Quimbo pushes for House's adoption of Senate bill on Marcos' emergency powers

House ways and means panel chair and Marikina Rep. Romero Quimbo called on the House to adopt the Senate version of the bill allowing President Ferdinand Marcos, Jr. to suspend and reduce excise tax on petroleum products amid rising oil prices caused by the Middle East conflict.

Quimbo made the call in a letter sent to House Majority Leader and Ilocos Norte Rep. Sandro Marcos.

“Dear Honorable Marcos, the Committee on Ways and Means respectfully recommends the adoption of Senate Bill (SB) No. 1982 titled entitled An Act Authorizing the President To Suspend or Reduce Excise Tax on Petroleum Products,” Quimbo said.

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

While the House and the Senate versions of the measure are identical, the adoption of the Senate version will allow Congress to forego the convening of the bicameral conference committee which is tasked to reconcile differing versions of the bill.

The Middle East conflict started when a joint US-Israel Operation Epic Fury launched airstrikes targeting Iran’s seat of government last February 27 to supposedly deter Iran’s missile program which threatens the region’s security.

This operation has since killed Iranian leaders and prompted Iran to retaliate by launching airstrikes targeting US bases, among others, located in Middle Eastern countries where the Philippines sources 98% of its crude oil supply. —VAL, GMA Integrated News