Economic Stability
FUEL SECURITY ACT
The Fuel Security Act aims to establish a National Strategic Fuel Reserve and a Targeted Fuel Relief Program to address fuel supply disruptions and price volatility in the Philippines.
AUTOMATIC SUSPENSION OF VALUE-ADDED TAX AND EXCISE TAXES ON FUEL
This bill provides for the automatic suspension of the Value-Added Tax (VAT) and excise taxes on fuel when the average Dubai crude oil price reaches or exceeds USD 80 per barrel, aiming to alleviate the financial burden on consumers during periods of high fuel prices.
PHILIPPINE STRATEGIC PETROLEUM RESERVE ACT
The Philippine Strategic Petroleum Reserve Act aims to establish a state-managed stockpile of petroleum products equivalent to at least ninety days of national consumption to enhance energy security and protect the economy from supply shocks.
TEMPORARY SUSPENSION OR REDUCTION OF EXCISE TAX ON FUEL
This bill provides for the temporary suspension or reduction of excise taxes on regular gasoline, unleaded premium gasoline, and diesel when global oil prices exceed a specified threshold, aiming to protect consumers from price spikes.
PRIVATE SECURITY AGENCY FINANCIAL CAPACITY ACT
This bill aims to increase the minimum capital requirement for private security agencies from ₱1,000,000 to ₱10,000,000 to ensure better financial stability and compliance with labor laws.
AMENDING REPUBLIC ACT NO. 8282 (SOCIAL SECURITY ACT OF 1997)
This bill aims to amend the Social Security Act of 1997 to include unemployment benefits for workers who lose their jobs involuntarily, providing financial assistance during periods of unemployment.