With the Middle East conflict-triggered fuel price crisis serving as backdrop, the House of Representatives approved on third and final reading on Monday night, March 16 the proposed law allowing the temporary suspension of mandatory biofuel blending to help ease pump prices during periods of global oil market volatility.

Garnering a result of 209-5-0 (yes-no-abstain) during nominal voting in Monday night's plenary session was House Bill (HB) No. 8469, or the proposed Oil Price Stabilization Act.

It seeks to amend Section 5 of Republic Act (RA) No. 9367, or the Biofuels Act of 2006, to allow the President to suspend the mandatory use of locally sourced biofuels for up to one year if blended fuel prices become at least five percent higher than pure gasoline or diesel.

Palawan 2nd district Rep. Jose Alvarez, chairman of the House Committee on Energy and sponsor of the measure, say the bill intends to protect Filipino consumers from the economic impact of global oil shocks.

“We find ourselves at a pivotal moment where global oil volatility is impacting every Filipino household and business,” Alvarez said during his sponsorship speech.

“The ongoing conflict in the Middle East continues to destabilize global oil markets, highlighting our country’s vulnerability to external shocks,” he added.

Alvarez said rising fuel costs have a cascading effect on the economy, particularly on the transportation of agricultural goods and basic commodities.

“When global crude prices increase, the cost of transporting our palay, vegetables and basic commodities across the country also increases, threatening our economic recovery,” he said.

The veteran lawmaker stressed that the measure does not abandon the country’s long-term commitment to renewable energy development.

“This measure does not abandon our commitment to indigenous renewable energy development; rather it provides an immediate relief for our drivers, farmers and fishermen during periods of extreme global oil volatility, such as the one we are currently witnessing in the Middle East,” Alvarez said.

He said the proposal gives the government a targeted tool to respond to sudden market disruptions while protecting consumers from excessive fuel costs.

“We know that every peso saved at the gas station is a peso that stays in their pocket for food and education,” Alvarez said.

Double-digit pump price hikes on diesel and gasoline have been imposed by local oil companies in the past two weeks.

Also gaining the House’s final approval during the same plenary session was House Bill (HB) No. 8418, or the much-sought fuel excise tax suspension bill. It seeks to grant President Marcos the authority to temporarily suspend or reduce excise tax on fuel products during national or global economic emergencies.

Both HB No.8469 and HB No.8418 were earlier certified as urgent pieces of legislation by Malacañang.