Philippine News Agency
House on standby for special session to address oil crisis
The House of Representatives is forming an "Fuel Crisis Ad Hoc Committee" to address the escalating domestic fuel prices.
House Speaker Lord Allan Velasco confirmed the committee's formation and stated the chamber is on standby for a special session should the President call for one.
Several proposed solutions are being considered, including the reduction or suspension of excise taxes on fuel products, and the repeal of the Oil Deregulation Law of 1998.
The committee aims to assess the economic impact of proposed tax changes and discuss the current struggles of Filipinos due to high fuel costs.
Velasco also lauded the government's fuel subsidies for sectors directly affected by rising oil prices, calling it the best solution for now.
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