House Speaker Faustino Dy III and House Majority Leader Sandro Marcos, representative of Ilocos Norte’s 1st District, have filed House Bill No. 8292, which seeks to authorize the President to temporarily suspend or reduce excise taxes on petroleum products during national or global economic emergencies.
The measure proposes amendments to the National Internal Revenue Code, granting the President—currently Ferdinand Marcos Jr.—the authority to adjust fuel excise taxes upon the recommendation of the Department of Finance and in coordination with the Department of Energy.
“This measure grants the President of the Philippines the authority to suspend the imposition of, or reduce the excise taxes on petroleum products when public interest so requires,” the two House leaders said in the explanatory note.
The bill outlines specific triggers for tax adjustments, including when the average Dubai crude oil price reaches at least $80 per barrel for three consecutive months, or when a national emergency or calamity causes extraordinary increases in domestic pump prices.
If exercised, the President must submit a report to Congress within 15 days of issuing the suspension order, followed by monthly updates detailing the basis for the decision, estimated revenue losses, and expected impact on fuel prices and inflation.
The proposal comes amid renewed volatility in global oil markets driven by Middle East tensions. Lawmakers warned that the Philippine economy remains highly vulnerable, with nearly 90% of petroleum imports sourced from the region.
Dy and Marcos stressed that rising fuel costs disproportionately affect vulnerable sectors such as farmers, fisherfolk, public transport operators, small businesses, and low-income households.
“In times of national emergency or sudden global disruption, the government must be equipped to act swiftly to mitigate the impact of these shocks and safeguard the welfare of the Filipino people,” they said.
The measure aims to provide a flexible policy tool to stabilize fuel prices and ease the burden on consumers during severe economic disruptions.
“By providing a targeted and time-bound policy mechanism, the government is able to respond promptly to extraordinary fuel price volatility, ease the burden on consumers, and help stabilize domestic prices during the period of severe economic disruption,” the lawmakers added.