The Makabayan bloc in the Philippine House of Representatives has called on President Ferdinand "Bongbong" Marcos Jr. to certify as urgent their bill repealing the Oil Deregulation Law to enable government control over fuel prices following the Middle East conflict-induced surge in oil costs.
MANILA — Members of the Makabayan bloc in the Philippine House of Representatives have formally urged President Ferdinand “Bongbong” Marcos Jr. to certify as urgent their proposed legislation seeking the repeal of the Oil Deregulation Law. This demand comes amid recent massive increases in fuel prices triggered by the conflict in the Middle East, which have imposed significant economic strain on Filipino citizens.
According to House Deputy Minority Leader Antonio Tinio of the ACT Teachers party-list, repealing the Oil Deregulation Law would restore government authority to purchase and sell oil, thereby providing mechanisms to regulate fuel prices and curtail excessive profits by oil companies. Tinio emphasized that it is time to prioritize this measure to alleviate the burden on consumers.
Supporting this call, House Assistant Minority Leaders Sarah Elago (Gabriela party-list) and Renee Co (Kabataan party-list) noted that House Bill 8152 has remained pending in committee and has yet to be deliberated. Elago urged Congress to recognize the urgency of the issue and for Malacañang Palace to certify the bill as urgent to fast-track its consideration. She highlighted that the deregulated status of the oil industry is a primary contributor to the public’s hardship and that repeal is a longstanding demand of the transport sector, which recently organized a strike over fuel price hikes.
Beyond repeal, Elago advocated for additional government actions such as providing fuel subsidies and removing the 12% Value Added Tax and excise taxes on fuel products.
House Bill 8152’s certification as urgent would allow Congress to expedite its passage, considering it on second and third reading on the same day.
In a related development, Akbayan Party-list Representative Perci Cendaña has called on the President to support House Bill 4304, the Solidarity Contribution Act, which proposes a wealth tax targeting high-net-worth individuals with assets exceeding PHP 300 million. The tax rates would range from 1.5% to 3%, with projected revenues earmarked for initiatives such as climate change adaptation, universal healthcare, and emergency response funds.
Cendaña emphasized that the wealth tax could generate at least PHP 78 billion from the country’s top 15 wealthiest as listed by Forbes. He framed this measure as a necessary progressive revenue source to alleviate the economic pressures felt by Filipinos amid rising fuel and commodity costs, calling for collective responsibility between the rich and poor during this crisis.
The authorship of the Wealth Tax bill also includes Representatives Chel Diokno, Dadah Kiram Ismula, and Kaka Bag-ao.
This political push highlights growing legislative efforts to address economic challenges stemming from global instability and domestic policy frameworks affecting essential goods such as fuel.
Sources referenced:
- https://www.gmanetwork.com/news/topstories/nation/980634/makabayan-bloc-marcos-repeal-oil-deregulation-law/story/
