SP Sotto: House yet to send enrolled bill on fuel excise tax

Senate President Vicente “Sotto” III said Monday that the enrolled bill which would grant President Ferdinand “Bongbong” Marcos Jr. the powers to suspend or reduce the excise tax on petroleum products has yet to be transmitted to the Senate. 

“No transmittal from HOR (House of Representatives) yet. They initiate the enrolled bill,” the Senate President told reporters. 

Asked why the House has not yet sent its copy of the bill, Sotto said, “Ask HOR. I [will] sign and send [it to] the President when I receive the enrolled copy.” 

GMA News Online reached out to the House leadership for a comment and will update this story once it responds. 

To recall, the House on Wednesday adopted the Senate version of the bill in a bid to address rising oil prices amid the conflict in the Middle East. 

This developed after the House plenary, via a voice vote, adopted Senate Bill 1982 or the Act Authorizing the President To Suspend or Reduce Excise Tax on Petroleum Products as an amendment to House Bill 8418. 

The House’s adoption of the Senate bill would allow Congress to do away with the convening of a bicameral conference committee to reconcile the differing provisions of the two versions. 

Emergency powers

The measure grants the President emergency powers when the average price of Dubai crude oil price exceeds $80 per barrel for one month immediately preceding the suspension or reduction of the excise tax.

The bill provides that the President may, upon the recommendation of the Development Budget Coordination Committee (DBCC), in coordination with the Secretary of Energy, suspend the imposition of or reduce the excise taxes on fuel when the average Dubai crude oil price based on Mean of Platts Singapore (MOPS) reaches or exceeds US $80 per barrel for one month immediately preceding the issuance of the suspension or reduction order.

The proposed law, which amends the National Internal Revenue Code of 1997, will give the President emergency powers until December 31, 2028. 

Any suspension or reduction authorized shall be effective for a period not exceeding three months, provided that the aggregate period of the suspension or reduction shall not exceed one calendar year. — RSJ, GMA Integrated News