The Senate will hold a hearing on Friday to address the rising prices of petroleum products amid the ongoing war in the Middle East.
This comes after President Ferdinand “Bongbong” Marcos Jr. suggested to Congress the possibility of reducing excise taxes on petroleum products if Dubai crude oil prices exceed $80 per barrel.
Senator Erwin Tulfo told reporters in a press briefing on Tuesday that the hearing will be conducted at 9 a.m. Friday to tackle the rising fuel prices and the potential oil supply shortage, following Iran's statement that it would attack vessels passing through the Strait of Hormuz.
"Kaya nga po this Friday I will be conducting a hearing sa Foreign Relations in the morning based sa resolutions filed yesterday by my colleagues Sen. Bam, Sen. Kiko and Sen. Riza and myself looking for ways and solutions how to address these problems..," the Senator said.
Tulfo said concerned government agencies will be invited to the hearing to closely monitor oil prices and assess their impact on Filipinos.
Due to the expected spike in fuel prices, Tulfo expressed support for the temporary removal of excise taxes on petroleum products.
"In the very near future, within the next few days, few weeks, natataas, sisirit yung presyo ng produkto ng petrolyo. Paano? May kaagapay yung kababayan natin dyan. Expect na tataas yung mga pamasahe, mga pagkain dahil may mga pamasahe yan," said the Senator.
"So kailangan siguro talagang alisin muna itong excise. Temporary lang naman po ito, hindi naman po ito indefinite," he added.
In an earlier briefing, Marcos said the government is eyeing targeted fuel subsidies for affected sectors such as transportation, agriculture, and fisheries if oil prices exceed $80 per barrel.
The government may utilize the Pantawid Pasada Program and the Subsidy for Farmers and Fisherfolk Program to implement the assistance.
The President is also considering measures to ease the burden on commuters, including “no fare bus rides” along major routes and reduced fees in certain transportation facilities.
