Govt ramps up oil buffer as excise tax bill clears Senate

FINANCE Secretary Frederick D. Go said on Tuesday the government is ramping up its oil buffer stock amid global oil supply disruptions, since recommending the reduction in fuel excise taxes to the President seems “too early” yet.

- BY REINE JUVIERRE S. ALBERTO & BUTCH FERNANDEZ

FINANCE Secretary Frederick D. Go said on Tuesday the government is ramping up its oil buffer stock amid global oil supply disruptions, since recommending the reduction in fuel excise taxes to the President seems “too early” yet.

Also on Monday, senators, voting 17 in favor with zero objections and zero abstentions, voted on second and on third and final reading to approve Senate Bill 1982 authorizing the President to suspend or reduce the excise tax on petroleum products, moving the bill closer to enactment since it was earlier approved by the House of Representatives.

A presidential certification of the measure as urgent allowed the Senate to hold both second and third readings in quick succession, skirting the three-day gap rule.

Finance Secretary Go told reporters on the sidelines of the InvestPH forum on Tuesday that the Philippine National Oil Company Exploration Corp. is moving to acquire 2 million barrels of oil as a precautionary measure to add to the country’s buffer stock.

"We recognize that there are things beyond our control. But we will not be defined by what we cannot change. Our focus is on what we can influence—the reforms we implement, the programs we launch, and the decisions we make domestically," Go said in his speech during the forum.

As oil prices continue to increase and volatility is expected in the near term, Go said the government has interventions ready.

President Ferdinand R. Marcos Jr. certified as urgent the bill granting him authority to suspend or reduce excise taxes on petroleum products during national or global economic emergencies.