Manila: The Senate is prepared to convene a special session if necessary to address measures aimed at cushioning the impact of rising fuel prices, Senate President Vicente Sotto III said on Wednesday. Sotto stated that the chamber remains on standby for possible action on fuel-related proposals, including tax adjustments and other interventions, as the country grapples with global oil price volatility.

According to Philippines News Agency, Sotto mentioned that only the President can call for a special session, but senators are expected to attend once convened. He emphasized that the Senate continues to study various options to ease the burden of high fuel prices, including the possible suspension or adjustment of value-added tax (VAT) on petroleum products. Proposals such as VAT zero-rating on fuel are among the options that can be studied.

Sotto also reiterated that longer-term reforms are being considered, including proposals to repeal the Oil Deregulation Law and restore government oversight of the industry. He stressed that government actions should aim to bring relief to Filipinos rather than prioritize the convenience of businesses.

The Senate had earlier approved measures seeking to mitigate the impact of rising oil prices, including proposals on fuel tax relief, amid ongoing tensions in the Middle East that threaten global supply. Sotto assured that the chamber is ready to act swiftly in coordination with the executive branch to ensure timely interventions.