Metro Manila, Philippines – Senators JV Ejercito and Win Gatchalian backed the possible review of the oil deregulation law to help the government manage the continued surge in fuel prices caused by the Middle East conflict.
Senate President Vicente Sotto III filed a bill this week seeking to repeal “The Downstream Oil Deregulation Act of 1998.”
In a radio interview on Saturday, March 21, Ejercito cited the law’s negative effects, thus the need to review and allow government control during crises.
He also told DWIZ that the government should adopt fuel austerity to “prepare for the worst” amid the ongoing war between US-Israel and Iran.
Gatchalian, in a separate interview with DWIZ, said he is in favor of amending the oil deregulation law, particularly in giving the Department of Energy the power to require oil companies to submit information on actual cost components of fuel prices whenever Dubai crude oil reaches $80 per barrel.
“Tingnan ‘yung presyo, tingnan ‘yung imbentaryo, mag-report sila kung ano ‘yung kanilang binibili…Di naman pwedeng nagmamakaawa tayo dahil para tayong nasa mercy ng mga oil companies,” he said.
[Translation: The government should have the power to check the prices, their inventory, and require them to report what they have bought. The government should not always beg and be at the mercy of the oil companies.]
Gatchalian said he will lead a Senate ad hoc committee to come up with recommendations to Sotto and President Ferdinand Marcos Jr. on ways to address the effect of the Middle East crisis in the country.
He said the consolidated report, which will consist of suggestions on issues including migrant workers, energy, and agriculture, is targeted to be completed in two weeks.
Both senators responded to the opinion of policy analyst Emmanuel Leyco, who told a roundtable discussion with the Inquirer that the Philippines is in a “state of economic emergency” following the massive oil price shocks.
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Leyco has suggested a wealth tax to offset possible revenue losses, in the event Marcos suspends or cuts the excise tax on fuel products.
RELATED: Marcos keeping options open on fuel excise tax relief
