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.”]

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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.