House bill allowing Marcos to suspend excise tax OKd on 2nd reading

The House of Representatives on Wednesday approved on second reading a bill granting emergency powers to President Ferdinand Marcos Jr. to suspend or cut excise tax on fuel amid the ongoing conflict in the Middle East. 

Voting viva voce, lawmakers approved House Bill No. 8418, which allows the President to suspend or reduce excise tax on fuel products for six months at the maximum, provided that the average Dubai crude oil price exceeds US$80 per barrel for one month immediately preceding the suspension or reduction of the excise tax. 

The bill also provides that the President will only have such additional authority until December 31, 2028.

Under the proposed legislation, the suspension or reduction will be automatically lifted when the conditions warranting it no longer exist. 

Excise taxes will likewise be automatically reinstated upon the expiration of the period of suspension without further need of executive or legislative action. 

Transport groups earlier renewed their calls for excise tax suspension as fuel prices spike due to the escalating conflict between Iran and US, and Israel. 

Earlier, Malacanang said the President will wait for the committee report on the proposed measure before certifying it as urgent.

The Senate committees on ways and means and energy will conduct a hearing this week on at least five bills seeking to allow the President to suspend the excise tax on oil. —LDF, GMA Integrated News