MAKABAYAN CALLS FOR REPEAL OF OIL DEREGULATION LAW, PROPOSES BILLIONAIRE WEALTH TAX

The Makabayan bloc in the House of Representatives has filed bills seeking to repeal the Oil Industry Deregulation Act of 1998 and impose a billionaire wealth tax amid soaring fuel prices.

The proposed repeal, through House Bill 8766, aims to restore government oversight of oil pricing, establish a Petroleum Price Regulatory Council, and prevent unjustified hikes that burden consumers.

Lawmakers argued that deregulation allows oil firms to manipulate prices and profit at the public’s expense.

Meanwhile, House Bill 8123 would levy an annual tax on individuals with net assets over ₱1 billion, with progressive rates up to 3 percent, targeting the ultra-rich rather than ordinary citizens.

Makabayan said the wealth tax could generate hundreds of billions annually to fund social services, including health, education, housing, and employment, while promoting transparency and fairness.

Source: PhilNews24 | March 28, 2026