The Makabayan bloc in the House of Representatives have filed measures seeking to repeal the much-panned Oil Industry Deregulation Act, as well as the imposition of a billionaire wealth tax amid successive and hefty fuel price hikes.

Lodged by the militant solons at the legislative chamber were House Bill (HB) No. 8766, which sought to regulate the downstream petroleum industry and repeal Republic Act (RA) No. 8479, or the Downstream Oil Industry Deregulation Act of 1998; and HB No. 8123, or the Billionaire Wealth Tax Bill.

ACT Teachers Party-list Rep. Antonio Tinio, Gabriela Party-list Rep. Sarah Elago, and Kabataan Party-list Rep. Renee Co said that the 28-year-old law allowed unchecked price hikes, weak transparency, and near-total impunity for cartel-like behavior in the oil industry.

"Deregulation has surrendered regulatory power, enabled automatic pass-through to consumers, and allowed price asymmetry where firms hike fast when global prices rise but lower slowly when global prices fall," they authors said in a joint statement.

"Hindi ito market forces lang kundi manipulasyon at pang-aabuso (This isn't just market forces, but also manipulation and abuse)," they noted.

Makabayan said HB No.8479 restores public control through a strong regulatory framework, including the creation of an independent Petroleum Price Regulatory Council with authority to set and regulate oil prices through public hearings, require unbundling of oil prices and disclosure of profit margins, compel inventory and cost reporting, and stop price hikes that exceed regulated levels.

"Dapat malinaw kung magkano ang tunay na gastos at kung magkano ang tubo sa bawat litro (It must be clear how much the actual cost is and how much the profit is per liter)," the group said.

It said the measure will prevent oil companies from immediately raising fuel prices based on international rates even when they still have inventory purchased at lower prices.

Meanwhile, the militant trio filed HB No.8123 in a bid to shift the burden away from the public and make the richest shoulder more responsibility especially during the fuel price crisis.

The measure imposes an annual tax on individuals with net taxable assets above P1 billion, with progressive rates of 1 percent on wealth above P1 billion, 2 percent above P2 billion, and 3 percent above P3 billion, alongside mandatory wealth self-assessment, anti-avoidance provisions, and stricter penalties for concealment and misdeclaration.

"Dapat managot ang nagtatago ng yaman at nagbubulsa ng tubo habang nagdurusa ang bayan (Those who conceal wealth and pocket profits while the nation suffers must be held accountable)," the authors said.

They say the bill answers the stark reality that wealth in the Philippines is extremely unequal and continues to concentrate in fewer hands even during national emergencies.

"In 2022, the top 10 percent held around P40 trillion in wealth, more than double the combined wealth of the bottom 90 percent at around P15 trillion, while the top 1 percent held P17.9 trillion, nearly three times the combined wealth of the poorest 50 percent. Samantala, nananatiling mababa ang sahod at patuloy na kinukubkob ng presyo ang araw-araw na buhay ng milyun-milyon," they said.

(Meanwhile, wages remain low, and the daily lives of millions continue to be besieged by rising prices.)

Makabayan believes that a billionaire wealth tax can generate substantial resources for social needs without punishing the poor.

Estimates cited by IBON Foundation show a billionaire wealth tax can raise at least P508 billion annually from the country’s billionaires and around P289 billion annually even from the 50 richest Filipinos alone, while leaving them with vast remaining wealth.

The bloc says such revenues can be earmarked for public health, education, social protection and employment, and housing, with transparency requirements for collection and disbursement.