Malacañang said President Ferdinand ”Bongbong” Marcos Jr. ready to certify as urgent new proposed measures that will give him the authority to reduce excise tax on oil products.

Palace Press Officer Undersecretary Atty. Claire Castro said in a briefing said we were informed that lifting or suspending the excise tax should be from 2018 to 2020.

She added it’s not implemented as of this time so the President wants to have a new law so he can have the authority to reduce excise tax.

Castro said yes when asked if this measure will be certified as urgent.

On Tuesday, Marcos said he would talk to congressional leaders to give him the authority to reduce excise taxes on petroleum products once the price of Dubai crude exceeds $80 per barrel.

The Chief Executive made the remark during a press conference about the government’s efforts amid the ongoing tension in the Middle East.

He said this would only be an emergency measure for immediate disposal once the conflict in the region is over.

Also on Tuesday, House ways and means panel chair and Marikina City 2nd District Representative Miro Quimbo filed a bill seeking to allow the President to suspend or reduce the excise tax on petroleum products during national or global economic emergencies.

House Bill 8257 seeks to amend Section 148 of the 1997 National Internal Revenue Code (NIRC) and allow the President, as recommended by the Finance Secretary, to suspend the imposition of fuel excise taxes under the following conditions:

1. The average Dubai crude oil price has reached or exceeded $80 per barrel for a continuous period of at least three months immediately preceding the issuance of the suspension order; or
2. A state of national emergency or calamity has been declared by the President, and such condition has resulted in extraordinary increases in domestic pump prices of petroleum products as certified by the Energy Secretary.