MANILA - An official from the Department of Energy on Monday assured the public that the Philippines has enough supply of fuel products. During a Fuel Crisis Ad Hoc Committee hearing at the House of Representatives, Energy Undersecretary Gerardo Erguiza said the fuel crisis problem lies with the rising prices, as he called on Congress to revisit the 1998 Downstream Oil Industry Deregulation Act. "Wala po problema sa supply, ang inventory is more than 40 days. ang problem ho natin ngayon is presyo pero quantity wala ho tayong problema (We don't have a problem with supply. We have more than 40 days in our inventory. The problem is with the price, but we don't have any problem with the quantity)," Erguiza told lawmakers. In her opening remarks, House Committee on Economic Affairs chair, Rep. Sharon Garin, said the hearing is being held because of the direct impact of the fuel crisis on economic stability at a time when the country is just beginning to ease Covid-19 pande
MANILA - A party-list lawmaker on Thursday said suspending fuel taxes is the best way to provide instant relief to Filipinos amid a continued spike in fuel prices. Anakalusugan Rep. Mike Defensor made the statement after Malacanang has called on Congress to review Republic Act No. 8479, or the 1998 Downstream Oil Industry Deregulation Act. He said Congress should also tackle other measures that will address the recent oil price increases, including the suspension of the excise on fuel if ever it holds a special session to review the oil deregulation law. "I am for revisiting the law that deregulated the oil industry, but in terms of providing our people immediate and direct relief from soaring fuel prices, suspending taxes on oil products is considerably a better option," he said. He said among Malacanang's proposals in the review of the 1998 law is the building of oil reserves that would be used whenever the cost of crude in the world market rises. "I am for that. B
(Anadolu photo) MANILA - Malacanang on Wednesday said the ongoing conflict between Russia and Ukraine posed economic, trade, and human resource implications to the country and the Filipino people. Cabinet Secretary Karlo Nograles, also the acting presidential spokesperson, said President Rodrigo Roa Duterte gave assurances that mitigating measures and contingency plans will be put in place as part of the government's pro-active response to the Russia-Ukraine war. "The Palace joins the country and the entire world in praying for an early and peaceful resolution to the conflict in Ukraine," Nograles said during the Laging Handa public briefing. Nograles reiterated the position of the Philippines, "that war benefits no one, and that it exacts a tragic, bloody toll on the lives of innocent men, women, and children in the areas of conflict." "The conflict in Ukraine has economic, trade, and human resource implications for our country and for our people. As we mo