liter.