HOR targets biofuel mix suspension

MANILA: The House of Representatives is fast-tracking a measure that would suspend the mandatory biofuel blending requirement in their bid to soften the impact of the looming crisis on oil. 

According to House Speaker Faustino Dy III, the Lower Congress is currently speeding up the approval of House Bill (HB) 8469 after President Ferdinand Marcos Jr. signed the move as urgent.

If turned into law, the country’s chief executive will have the power to temporarily stop the mixing of biofuel as stated in the Biofuels Act of 2006 to slow down the price hikes of oil amid the crisis in the Middle East.

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“The President’s certification makes clear that this is an urgent matter affecting every Filipino household and the entire economy. The House stands ready to act swiftly on this measure so we can give the government the flexibility to stabilize fuel prices,” the lawmaker from Isabela explained. 

“Our priority is to protect consumers, keep transport and production costs manageable, and ensure that energy supply remains stable,” Dy added.

To note, HB 8469 has passed first ready before the House Committee on Energy last week and is already up for second reading.

Under the current law, gasoline and diesel retailed locally need to either have bioethanol and biodiesel. Although it supports renewable energy and local biofuel industries, the blending requirement can raise pump prices when biofuel components become more expensive or supply becomes tight.

“At the end of the day, our responsibility is clear: protect Filipino consumers from avoidable fuel price increases while ensuring that our energy supply remains stable and responsive to global developments,” Dy said.

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