Leyte Rep. Ferdinand Martin Romualdez on Tuesday welcomed the approval of a substitute bill that would authorize President Ferdinand Marcos Jr. to suspend or reduce excise taxes on petroleum products under certain conditions.

Romualdez said the measure would give the President flexibility to respond to oil price volatility and provide relief to Filipinos, particularly the poor and vulnerable sectors.

“An excise tax suspension or reduction will be a big relief to our people at this time of soaring fuel prices. A suspension would mean a retail price reduction of P6 to P10 per liter,” Romualdez said.

His House Bill No. 5779 was among the 15 bills and two joint resolutions tackled by the House Committee on Ways and Means during its hearing on Tuesday.

Romualdez’s proposal originally sought the permanent removal of excise taxes on oil products to provide long-term relief to consumers.

“That would have been the ideal measure, but I also understand the need for the government to continue relying on billions in excise tax collections for vital social services,” he said.

The lawmaker also urged oil companies to disclose the volume of their current fuel inventories for which excise taxes have already been paid.

“They should declare what stocks they have that they would sell with excise taxes and what supply is coming which they would sell without these levies. For the good and guidance of our people,” Romualdez said.

“They should declare which existing stocks will be sold with excise taxes and which incoming supply will be sold without these levies, so our people are properly guided,” he added.

Meanwhile, Bicol Saro Party-list Rep. Terry Ridon welcomed the proposed measure, saying it would allow the government to respond quickly to global oil market volatility.

Ridon, a member of the House Committee on Ways and Means and chair of the House Committee on Public Accounts, said the measure would help protect consumers if fuel prices continue to rise amid geopolitical tensions affecting global oil supply.

“As Member of the House Ways and Means Committee and Chair of the House Committee on Public Accounts, this measure demonstrates the legislature’s clear commitment to the public good. It ensures that government can immediately intervene when global crises threaten to drive up fuel prices and worsen the economic burden on ordinary Filipinos,” Ridon said.

He also urged the President to immediately declare a state of national emergency once the bill becomes law so that the suspension or reduction of excise taxes can take effect.

“Once this measure is signed into law, we respectfully urge the President to immediately declare a state of national emergency so that the suspension or reduction of excise taxes on petroleum products can take effect in the soonest possible time. Such a declaration will allow government to provide immediate relief to sectors most affected by rising fuel costs, including farmers, fisherfolk, public transport operators, small businesses, and low-income households,” Ridon added.

Ridon said the measure reflects coordinated action between the executive and legislative branches in addressing the impact of global fuel price fluctuations on the Philippine economy.