A PARTY-LIST representative on Monday called on President Ferdinand R. Marcos, Jr. to certify as urgent several bills that lower oil prices to help consumers burdened by inflation.
An urgent certification from the president means these bills can be fast-tracked by being passed on third reading immediately after the second reading.ang and the legislative leadership should concentrate more on measures that would alleviate the suffering of ordinary Filipinos especially in lowering oil price, so that other products will have decreasing prices as well,Ms.
HB 400 seeks to scrap excise tax and value-added tax on petroleum products. It will amend Section 49 of the Tax Reform for Acceleration and Inclusion Law and Section 109 of the National Internal Revenue Code. HB 3003 proposes that the Philippine National Oil Company acquire a majority stake of subscribed stocks of Petron Corp. during the first year of its effectivity. The government will appropriate P4 billion for the initial purchase of stocks.
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