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House Transmits Fuel Tax Suspension Bill To Senate
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The House of Representatives has transmitted House Bill (HB) No. 8418 to the Senate, a measure that authorizes President Ferdinand Marcos Jr. to temporarily suspend or reduce fuel excise taxes to help cushion the impact of rising global oil prices on Filipinos.
Signed on Tuesday, March 24, by Speaker Faustino Dy III, the House-approved measure was principally authored by Dy and House Majority Leader Sandro Marcos. HB No. 8418—certified urgent by President Marcos—was approved on third and final reading last March 16 with a nominal vote of 247-3-0 (yes-no-abstain).
Under HB No. 8418, the President may suspend or reduce excise taxes on petroleum products upon the recommendation of the Development Budget Coordination Committee (DBCC) in coordination with the Department of Energy (DOE). The authority may be exercised if the average Dubai crude oil price based on the Mean of Platts Singapore reaches or exceeds $80 per barrel for one month, or if a national emergency or calamity results in extraordinary increases in domestic fuel prices.
A suspension could result in a retail price reduction of P6 to P10 per liter on local fuel products. Any suspension would 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 now moves to the Senate for concurrence before it can be transmitted to Malacañang for the President’s signature.
Signed on Tuesday, March 24, by Speaker Faustino Dy III, the House-approved measure was principally authored by Dy and House Majority Leader Sandro Marcos. HB No. 8418—certified urgent by President Marcos—was approved on third and final reading last March 16 with a nominal vote of 247-3-0 (yes-no-abstain).
Under HB No. 8418, the President may suspend or reduce excise taxes on petroleum products upon the recommendation of the Development Budget Coordination Committee (DBCC) in coordination with the Department of Energy (DOE). The authority may be exercised if the average Dubai crude oil price based on the Mean of Platts Singapore reaches or exceeds $80 per barrel for one month, or if a national emergency or calamity results in extraordinary increases in domestic fuel prices.
A suspension could result in a retail price reduction of P6 to P10 per liter on local fuel products. Any suspension would 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 now moves to the Senate for concurrence before it can be transmitted to Malacañang for the President’s signature.
Mar 24, 2026
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