Philippine House Approves Fuel Tax Suspension Bill

The Philippine House of Representatives approved on second reading a bill granting President Ferdinand Marcos Jr. emergency powers to suspend excise taxes on fuel products during crises, as lawmakers respond to surging oil prices triggered by the escalating conflict in the Middle East. The measure, House Bill No. 8418, passed via voice vote during Wednesday's session and seeks to amend the National Internal Revenue Code to allow such suspensions when global oil prices exceed $80 per barrel on average for a month.

The bill, a consolidated version including proposals from House Speaker Faustino Dy III, Majority Leader Ferdinand Alexander "Sandro" Marcos, and Ways and Means Committee Chair Miro Quimbo, would enable the president to act on recommendations from the Development Budget Coordination Committee and the Department of Energy. Current excise taxes stand at 6 pesos per liter for diesel and 10 pesos per liter for gasoline and other liquid fuels. Marcos, speaking to reporters in New York during his attendance at the United Nations General Assembly, said he plans to certify the legislation as urgent once committee reports from both chambers are finalized. "What we ask of the...