Senate awaiting fuel excise tax bill
THE Senate Ways and Means Committee on Wednesday said it is awaiting the House of Representatives’ third reading approval of the measure granting the President power to suspend or reduce the excise tax on petroleum products.
“The Constitution requires that the tax measures emanate in the House, so I have to wait for the House to pass the bill on third reading and transmit it to the Senate,” Senator Pilar Juliana S. Cayetano, who heads the panel, told reporters in mixed English and Filipino.
“I won’t be able to sponsor it until the House passes their version,” she added.
Ms. Cayetano said the committee is still refining its draft of the measure, particularly on the conditions that would trigger a suspension or reduction of excise taxes and the point for its lifting.
She added that the panel is pushing for a one-month average trigger period to suspend or lower petroleum taxes.
“If it’s longer than that, the price is not so relevant if the average period is too long. So, if you make it a one-month average, then you will immediately reflect the increase in price,” she said.
Ms. Cayetano added that the committee is also looking to provide the Department of Energy (DoE) with powers to penalize abusive fuel retailers prematurely increasing prices.
“We are reviewing now if the DoE needs extraordinary powers to suppress those taking advantage,” the senator said.
President Ferdinand R. Marcos, Jr. last week urged Congress to grant him emergency powers to lower the excise tax on petroleum products to protect consumers from rising fuel prices amid the escalating conflict in the Middle East.
The Philippines, a net importer of oil, is bracing for further price spikes as the war between the United States, Israel, and Iran escalates causing further pressure in oil prices and supply. — Adrian H. Halili
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