Senate leadership has expressed readiness to hold a special session to approve a bill granting President Ferdinand “Bongbong” Marcos Jr. emergency powers to suspend or reduce excise taxes and VAT on oil prices.

Senate President Pro Tempore Vicente “Tito” Sotto III made the announcement following a significant oil price hike. He noted that if the Emergency Power measure is not passed by next week, the Senate will convene a special session.

According to the legislative calendar, the Senate’s session runs until March 20 before their Holy Week break, scheduled from March 21 to May 3, unless a special session is called.

Sotto also said the Senate committees on Ways and Means, Finance, and Energy—led by Senators Sherwin Gatchalian and Pia Cayetano—have prioritized the measure to grant the President emergency powers.