Congress transmits bill granting Marcos emergency powers to Palace

Congress on Tuesday transmitted to the Office of the President (OP) the enrolled bill which would grant President Ferdinand "Bongbong" Marcos Jr. the powers to suspend or reduce the excise tax on petroleum products.

Senate President Vicente "Sotto" III confirmed this on Tuesday afternoon. 

"Transmitted to OP suspension of excise tax and the BARMM (Bangsamoro Autonomous Region in Muslim Mindanao) elections postponement," Sotto told Senate reporters. 

This developed shortly after the office of Speaker Faustino "Bojie" Dy III said the House of Representatives transmitted House Bill (HB) No. 8418 to the Senate. 

Signed by Dy on the same day, the measure was principally authored by the Speaker and House Majority Leader Ferdinand Alexander "Sandro" Marcos.

Sotto, meanwhile, signed the enrolled bill on Monday. 

"The House of Representatives on Tuesday, upon the instruction of Speaker Faustino 'Bojie' G. Dy III, transmitted to the Senate House Bill (HB) No. 8418 authorizing the President to temporarily suspend or reduce fuel excise taxes to help cushion the impact of global oil price spikes in the country amid tensions in the Middle East," the statement from the Speaker's office read.

"We will continue to monitor the situation and work with the Executive to help our countrymen during these challenging times," it added.

House Bill 8418 also provides that the President's suspension or reduction of excise taxes on petroleum products should be based upon the recommendation of the Development Budget Coordination Committee (DBCC) in coordination with the Department of Energy.

Likewise, such presidential authority can only be exercised if the average Dubai crude oil price based on the Mean of Platts Singapore reaches or exceeds $80 per barrel for one month, or if a national emergency or calamity results in extraordinary increases in domestic fuel prices.

Any suspension will be effective for up to three months.

Should the measure be enacted, the authority granted to the President will remain in effect until December 31, 2028.

Fuel prices have breached P100 per liter this week amid the armed conflict in the Middle East, a war triggered by the joint US-Israel Operation Epic Fury last February 27 that targeted Iran's leaders, government centers and military facilities, supposedly to deter Iran's missile program.

Iran has since retaliated by attacking Gulf countries and US military facilities in these locations where the Philippines source bulk of its crude oil supply. Iran has also blocked the Strait of Hormuz, a major passageway for oil shipments worldwide. — VDV, GMA Integrated News