MANILA – Speaker Faustino “Bojie” Dy III signed a bill granting President Ferdinand R. Marcos Jr. the power to temporarily suspend or reduce fuel excise taxes and directed the House of Representatives to immediately transmit the measure to the Senate for Malacañang approval.

The bill, principally authored by Dy and House Majority Leader Ferdinand Alexander “Sandro” Marcos, was unanimously approved by the House before the Lenten session break.

“Tuluy-tuloy po ang pagtutok ng Kamara sa mga nangyayari sa (The House will continue to focus on the developments in the) Middle East. We will continue to monitor the situation and work with the Executive to help our countrymen during these challenging times,” Dy said.

Under the measure, the President may act on excise taxes for petroleum products upon recommendation from the Development Budget Coordination Committee in coordination with the Department of Energy. The authority can be exercised if the average Dubai crude oil price, based on the Mean of Platts Singapore, reaches or exceeds USD80 per barrel for one month, or if a national emergency or calamity causes extraordinary increases in domestic fuel prices.

Any suspension or reduction will be effective for up to six months and may be extended for a total of one year, subject to congressional approval. The authority will remain in effect until December 31, 2028.

The bill, previously signed by Senate President Vicente Sotto III, was passed in the House as House Bill No. 8418 and in the Senate as Senate Bill No. 1982.