MANILA: President Ferdinand Marcos Jr. will declare as urgent a bill granting him emergency powers to lower excise taxes on fuel amid rising prices driven by the ongoing conflict in the Middle East.
However, both the Senate and the House must first complete their committee reports and begin plenary debates on the proposal, Marcos told reporters in New York City on Wednesday (March 11).
“That is what I told them, both Houses. And I said, the minute that you have completed your committee reports… when you declare a bill as urgent… the shortcuts, if we say, only begin on the plenary debates,” he explained.
“What we asked of the legislature is really very simple. [It] is that… when the price of oil has breached US$80 per barrel on average for a month, then the emergency powers can be exercised,” the president added.
It was confirmed on Monday that House Speaker Faustino Dy and House Majority Leader Sandro Marcos have filed a bill seeking to grant the president emergency powers to suspend excise taxes on fuel products.
Meanwhile, also on Monday, Senate President Vicente Sotto III and Senate President Pro Tempore Panfilo Lacson said they will prioritise proposals to grant the president emergency powers amid the Middle East crisis’ impact on the oil supply.
Tensions in the Middle East escalated when the United States and Israel launched missile strikes against Iran, targeting key military facilities and killing Iran’s Supreme Leader Ayatollah Ali Khamenei. - Philippine Daily Inquirer/ANN
