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House panel backs adopting Senate version of fuel excise tax suspension bill

Motorists gas up at a Petro Gazz station in Cainta, Rizal on March 10, 2022, as the firm rolled back their fuel prices amid rising fuel costs due to the Ukraine-Russia conflict. Fuel prices are expected to further increase the following week. Mark Demayo, ABS-CBN News

Article (news)

Agatha Gregorio

Vivienne Gulla

ABS-CBN News

MANILA (2nd UPDATE) — Congress has finalized the proposed authorization for President Ferdinand Marcos. Jr to suspend or reduce fuel excise taxes in light of rising global oil prices.During the plenary session Wednesday, Senate President Vicente Sotto III informed his colleagues that the House had adopted Senate Bill 1982 as an amendment to their own version of the proposed law.&quot;That forgoes the bicam,&quot; he said, referring to a bicameral panel that is formed to reconcile differences in versions of a bill.&quot;Automatically, the enrolled copy will be sent to the president,&quot; Sotto also said.The House of Representatives earlier Wednesday adopted the Senate&#x27;s version of the bill to authorize the president to suspend or reduce excise taxes on petroleum products during national or global economic emergenciesThis was after House Committee on Ways and Means Chairperson Miro Quimbo of Marikina wrote to House Majority Leader Sandro Marcos of Ilocos Norte to recommend adoption. This was meant to expedite its enactment, he said.President Ferdinand Marcos Jr., the majority leader&#x27;s father, earlier certified the measure as urgent.The harmonized version of the measure will be submitted to the Office of the President for his signature.It requires the President to submit a report to Congress on the factual basis and policy goals for the suspension or reduction of excise taxes; the estimated foregone revenues including affected social benefits for different household deciles, as well as the expected impact on inflation and fuel prices, a cost-benefit analysis, an assessment of possible market distortions, leakages or unintended consequences from the suspension or reduction of excise taxes.The report shall likewise include a recommendation on whether the suspension or reduction of excise taxes should be maintained, modified, or lifted, and shall form part of the basis for any continued suspension or reduction.In a statement, Quimbo commended the Senate for passing its version of the measure, saying this “substantially mirrors” the bill from the House. According to the lawmaker, this alignment between the chambers reflects a “shared recognition of the urgency of providing the Executive with a mechanism to address volatility in fuel prices.”“In situations such as this, every moment is critical, and swift legislative action is essential to mitigate the impact of rising fuel costs on the public and the broader economy,” Quimbo said in a statement.On Tuesday, the <a class="fr-green fr-strong" href="https://www.abs-cbn.com/news/business/2026/3/17/senate-oks-emergency-powers-on-fuel-excise-tax-1858" rel="noopener noreferrer" target="_blank">Senate approved Senate Bill 1892</a>, authorizing the President to suspend or reduce excise tax to mitigate the effect of the fuel price spike amid tensions in West Asia, geographically the Middle East.And just a day before this, the version from the House of Representatives, House Bill 8418, gained approval during plenary session on the third and final reading.

The House tax panel says this will quicken the approval of the bill, which has been certified as urgent by the President.

The House tax panel says this will quicken the approval of the bill, which has been certified as urgent by the President.

House, Senate pass fuel excise tax suspension bill

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House, Senate pass fuel excise tax suspension bill

Agatha Gregorio,

Vivienne Gulla,

ABS-CBN News

Published March 18, 2026 11:51 AM PHT

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Updated March 18, 2026 05:54 PM PHT

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Middle East

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