Bill granting Marcos emergency powers over excise tax certified as urgent
MANILA, Philippines — President Ferdinand Marcos Jr. on Thursday, March 12, certified as urgent a bill granting him emergency powers to suspend or reduce the excise tax on fuel products.
Certifying a bill as urgent allows Congress to curtail the usual rule of waiting three days between readings. An urgent bill can be read and passed on the second and third readings on the same day.
In a letter addressed to House Speaker Bojie Dy, Marcos said that he was certifying the necessity of the immediate enactment of House Bill 8418, or “An Act Authorizing the President of the Philippines to Suspend or Reduce the Excise Taxes On Petroleum Products During National Or Global Economic Emergencies, Amending For the Purpose The National Internal Revenue Code of 1997, As Amended”.
Marcos said that it was to “allow the government to respond promptly to extraordinary fuel price volatility and stabilize domestic fuel prices during the period of severe economic disruptions.”
The House of Representatives has already passed its version of the bill on the second.
Meanwhile, the Senate will pass its version of the bill in the following week.
While the suspension of excise taxes is one of the possible ways to mitigate the effects of soaring fuel costs, analysts are worried about the effects of a prolonged conflict in the Middle East.
While the government has assured the public that there are enough fuel supplies to last up to two months, it has also urged energy conservation efforts.
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