00:00Deliberations to enact House Bill No. 8418 or the Fuel Tax Relief Bill are afoot in the Senate.
00:06And the Senate President assures a truly quick legislation process to ratify the bill,
00:11asserting the Senate's adoption of the House version in the bicameral phase,
00:16so it can pass muster in no time.
00:18Our Luisa Erispe has more.
00:23The Senate has passed on third and final meeting the measure granting President Ferdinand R. Marcos Jr.,
00:29the authority to suspend the excise tax on petroleum products.
00:33With a unanimous vote of 17-0-0,
00:36Senate Bill No. 1982 successfully sailed through the plenary with no objections or abstentions.
00:43The Senate version includes an amendment to the title,
00:46now officially designated as an act authorizing the President to suspend or reduce excise tax on petroleum products,
00:55amending for the purpose Article 148 of the National Internal Revenue Code of 1997.
01:01According to Senator Pia Cayetano,
01:03the deliberations were not rushed despite the President's urgency certification,
01:08as lawmakers ensured the measure was thoroughly evaluated.
01:12As an urgent measure, the Senate, as a body, took time to discuss this in small groups, in COCOs.
01:21Some of our colleagues were able to attend the hearings.
01:23And we want to assure the public that we have taken time to really assess this,
01:27not just because it's a certified measure,
01:30and may nadali po natin.
01:31Senator Risa Hontiveros also cast an affirmative vote,
01:34but stressed the government must closely monitor the fiscal impact of the revenue loss
01:40resulting from the suspension or reduction.
01:43Dapat nating bantayan ang epekto sa ating pananalapid.
01:47May kapalit ang mawawalang kita mula sa excise tax.
01:51Kung hindi tayo mag-iingat,
01:53maaaring maapektuhan ang pondo para sa mga serbisong panlipunan,
01:57kalusugan, edukasyon, at social protection,
02:01na lalong kailangan ng ating mahihirap na kababayan.
02:05Senator Sherwin Gatchalian acknowledged the difficulty of the decision,
02:09but asserted that oil industry players must also share the burden
02:13of the nation's current economic challenges driven by exorbitant fuel prices.
02:18Ito pang pag-suspendi ng excise tax ay hindi po madali
02:23dahil marami po tayong mga proyekto, mga programa na dapat pong pondohan.
02:31Importante rin po, yung mga oil players,
02:34kasama na po dito yung importers,
02:36kasama na dito yung mga refiners,
02:38kasama na rin po yung mga retailers,
02:40ay makasama natin dito sa pagsasakripisyo
02:44at hindi po sasamantalahin ang pangyayari
02:48o hindi po sasamantalahin ito pong nararanasan ho natin.
02:52According to Senate President Vicente Soto III,
02:55the measure is set for ratification tomorrow
02:58alongside the House of Representatives.
03:00Senators Pia Cayetano, Sherwin Gatchalian,
03:03and Joel Villanueva
03:05have been appointed to the bicameral conference committee.
03:08Meanwhile, the proposed amendments to the Biofuels Act
03:12failed to secure plenary approval during this session.
03:15Senate President Soto maintained that the issue requires further study
03:19due to the potential adverse effects on various sectors,
03:23particularly the sugar industry.
03:25Kailangan ng additional hearing siguro,
03:30baka not necessarily talagang hearing itself,
03:33but we have to find out what effect it has on the sugar industry
03:37and what effect it has on the other industries that are going to be affected.
03:42Soto added that if there is a law that necessitates a rigorous review,
03:47it is the Oil Deregulation Act.
03:50He questioned the sudden price hikes
03:52in the government's current lack of authority
03:54to regulate pricing under the existing framework.
03:57Wala na say ang gobyerno.
04:00Sa ngayon, hindi natin alam.
04:02Magkano ba bilhin nila?
04:04Ilan nila bilhin?
04:05Kailan nila bilhin?
04:06Two weeks ago?
04:07One month ago?
04:08Hindi natin alam eh.
04:10Diba?
04:10Pero kung wala yan,
04:12balik sa dati,
04:13may pakialam ang gobyerno.
04:15So, if they do not agree with some of the points
04:19that we will be including in the excise tax law,
04:23then we will be forced to push for the repeal of the Oil Deregulation.
04:30Luisa Erispe from the National TV Network
04:33for a new and better Philippines.
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