CO-SPONSORSHIP REMARKS
An Act Allowing the Automatic Suspension or Reduction of Excise Tax on Fuels, Amending for the Purpose Article 148 of the National Internal Revenue Code of 1997, as amended
SB 1982 CR 48
Senator Jinggoy Ejercito Estrada
March 16, 2026
Mr. President, this representation wishes to manifest my full support to this urgent measure which aims to provide immediate relief to the unrelenting oil price hikes we have been experiencing in the past days.
Since the US-Israel launched airstrikes against Iran last February 28, the world, including the Philippines, felt the ripple effects of escalating fuel costs following tightened supply, blockade of critical passageway, and massive disruption in oil production.
Naging tuluy-tuloy po ang pagsirit sa presyo ng gasoline, diesel at kerosene. Ayon sa Department of Energy, ito na po ang “biggest jump” sa presyo na naitala sa ating kasaysayan.
As we brace for another round of mega price increases and the specter of a 200 dollar per barrel, it is imperative that we install the necessary brakes to mitigate the effects of the ongoing crisis.
Sa gitna ng lahat ng ito, ang mga Pilipinong nasa laylayan ang pinaka-apektado – ang mga namamasadang tsuper na naka-depende ang arawang kita sa pag-akyat ng presyo ng diesel; at ang ordinaryong mamimili na siyang nakakaramdam ng pagmahal ng presyo ng mga pangunahing bilihin.
This bill empowering the President to suspend and reduce the excise taxes on fuel and petroleum products is a genuine commitment of the national government to help ease the burden of the general public amid the skyrocketing fuel prices. While the government stands to lose billions of pesos in foregone revenue collections, this measure is expected to directly cushion the adverse impact to the consumers, and tame the inflation by a few percentage points, keeping it somehow at manageable levels and within the national targets.
We thank the hardworking Chairperson of the Committee on Ways and Means, Sen. Pia Cayetano, for swiftly working on this measure and bringing this bill before the Senate plenary for deliberations.
With the permission of the good sponsor and all the authors, may I respectfully request to be included as one of the co-authors as I reiterate my full and unequivocal support to this timely intervention.
Thank you, Mr. President.