The measure has been approved by the Lower House on second reading.
On Tueaday, March 10, during his ongoing official visit to New York, U.S.A., President Ferdinand Marcos, Jr. said he would certify the bill that will grant him emergency powers bill to address oil price spikes as “urgent.”
He said, “I will declare it as urgent because there’s no point declaring it as urgent before the committee report has been completed.”
Under the 1987 Constitution, certifying a bill as urgent allows Congress to bypass the usual requirement of three separate readings on different days—this enables lawmakers to accelerate the passage of legislation deemed critical.
But first, Marcos explained that both houses of Congress—Senate and the House of Representatives—must finalize their committee reports before the executive branch can certify the bill as urgent. “The minute that you have completed your committee reports…that’s when the declaration of the bill as urgent really goes into effect,” the President added.
He noted that the request for emergency powers is primarily intended to give the executive branch the authority to respond quickly, given the expected surge in global oil prices amid the conflict in the Middle East.
“It’s very, very simple. What we asked of the legislature is really very simple,” the President said. “When the price of oil… has breached US$80 per barrel on average for a month, then the emergency powers can be exercised.”
However, the President clarified that reaching the price threshold would not automatically trigger the use of such powers.
LOOKING FOR ALTERNATIVE OIL SUPPLIERA
Meanwhile, he also noted that the Philippines is seeking alternative oil suppliers to ensure a stable fuel supply, with the government already in talks with other oil-producing countries.
“Naghahanap tayo ng iba’t ibang lugar na makapagbigay ng supply sa atin,” President Marcos stated. “We are talking to many other countries who we normally do not buy oil from but hopefully we will be able to come to an agreement with them and that we will get further supply from them.”
He, however, acknowledged the primary challenge being the unpredictability of global oil prices amid ongoing geopolitical tensions. “The real problem here that everybody is having to deal with is hindi natin alam kung gaano katagal ito,” emphasized the chief executive.
Hence, given the uncertainty about the duration of the conflict in the Middle East, he said that it is difficult to make any accurate forecasting regarding oil prices, with that volatility affecting planning for both oil suppliers and financial markets globally.
In a previous statement, Palace Press Officer Undersecretary Claire Castro disclosed that the country still has adequate supply of fuel and essential goods and assured the public that panic buying is not needed at this point.