National Emergency
EMERGENCY FINANCIAL STABILITY AND CONSUMER PROTECTION ACT
Senate Bill No. 2121, known as the Emergency Financial Stability and Consumer Protection Act, aims to grant the Bangko Sentral ng Pilipinas (BSP) emergency regulatory powers over supervised financial institutions during a declared national emergency.
GRANTING THE PRESIDENT THE POWER TO LOWER THE RATE OF VALUE-ADDED TAX ON PETROLEUM PRODUCTS
This bill grants the President of the Philippines the authority to lower or suspend the Value-Added Tax (VAT) on petroleum products for up to one year during a national emergency or state of calamity.
NATIONAL EMERGENCY TAX RELIEF AND CONSUMER PROTECTION ACT
The National Emergency Tax Relief and Consumer Protection Act proposes a temporary exemption from the Value-Added Tax (VAT) on basic commodities and a 50% reduction in excise tax on petroleum products during a declared national emergency or state of calamity.
FURTHER AMENDING SECS. 3(1) & 6 OF R.A. NO. 7581 (PRICE ACT)
This bill amends the Price Act to include gasoline, diesel, and other petroleum products as basic necessities subject to price controls during national emergencies. It extends the price control period for these products from 15 days to 30 days.
GRANTING THE PRESIDENT THE POWER TO REDUCE OR SUSPEND VAT ON PETROLEUM PRODUCTS
This bill aimed to grant the President the authority to lower or suspend the Value-Added Tax (VAT) on petroleum products during national emergencies or states of calamity for up to one year.