MANILA — Senate President Vicente “Tito” Sotto III on Monday said the enrolled bill that would allow President Ferdinand “Bongbong” Marcos Jr. to suspend or reduce excise taxes on petroleum products has yet to reach the Senate.

“No transmittal from HOR yet. They initiate the enrolled bill,” Sotto told reporters. When asked why the House of Representatives has not sent its copy, he replied, “Ask HOR. I [will] sign and send [it to] the President when I receive the enrolled copy.”

The development comes after the House adopted the Senate version of the bill last Wednesday. By adopting Senate Bill 1982, also called the Act Authorizing the President To Suspend or Reduce Excise Tax on Petroleum Products, as an amendment to House Bill 8418, Congress can avoid convening a bicameral conference committee to reconcile the two versions.

Emergency powers for fuel tax cuts

The proposed law would allow the President to suspend or reduce excise taxes on fuel when the average Dubai crude oil price exceeds $80 per barrel for one month, based on the Mean of Platts Singapore (MOPS), immediately before issuing the order. The action must be recommended by the Development Budget Coordination Committee (DBCC) in coordination with the Secretary of Energy.

Under the bill, the President’s emergency powers would be valid until December 31, 2028. Any suspension or reduction could last up to three months at a time, but the total period of suspension or reduction cannot exceed one calendar year.

The measure is seen as a response to rising oil prices amid the ongoing Middle East conflict.