Bongbong Marcos certified as urgent House Bill 8418, a measure that would authorize the President to suspend or reduce excise taxes on petroleum products during national or global emergencies.
The certification was transmitted to Faustino “Bojie” Dy III through a letter sent by Ralph Recto by authority of the President. The letter cited the “necessity of the immediate enactment” of the proposed law.
House Bill 8418 seeks to give the President the authority to suspend or reduce excise taxes on petroleum products for a period not exceeding six months during emergency situations. The measure also authorizes the government to address what the bill describes as “extraordinary fuel price volatility and stabilize domestic fuel prices during the period of severe economic disruptions.”
Under the 2017 Tax Reform for Acceleration and Inclusion law, the Philippines imposes an excise tax of P10 per liter on gasoline, P6 per liter on diesel, and P5 per liter on kerosene.
The Constitution allows the President to certify a bill as urgent when immediate enactment is necessary to address a public need or emergency. Such certification permits Congress to bypass the usual requirement of holding three separate readings of a bill on different days, allowing lawmakers to accelerate the legislative process.
Fuel prices have recently surged following developments in the Middle East. Last Tuesday, gasoline prices increased by as much as P10.20 per liter, diesel by as much as P24.25 per liter, and kerosene by as much as P38.50 per liter.
