As the country braces for the possibility of gasoline and diesel prices breaching PHP 100 per liter due to the ongoing conflict in the Middle East, President Ferdinand “Bongbong” Marcos Jr. has certified as urgent a bill that would grant the Chief Executive emergency powers to reduce or suspend the fuel excise tax to help cushion the impact of the crisis.

In a letter to House Speaker Faustino Dy III, the President said the measure would “allow the government to respond promptly to extraordinary fuel price volatility and stabilize domestic fuel prices during periods of severe economic disruption.”

When a bill is certified as urgent, it is exempt from the rule requiring a three-day interval between its approval on second reading and its passage on final reading.

Senate Majority Leader Juan Miguel Zubiri said the chamber aims to complete deliberations on a similar measure next week once the House of Representatives of the Philippines transmits its approved version.

According to Zubiri, the bill’s urgent certification allows the Senate to fast-track its passage, with the chamber targeting to finish deliberations next week as the measure is among its priority bills.

He also noted that under the Constitution, all tax measures must originate from the House of Representatives. Once the measure is approved on third reading and transmitted to the Senate, Zubiri said the chamber can immediately take it up on the plenary floor.

If the fuel excise tax is removed, Filipinos could save approximately PHP 11 to 12 per liter on gasoline, assuming the pump price is at PHP 100 per liter.