The House panel approved a bill that would allow President Bongbong Marcos to suspend the excise tax on fuel when global oil prices surge. Lawmakers advanced the proposal in the House of Representatives of the Philippines as concerns grow over the impact of rising fuel costs on Filipino households.
The measure was pushed by Faustino “Bojie” Dy III, who said the bill would give the president the authority to act quickly during periods of sharp increases in international oil prices. Dy said fuel price spikes often ripple across the economy, raising transportation costs and pushing up the prices of goods and services.
The proposal would allow the president to temporarily suspend the excise tax on fuel products once the conditions set in the bill are triggered. The tax is currently imposed on petroleum products sold in the country. Lawmakers said removing the tax during periods of extreme price pressure could help ease the burden on consumers.
Dy said the bill aims to give the executive branch a faster policy tool when global oil markets drive sudden increases in local fuel prices. He said waiting for Congress to pass a new measure each time oil prices surge can delay relief for consumers and businesses affected by higher transport and operating costs.
The committee approval marks an early stage in the legislative process. The measure must still pass the full House and Senate before it can be sent to the president for signing. If enacted into law, the proposal would allow Marcos to activate the suspension of the fuel excise tax once the price thresholds defined in the bill are met.
Dy said the measure seeks to ensure the government can respond quickly when international oil price shocks begin affecting the daily expenses of Filipino families.
