THE House Ways and Means Committtee on Tuesday approved the proposed measure giving power to the President to temporarily suspend or reduce excise tax on oil products during national or global economic emergencies.
”Essentially, what it now allows is really to give the President the power to suspend or reduce all the excise taxes on fuel on the recommendation of the DBCC,” House Ways and Means Chairman and Marikina 2nd District Representative Miro Quimbo told reporters following a panel hearing on the proposed measure.
Under the proposed law, the President of the Philippines may, upon the recommendation of the Development Budget Coordination Committee, in coordination with the Department of Energy, suspend the imposition of, or reduce the excise taxes on fuel subject to the following conditions:
The average Dubai crude oil price based on Mean of Platts Singapore (MOPS) has reached or exceeded $80 per barrel for one month immediately preceding the issuance of the suspension or reduction order; and The state of national emergency or calamity has been declared by the President of the Philippines, and such condition has resulted in extraordinary increases in domestic pump prices of petroleum products as certified by the Secretary of Energy.
Quimbo stressed that this measure is the only ”lifeboat” President Ferdinand ”Bongbong” Marcos Jr. can offer to Filipinos as the escalating tension in the Middle East directly affects the Philippines.
”Kung ano nangyayari doon, wala tayong leverage. The only thing we can leverage on or kaya nating ma-contribute is ‘yung pagpapabawas ng presyo sa pamamagitan ng pag-alis ng buwis. That’s how important this is because this is the only lifeboat na pwedeng ipadala ng Pangulo para sa ating mga ordinaryong mamamayan,” Quimbo said.
The Marikina lawmaker is confident that the measure could be passed in the lower chamber by next week. The President is set to certify as urgent this measure granting him emergency powers to cut fuel excise taxes, Malacañang earlier said.
”Next week bago tayo mag-break, sa tingin ko because of the urgency, ‘pag hindi ito naipasa ng Kongreso bago … tayo mag-break sa March 18, ay tingin ko magiging balewala itong bill na ito,” Quimbo said.
This measure provides that the President will only have such additional authority until December 31, 2028.
Meanwhile, Quimbo said the chamber is also eyeing a Bayanihan-like bill to address effects of rising fuel prices amid tension in the Middle East.
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