President Ferdinand "Bongbong" Marcos Jr. has certified as urgent a measure that would allow the president to temporarily suspend or reduce excise taxes on petroleum products during national or global economic emergencies.
In a letter dated March 12, 2026, and transmitted to the House of Representatives through Acting Executive Secretary Ralph Recto, the President endorsed the immediate passage of House Bill No. 8418. The proposed law authorizes the Chief Executive to suspend or lower excise taxes on fuel to cushion the impact of surging oil prices and economic shocks.
The measure seeks to amend provisions of the National Internal Revenue Code of 1997, enabling the government to respond more swiftly to crises that significantly affect fuel costs, transportation, and the broader economy. It also aims to provide immediate relief to consumers and sectors heavily affected by rising petroleum prices.
Under the 1987 Constitution, a presidential certification allows Congress to fast-track a bill’s approval by bypassing the usual waiting periods between readings. Lawmakers are expected to prioritize deliberations on the measure as global fuel prices continue to fluctuate due to geopolitical tensions and economic uncertainties.
If enacted, the bill would give the president flexible authority to mitigate the impact of oil price spikes by temporarily reducing or suspending fuel excise taxes during emergencies.
