An "Fuel Crisis Ad Hoc Committee" will convene in the House of Representatives next week to tackle possible solutions to the problem of runaway domestic fuel prices.

This was confirmed by House Speaker Lord Allan Velasco Friday afternoon, March 4 on the sidelines of vice presidential candidate Davao City Mayor Sara Duterte's campaign sortie in Navotas City.

Velasco acknowledged that several solutions àre being floated in a bid to give relief to consumers and the transport sector amid skyrocketing pump fuel prices. These include reducing the excise tax on fuel products, or suspending them altogether. There are also calls to reverse the 1998 Oil Deregulation Law.

"So what we're trying to do right now is I'm forming an ad hoc committee in Congress and I believe that they're going to meet this Monday (March 7) to be able to discuss itong mga bagay-bagay na ito (these things), Velasco said in the ambush interview.

He said that the House members, through the meeting would be able to determine the possible effects to the economy of reducing or doing away with the fuel excise tax; and more importantly, discuss the current state of Filipinos as they grapple with exorbitant fuel costs .

"So based on the results of the committee hearing, doon tayo makakagawa ng recommendation (we will be able to form a recommendation)," said Velasco, who represents Marinduque in the lower chamber.

Both chambers of Congress (House and the Senate) are on break due to the campaign period. They are not scheduled to hope sessions until after the May 9 elections.

Only the President can call on the lawmakers to hold a special session as they may go back to their legislative functions, which would be needed if they are to change the rules on the hefty fuel excise tax.

Velasco assured the public that the House would be ready to heed such request from the executive.

We just have to wait for the President if he would want to call for a special session and as usual, Congress, andyan po palagi yan pag sinabi ng Malacañang na (Congress will always be there if Malacañang says that) we need to hear, we need a special session, more than willing, mag-special session ang Congress (Congress will hold a special session)," he said.

A virtual invite sent to House reporters revealed four co-chairpersons for the ad hoc panel, namely Reps. Sharon Garin (AAMBIS-OWA Party-list), Juan Miguel "Mikey" Arroyo (Pampanga), Edgar Mary Sarmiento (Samar) and Joey Salceda (Albay).

Garin, Arroyo, Sarmiento, and Salceda are the chairperson of the House Committees on Economic Affairs, Energy, Transportation, and Ways and Means, respectively.

The agenda of Monday's meeting has four items:

1. Economic impact of the fuel crisis;
a. Impact on the economy and inflation,
b. Impact on trade and commodity prices,
c. Impact on agriculture,

2. Impact of supply and demand for fuel;

3. Impact on the transport sector; and

4. The way forward for excise and other taxes.