Yap welcomes approval of consolidated bill granting President power to suspend fuel excise tax
The House of Representatives moved closer to granting the president emergency authority to lower fuel costs after approving a consolidated measure on second reading Wednesday, a move hailed by Benguet Rep. Eric Go Yap as a vital step toward protecting consumers from global price shocks.
House Bill 8418, titled “An Act authorizing the President to suspend or reduce excise taxes on petroleum products during national or global economic emergencies,” serves as a substitute for 16 separate bills and two joint resolutions, including House Joint Resolution no. 5 introduced by Yap.
Among the key measures integrated into the final version was Yap’s House Bill 8351, which he filed to address the economic fallout from geopolitical tensions in the Middle East and disruptions in global energy supply chains.
The consolidated bill empowers President Ferdinand “Bongbong” Marcos Jr. to temporarily lift or lower fuel excise taxes when the price of Dubai crude oil reaches or exceeds $80 per barrel for one month or when a declared state of national emergency results in extraordinary increases in domestic pump prices.
Yap expressed gratitude to the Committee on Ways and Means for incorporating his proposal into the unified measure that is now slated for final approval before the legislative break.
“We are grateful to our colleagues for recognizing the urgency of this intervention and consolidating our earlier proposal into this landmark measure,” Yap said.
“This is not just about numbers; it is about the farmers in Benguet who struggle with transport costs and the everyday Filipino who feels the weight of inflation at the pump. We look forward to passing this bill on third reading before we take a break to ensure the government has the tools ready to act the moment our people need relief,” added Yap.
The measure includes specific safeguards to maintain fiscal responsibility while providing public relief. The authority to suspend or reduce taxes is limited to a period of six months per order and cannot exceed a total of one year. Furthermore, the president is required to report to both chambers of Congress within 15 days of any such order to explain the factual basis and the expected economic impact.
House Majority Leader Ferdinand Alexander “Sandro” Marcos and Speaker Faustino “Bojie” Dy III joined Yap in pushing for the bill’s swift passage.
They noted that the legislation allows the executive branch to respond with speed and precision to international events, such as supply disruptions, without waiting for a new law to be enacted during the height of a crisis. Under the provisions of House Bill 8418, the authority to exercise these powers remains effective until December 31, 2028. ###
