Three senators are seeking to give President Ferdinand Marcos Jr. the authority to suspend or reduce fuel excise taxes as oil prices climb due to the escalating Middle East conflict.
Joel Villanueva filed Senate Bill No. 1922 allowing the President, upon recommendation of the Departments of Finance and Energy, to suspend or cut excise taxes on gasoline and diesel once global oil prices reach or exceed $80 per barrel based on the Mean of Platts Singapore (MOPS). The measure provides for the automatic lifting of the suspension once prices stabilize.
Villanueva said fuel price spikes ripple across the economy, raising food prices, transport fares, electricity rates and overall inflation, with ordinary families, drivers, farmers, fisherfolk and small businesses bearing the brunt.
Senate Majority Leader Juan Miguel Zubiri backed granting the President such authority, calling it the “fastest cushion” against pump price hikes. He noted that under the TRAIN law, excise taxes add P10 per liter on gasoline, P6 on diesel and P3 on kerosene, on top of VAT, meaning any reduction would immediately ease prices at the pump and even trim the VAT component.
For his part, Bam Aquino filed Senate Bill No. 1923 seeking to amend the National Internal Revenue Code to allow the President to suspend excise taxes on petroleum products during national or global economic emergencies upon recommendation of the Finance Secretary.
Aquino warned that delayed government response could worsen hardships for low-income families as rising oil prices quickly push up the cost of basic goods.
“Kapag tumaas ang presyo ng krudo, tataas ang presyo ng mga bilihin. Kawawa na naman ang ordinaryong Pilipino,” he added.IMT
