00:00Senate Bill 1982, which seeks for either a suspension or reduction in the excise taxes slapped on fuel products and
00:07gas at the pump,
00:08easily sailed past third and final reading without resistance or interruption, or even the need for a bicameral review.
00:15Still, a number of senators find the need for backup legislation to address additional concerns, as we hear more from
00:23our Patrick DeSuz.
00:26Congress has officially approved the measure granting President Ferdinand R. Marcus Jr. the authority to reduce or suspend the collection
00:35of excise taxes on petroleum products.
00:38During the plenary session, Senate President Vicente Soto III announced that the House of Representatives has adopted the Senate version,
00:46identified the Senate Bill No. 1982.
00:48Just for the information of our colleagues and the public, as of two minutes ago, 3.39, the House of
01:00Representatives has adopted Senate Bill 1982 as an amendment to House Bill 94.18.
01:06As a result, the bill is automatically considered unenrolled measure and will be transmitted to the President for his signature
01:14into law.
01:25Under the provisions of the bill, the President may suspend or reduce the excise tax for a period not exceeding
01:32one year.
01:33However, Sen. Teresa Jontiveros maintains that adjusting the excise tax alone is insufficient.
01:39She asserts that concrete assistance must be provided to the sectors directly impacted by volatile fuel prices.
01:46Consequently, she has filed Senate Bill No. 1986, which proposes a P52.8 billion supplemental budget dedicated to subsidies for
01:57drivers, farmers, fisher folk, and other vulnerable sectors.
02:01This measure must be complemented by a supplemental budget.
02:06Kailangan natin ng directang tulong para sa mga sektor na pinaka-apektado,
02:11ang ating mga tsyuper, mananakay, magsasaka, mangingisda, at iba pang umaasa sa araw-araw na paggamit ng krudo.
02:20Meanwhile, Sen. Sherwin Gatchalian is advocating for the transition of public utility vehicles running on fossil fuel energy to electric
02:28-powered vehicles.
02:29He argues that by transitioning to electric transport, these sectors would be less vulnerable to global fluctuations in oil prices.
02:38In a separate legislative move, Sen. Francis Escudero has filed Senate Bill No. 1993,
02:46which seeks the establishment of a state-owned crude oil storage facility.
02:50The senator highlighted that the Philippines currently imports 90 to 95 percent of its crude oil and petroleum products.
02:59He noted that minor disruptions in the Strait of Hormuz has disproportionate effects on the national economy.
03:06The proposed measure allocates 60 billion pesos for the construction and maintenance of a national fuel reserve facility.
03:14Patrick De Jesus from the National TV Network for a New and Better Philippines.
03:20Patrick De Jesus from the National TV Network for a New and Better Philippines for a New and Better Philippines.
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