The Senate on Tuesday approved on third and final reading a measure granting President Ferdinand Marcos Jr. the authority to suspend or reduce excise taxes on petroleum products to cushion the impact of rising fuel prices.
A total of 17 senators voted in favor of Senate Bill No. 1982, with no opposition or abstention.
Under the measure, the President may suspend or lower excise taxes once the average price of oil, based on the Mean of Platts Singapore, reaches or exceeds $80 per barrel.
The proposal differs from the version passed by the House of Representatives, which requires the declaration of a state of national emergency or calamity before such tax relief can be implemented. The House earlier approved its counterpart measure, House Bill No. 8418, with that condition.
The Senate fast-tracked the bill after it was certified as urgent by Marcos, allowing lawmakers to bypass the three-day rule and proceed directly to final approval following second reading.
The measure also provides that excise taxes will automatically be reinstated once oil prices fall below $80 per barrel or after three months, whichever comes first. The suspension or reduction, however, cannot exceed one year and may be exercised only until December 31, 2028.