Senate eyes OK of Marcos powers over fuel excise taxes next week

Senate leaders on Thursday said the upper chamber intends to pass by next week the bill granting President Ferdinand “Bongbong” Marcos Jr. emergency powers to suspend or cut the fuel excise taxes amid the conflict in the Middle East.

Senate President Vicente “Tito” Sotto III told GMA News Online that the Senate will pass the bill next week “as soon as possible.” 

Senate Majority Leader Juan Miguel “Migz” Zubiri also confirmed the same timeline. 

“Since it’s certified, we shall finish it next week. That is the plan and it’s a priority as well for the Senate,” Zubiri told GMA News Online.

The Senate leaders made the commitment as Marcos certified as urgent the bill granting him powers to suspend or cut fuel excise tax.

On Wednesday, the House of Representatives approved on second reading House Bill No. 8418, which seeks to 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.

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

As for the Senate, the Committee on Ways and Means approved “in principle” the counterpart measure also on Wednesday. 

Senator Pia Cayetano, chairperson of the committee, said she will wait for the House to pass their own version of the bill on third reading and transmit it to the Senate before sponsoring it on the plenary floor, hopefully by Monday next week.

Zubiri affirmed that the Senate will act on the measure “as soon as possible” once the House approves its version on final reading.

“Yes, by the Constitution, all tax measures must emanate from Congress. As soon as ma-third reading ‘yan sa kanila, at ma-refer na sa atin (as soon as the House approves the bill on third reading, and refers it to us), then we can act on it on the plenary floor [as soon as possible],” the Senate majority leader explained. — LDF/JMA, GMA Integrated News