Amid the drastic upsurge in global oil prices due to the heightened conflict in the Middle East, the House of Representatives on Wednesday, March 11, approved on the second reading a bill endowing President Ferdinand Marcos Jr. with the power to temporarily suspend or reduce excise taxes on petroleum products.

Principally authored by Speaker Faustino “Bojie” Dy III and Majority Leader Ferdinand Alexander “Sandro” Marcos, House Bill 8418 aims to prevent spikes in oil prices, power rates, and transportation fares.

House Committee on Ways and Means Chairperson and Marikina City Rep. Miro Quimbo sponsored the bill, warning that the abrupt increase in global crude prices places Filipinos under strain.

“This demonstrates the challenge we are facing—a global tremor with aftershocks hitting home and placing heavier pressure on Filipino families already struggling to stay afloat,” said Quimbo.

“Given the challenge we are facing, we cannot afford any delay in passing this legislation that empowers the President to suspend excise taxes on fuel,” he added.

Failure to act quickly, the lawmaker stressed, would impair numerous aspects of the economy, as higher pump prices affect the cost of electricity, aside from the everyday commute.

“This is a necessary step to extend a lifeline to the middle class, to our workers, and to the poor — the backbone of our nation,” Quimbo said.

Under the approved measure, President Marcos may suspend or reduce excise taxes on fuel in line with the recommendation of the Development Budget Coordination Committee (DBCC) and the Department of Energy (DOE).