The Senate is poised to approve a measure granting emergency powers to President Ferdinand Marcos Jr. to address the recent surge in global oil prices that has driven up fuel and commodity costs nationwide, Senate President Vicente Sotto III said.

“We will likely pass it today because we approved the second and third readings yesterday, as it was certified urgent by the president,” Sotto said in an interview with DZRH on Wednesday.

The Senate on Tuesday voted unanimously to approve the bill on third and final reading after Malacañang certified it as urgent. The measure would authorize the president to suspend or reduce excise taxes on fuel products for up to three months — potentially easing pump prices without the usual three‑day interval between Senate readings.

Sotto clarified that the bill authorizes Marcos to “suspend or decrease” excise taxes and that no formal state of emergency is required before the president can act.

“The law provides that when oil prices reach a certain level, and depending on other possible conditions affecting our fellow citizens, he is authorized to act. Hopefully, this will also be included in the House version later,” he said.

Meanwhile, the Department of Trade and Industry on Wednesday told the public there is “no need for people to panic” or hoard goods, assuring that there will be no increase in prices of basic necessities for the next 30 days, even as logistics costs continue to rise.