Abbey M.

House Majority Leader and Ilocos Norte 1st District Representative Sandro Marcos, along with House Speaker and Isabela 6th District Representative Faustino "Bojie" Dy III, filed another measure that would grant President Ferdinand Marcos Jr. emergency powers to suspend excise taxes on petroleum products amid the Middle East crisis.

The House Committee on Ways and Means held deliberations on the matter today, March 10, to discuss proposed legislation that would authorize the President to suspend or reduce taxes imposed on petroleum products during the ongoing crisis.

The measure, House Bill No. 8292, seeks to amend the National Internal Revenue Code to grant the President upon the recommendation of the Finance Secretary and in coordination with the Energy Secretary, the authority to temporarily suspend or reduce petroleum taxes when extraordinary circumstances drive a spike in global oil prices.

A similar bill was also filed by House Ways and Means Chairperson and Marikina 2nd District Representative Miro Quimbo, who is targeting passage of the measure this week so it can be submitted for plenary approval next week before the congressional break.

"We are hoping that Malacañang will certify this as urgent so that by next week we can finish it. Even by Monday, we can have the bill approved on third reading, because once it is certified urgent, we no longer need separate days to take up the bill," Quimbo said.

[“Umaasa tayo sa sinabi na rin ng malacanang na i-certify na nila ito as urgent para by next week ay matatapos natin ito. Even by Monday, kaya natin mapa-approve yung bill on third reading, kasi pag na-certify na urgent, hindi na natin kailangang magkaroon ng hiwa-hiwalay pang-araw para matake-up ang isang bill.”]

Energy Secretary Sharon Garin said oil companies have committed to a gradual increase of between 17 and 24 pesos per liter on petroleum products starting today.

Should Congress grant the President the power to suspend excise taxes on petroleum products, consumers could see reductions of up to six pesos per liter on diesel and ten pesos per liter on gasoline, though the measure would also result in lower government revenues.

"It can be suspended one month, two months, six months — it depends on the wisdom of the committee. But it could be a limited authority on the president. Six pesos is a substantial decrease," Sec. Garin said.

[“But it can be suspended one month, two months, six months, depends on the wisdom of the committee. But it could be a limited authority on the president, mr. chair. This could help. Six pesos is a substantial decrease.”]

‍

Quimbo expressed confidence in the measure but stressed the need for safeguards to ensure that the savings are passed on to consumers rather than absorbed by retailers and oil companies.

"Our expectation is that once this is passed and the president suspends the tax, there will immediately be a ten-peso decrease that same week. But I am concerned that it might not happen that way. If the president exercises his power, he would want the people to benefit. We need a mechanism from the executive and the various departments to ensure that the suspension benefits the public, not the retailers and oil companies," Quimbo said.

[“Ang expectation natin pag ipinasa natin ito at sinuspend ng presidente nga is automatically, magkakaroon kaagad in that same week ng pagbaba ng 10 piso. Pero natatakot ako na baka hindi. If the president will exercise his power, siyempre gusto ng pangulo, makinabang ang taumbayan. Kailangan ng mekanismo ng executive, ng iba’t ibang departments na masiguro na ang pag-suspend na ito, ang makikinabang ay ang taumbayan, hindi ang mga retailers at oil companies.”]

Separately, House Deputy Speaker and Quezon 2nd District Representative Jay-Jay Suarez filed House Resolution No. 852, seeking a congressional investigation into the recent oil price hikes, the basis for pump price adjustments, and whether government agencies are providing adequate consumer protection.

The mass repatriation of Filipinos caught in the ongoing unrest in the Middle East has begun, Malacañang announced.

Palace Press Officer Undersecretary Claire Castro confirmed that some Filipinos have started crossing the border from Israel. The government has also coordinated with Emirates Airlines for several commercial flights, and the return of Filipinos in Riyadh, Saudi Arabia is scheduled for March 14.

"The operation will be funded by the emergency repatriation fund of the Overseas Workers Welfare Administration or OWWA. From the UAE, we are currently finalizing the flight arrangements," Usec. Castro said.

The United States government is set to lift oil-related sanctions on select oil-producing countries to keep energy prices low as the war between the US and Israel against Iran continues.

President Donald Trump announced the move following a sharp spike in crude oil prices over the past 24 hours, with prices surging to between $90 and $120 per barrel.

"We're also waiving certain oil-related sanctions to reduce prices. We have sanctions on some countries, but we're taking those sanctions off until this straightens out. Then, who knows, maybe we won't have to put them back on — there will be so much peace," Trump said.

Among the countries currently subject to US oil sanctions are Russia, Serbia, and Venezuela. Reports indicate the US may lift sanctions on Russian oil to ease supply for countries heavily dependent on it, such as India.

Trump also defended the broader strategic value of the military campaign, saying long-term oil security would improve with the removal of Iranian threats.

"In the long run, oil supplies will be dramatically more secure without the threat of Iranian ships, drones, missiles, nuclear menace, or anything," he said.

Alongside the planned sanction waivers, Trump warned that US forces would strike any Iranian forces attempting to block oil tankers from passing through the Strait of Hormuz.

Reports indicate that several tankers continue to transit the strait but are switching off their AIS transponders before entering the shipping lane and turning them back on upon exit. Iran has also stated that only Chinese oil tankers are permitted to pass through the Strait of Hormuz, and that any country aiding the US and Israel would be denied passage.

Trump pledged to ensure safe passage through the strait for the duration of the conflict.

"The Strait of Hormuz is going to remain safe. We have a lot of Navy ships there," the US president said.

Trump also expressed confidence that the fighting in the Middle East would be short-lived, citing what he described as the weakening of Iranian forces.

"We took a little excursion because we felt we had to do that to get rid of some evil. And I think you'll see it's going to be a short-term excursion. How good is our military right?" Trump said.

Finance ministers of the Group of Seven, or G7, convened to address the energy crisis stemming from the ongoing unrest in the Middle East. 

Among the key options placed on the table was the release of strategic oil reserves to stabilize global markets. 

The group said it would examine developments in the Gulf from an economic perspective.

While no agreement has been reached, G7 countries assured that there is currently no indication that tapping into their emergency oil stocks is necessary amid the crisis.

United States President Donald Trump said the American military operation dubbed "Epic Fury" is projected to last four to five weeks, with the possibility of extending further if necessary.

The operation aims to halt the development of Iran's nuclear and ballistic missile programs and dismantle its capabilities, which the US considers a threat to its security and that of its allies.

Trump said his administration had planned for this timeline from the start. 

"Whatever it takes — we projected four to five weeks, but we have the capability to go far longer than that," he said.

The US president described the strikes as a long-planned strategic decision, calling it the last window to act against the Iranian regime. 

"This was our last best chance to strike and eliminate the intolerable threats posed by this sick and sinister regime," Trump said.

He outlined the key objectives of the operation, which include destroying Iran's missile capabilities, cutting off its support for militant groups, and ensuring it cannot develop a nuclear weapon. 

"Our objectives are clear. First, we're destroying Iran's missile capabilities," he said.

Trump also acknowledged that American service personnel have been killed in the course of the operation. Despite this, he said the United States is resolved to press on. 

"In their memory, we continue this mission with ferocious, unyielding resolve to crush the threat this terrorist regime poses to the American people," the US president said.