The House Committee on Ways and Means has approved a substitute bill seeking to grant emergency powers to President Ferdinand 'Bongbong' Marcos Jr. to address the impact of rising global oil prices.

The committee on Tuesday, March 10, approved the measure that would authorize the president to implement urgent interventions in response to the continuing volatility in petroleum prices in the world market.

Under the proposed bill, the emergency powers would remain in effect for six months. However, the duration may be shortened or extended depending on developments in global oil prices and the overall situation in the energy market.

“The power of the President to temporarily suspend or reduce the excise tax on fuel products granted under this section shall only be until December 31, 2028,” as stated in the revised bill.

The request for emergency authority was earlier raised by Marcos, who sought the power to adjust the excise tax on fuel and implement other measures to cushion the impact of the oil price surge.

The proposed intervention comes amid concerns about rising fuel costs, which have been partly attributed to escalating tensions and conflict in the Middle East, which disrupted energy supply chains and pushed global oil prices higher.

Lawmakers said the measure aims to give the executive branch greater flexibility to respond quickly to price spikes and help mitigate the effects of the fuel price hike on consumers and key sectors of the economy.