The Senate is set to approve next week a measure that would authorize President Ferdinand Marcos Jr. to suspend or reduce excise taxes on petroleum products during national or global economic emergencies.
The move follows Marcos’ certification of the bill as urgent. In a letter dated March 12 to House Speaker Faustino Dy III, the President stressed the immediate passage of House Bill No. 8418 to enable the government to respond quickly to the impact of volatile global oil prices.
Under the Constitution, tax measures must originate from the House of Representatives.
Senate Majority Leader Migz Zubiri said the Senate will act on the measure as soon as the House transmits its version.
“Since it’s certified [as urgent], we shall finish it next week. That is the plan, and it’s a priority as well for the Senate,” Zubiri said.
Senate President Vicente Sotto III echoed the commitment, saying,
“Asap next week.”
Senator Pia Cayetano, chair of the Senate Committee on Ways and Means, earlier said the panel had already approved “in principle” proposals granting the President such authority.
She noted that the committee is finalizing details, including the price threshold that would trigger the suspension or reduction of excise taxes, as well as the conditions defining the duration of the President’s power.