The House Committee on Ways and Means has approved a substitute bill proposing to grant emergency powers to President Ferdinand “Bongbong” Marcos Jr. to address the adverse effects of the sharp rise in prices of oil products.

In the Senate, senator-allies of the chief executive agreed to fastrack the chamber’s version of the bill sought by Marcos to be immediately passed.

Senate President Vicente Sotto III the chamber has the option to fast track the proposal by waiving the three-day rule between approvals on second and third reading.

On Tuesday (March 10), the House ways and means panel worked swift to consolidate bills into a a single substitute measure that consolidated vital provisions for a presidential emergency power.

Marcos sought the grant of emergency powers to clothe him with the authority to take immediate action that would cushion the impact of steep rise in fuel prices.

A record two-digit hike in average prices of petroleum products was implemented by fuel companies on Tuesday (March 10).

Under the emergency power measure, Marcos may suspend the collection of excise tax on fuel or reduce it.

The Tax Reform for Acceleration and Inclusion (TRAIN) law provides for an automatic suspension of excise tax collection if the world market price hits $80 per barrel.

While petroleum now cost between $96 to $110 per barrel, the automatic suspension of excise tax cannot be longer be resorted to because this automatic authority expired in 2022.

Under the aHouse version of the emergency authority to be granted the president, the chief executive will be given the power to implement urgent interventions in responses to the continuing volatility in petroleum prices in the world market due to the Middle East conflict.

Emergency powers will remain in effect for six months although this period may be extended or shortened, depending on the urgency of the prevailing situation

“The power of the President to temporarily suspend or reduce the excise tax on fuel products granted under this section shall only be until December 31, 2028,” the bill stated.