Marikina 2nd District Representative Miro Quimbo expressed confidence that the House of Representatives will approve on third reading the proposed measure granting emergency powers to Ferdinand R. Marcos Jr. for the temporary suspension of excise taxes on fuel. In an exclusive interview on Isyung Pambayan of DZRH, Quimbo said the bill is expected to receive bipartisan support in the plenary.

“As is practice, because of the third reading, this cannot be changed. We expect that it will receive bipartisan support… even our colleagues in Minoria. In the last Viva Voce voting, I did not hear any objections. So we anticipate that it will be approved by tomorrow without any hitches,” Quimbo said.

The lawmaker, who chairs the House Committee on Ways and Means, explained that the measure seeks to ensure the immediate reduction of fuel prices by suspending excise taxes for a limited period.

Quimbo addressed concerns raised by oil companies regarding previously paid excise taxes on existing fuel inventories. He explained that the government plans to treat these payments as tax credits.

“All the inventory that you have already paid… what we will do is we will make it a tax credit because the suspension is not for a long time. It’s just temporary,” he said, noting that companies will be reimbursed after the suspension period so consumers can immediately feel the impact of lower fuel prices.

The proposed suspension may last up to six months, with a possible extension, but not exceeding one year unless a new law is passed. Quimbo said the government could lose around ₱125 billion to ₱131 billion in revenue but emphasized that protecting the economy and consumers from inflation is more important.

“Today is, we just want the economy to survive. We just want regular, ordinary Filipinas to be able to work through this process,” he said.

Quimbo also called the current situation a “wake-up call” to review the country’s fuel policies, including the oil deregulation framework and the need for a national petroleum reserve program.

“In times of emergency or extraordinary price increases, kailangan may power ang gobyerno,” he said, adding that the government must also consider measures to protect sectors heavily affected by rising fuel prices, particularly minimum wage earners and the lower middle class.