Makabayan Bloc asks Marcos to certify as urgent repeal of Oil Deregulation law

Members of the Makbayan bloc on Thursday urged President Ferdinand "Bongbong" Marcos, Jr. to certify as urgent their bill seeking the repeal of the Oil Deregulation Law.

House Deputy Minority Leader Antonio Tinio of ACT Teachers party-list, House Assistant Minority Leaders Sarah Elago of Gabriela party-list, and Renee Co of Kabataan party-list said House Bill 8152 on the repeal of the deregulation law would allow the government to regulate oil prices and intervene in securing oil supply.

“Panahon na para gawing priority ang panukala natin na i-repeal ang Oil Deregulation Law para maibalik sa gobyerno ang kapangyarihan na bumili at magbenta ng langis, para may pagkontrol ito sa presyo at malabanan ang sobrang pagtubo ng oil companies,” Tinio said in an interview.

(It is about time that the government should retake the power to purchase and sell fuel, as well as control fuel prices, to prevent oil companies from raking in excessive levels of profit.)

Elago said House Bill 8125 has been languishing at the committee level and has yet to be taken up.

“Dapat magkaroon naman ng sense of urgency itong Kongreso, at dapat i-certify as urgent ito ng Malacañang dahil ito ang malaking dahilan kung bakit sobrang hirap at kagipitan na nararanasan natin ng ating mga mamamayan: ang deregulated regime on oil,” Elago said.

(Congress should have a sense of urgency to act on this measure, while Malacañang should certify this measure as urgent because this is the main cause of the people’s plight: the deregulated regime of oil.)

Elago said that the scrapping of the Oil Deregulation law is also a longstanding demand of the transport sector, which mounted a strike today amid the rising fuel costs.

“Aside from this, the government should also provide fuel subsidies, remove that 12% VAT and the excise tax on fuel products," Elago said.

"Ito po dapat mo yung inuuna at binibigyan ng priority, hindi iyong walang katiyakan na pagbibigay pa ng emergency powers,” she added.

(This should be given priority instead of the granting of emergency powers, which do not have a guarantee.)

Co said repealing the Oil Deregulation law will fix the country’s “broken” oil industry.

The President needs to certify a bill as urgent to allow Congress to approve the measure on second and third reading on the same day.

In a separate statement, Akbayan Party-list Rep. Perci Cendaña also called on the President to back the passage of House Bill 4304 of the Solidarity Contribution Act that imposes a wealth tax.

Specifically, House Bill 4304 imposes a wealth tax rate on high-net worth individuals of worth 1.5% up to 3% on net worths in excess of P300 million.

Further, the bill states that tax revenue from the proposal will be used on specific items such as climate change adaptation, universal healthcare, quick response fund, among others.

Cendaña said such a wealth tax measure will generate at least P78 billion from the Top 15 Richest Filipinos on the Forbes list alone.

“With oil prices rising anew and threatening another wave of increases in transport fares, food, and other basic goods, Congress must stop delaying discussions on progressive revenue measures such as a wealth tax,” he said.

“Kailangan nating magdamayan sa panahon ng matinding krisis at nagtataasang presyo ng basic goods and services. Mayaman man o mahirap, may responsibilidad tayo sa bawat isa,” Cendaña added.

(We need to help each other amid this crisis. Rich or poor, we are responsible for one anothers.)

Aside from Cendaña, the Wealth Tax bill authors include Akbayan lawmakers Rep. Chel Diokno, Rep. Dadah Kiram Ismula, and Dinagat Islands Rep. Kaka Bag-ao. –Llanesca T. Panti/NB, GMA Integrated News