Manila: Speaker Faustino "Bojie" Dy III on Tuesday signed the bill authorizing President Ferdinand R. Marcos Jr. to temporarily suspend or reduce fuel excise taxes and instructed the House of Representatives to immediately send the signed bill to the Senate for transmittal to Malaca±ang. The measure, principally authored by the Speaker and House Majority Leader Ferdinand Alexander 'Sandro' Marcos in the House, was unanimously approved prior to the Lenten session break.

According to Philippines News Agency, under the measure, the President may suspend or reduce excise taxes on petroleum products upon the recommendation of the Development Budget Coordination Committee in coordination with the Department of Energy. The authority may be exercised if the average Dubai crude oil price based on the Mean of Platts Singapore reaches or exceeds USD80 per barrel for one month, or if a national emergency or calamity results in extraordinary increases in domestic fuel prices.

Any suspension will be effective for up to six months and may be extended for a maximum aggregate period of one year, subject to congressional action. The authority granted to the President will remain in effect until Dec. 31, 2028. The bill, which was earlier signed by Senate President Vicente Sotto III, was passed in the House of Representatives as House Bill No. 8418 and in the Senate as Senate Bill No. 1982.

'Tuluy-tuloy po ang pagtutok ng Kamara sa mga nangyayari sa (The House will continue to focus on the developments in the) Middle East. We will continue to monitor the situation and work with the Executive to help our countrymen during these challenging times," Dy said in a statement.