Philippine Senate Passes Petroleum Tax Suspension Bill

MANILA, Philippines – The Philippine Senate unanimously passed a bill on Tuesday granting President Ferdinand Marcos Jr. authority to temporarily suspend or reduce excise taxes on petroleum products, a move aimed at easing the impact of soaring global oil prices triggered by escalating conflict in the Middle East.

The measure, Senate Bill No. 1982, was approved on third reading with a 17-0 vote during the plenary session. It allows the president to adjust taxes if average international oil prices exceed $80 per barrel for at least one month. The suspension or reduction would apply for up to one year and remain available until December 31, 2028, after which taxes would revert to rates under the National Internal Revenue Code. The bill's passage follows the House of Representatives' approval of a similar measure, House Bill No. 8418, on Monday, though the House version requires a declaration of national emergency or calamity as a prerequisite.

Marcos certified both the Senate bill and a companion measure, Senate Bill No. 1965, as urgent on Monday, March 16. The second bill seeks to amend the Biofuels Act of 2006 by allowing temporary suspension or adjustment of mandatory blending...