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DOE assures no oil supply problem in PH

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 ....

Sharon Garin , Joey Salceda , Rodrigo Roa Duterte , House Committee On Economic Affairs , Energy Undersecretary Gerardo Erguiza , Oil Deregulation Law , Duringa Fuel Crisis Ad Hoc Committee , Department Of Energy On , Means Committee , Oil Industry Deregulation , Department Of Budget , Fuel Crisis Ad Hoc Committee , House Committee , Economic Affairs , Martin Delgra , House Ways , Value Added Tax , Minimum Inventory Requirements , Utility Scale Battery Storage , President Rodrigo Roa , Manila An Official From The Department Of Energy On Monday Assured Public That Philippines Has Enough Supply Fuel Products Duringa Crisis Ad Hoc Committee Hearing At House Representatives , Nergy Undersecretary Gerardo Erguiza Said The Fuel Crisis Problem Lies With Rising Prices , S He Called On Congress To Revisit The 1998 Downstream Oil Industry Deregulation Act Quot Wala Po Problema Sa Supply , Ng Inventory Is More Than 40 Days Ang Problem Ho Natin Ngayon Presyo Pero Quantity Wala Tayong Problema We Don 39t Havea With Supply Have In Our The Price , Ut We Don 39t Have Any Problem With The Quantity , Uot Erguiza Told Lawmakers In Her Opening Remarks ,

Fuel tax suspension to give instant relief to Filipinos: solon

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 ....

Mike Defensor , Rodrigo Roa Duterte , Oil Deregulation Law , Oil Industry Deregulation , Republic Act , Tax Reform Acceleration , Minimum Inventory Requirements , Utility Scale Battery Storage , President Rodrigo Roa , Manilaa Party List Lawmaker On Thursday Said Suspending Fuel Taxes Is The Best Way To Provide Instant Relief Filipinos Amida Continued Spike In Prices Anakalusugan Rep Mike Defensor Made Statement After Malacanang Has Called Congress Review Republic Act No 8479 , R The 1998 Downstream Oil Industry Deregulation Act He Said Congress Should Also Tackle Other Measures That Will Address Recent Price Increases , Ncluding The Suspension Of Excise On Fuel If Ever It Holdsa Special Session To Review Oil Deregulation Law Quoti Am For Revisiting That Deregulated Industry , Ut In Terms Of Providing Our People Immediate And Direct Relief From Soaring Fuel Prices , Uspending Taxes On Oil Products Is Considerablya Better Option , Uot He Said Among Malacanang 39s Proposals In The Review Of 1998 Law Is Building Oil Reserves That Would Be Used Whenever Cost Crude World Market Rises Quoti Am For But How Many Years Take Meantime , Ur People Are Clamoring For Instant Relief , Uot He Said Defensor While Would Push For The Suspension Of Fuel Taxes Three Years , E Would Also Support The Restoration Of Oil Tax Suspension Mechanism Under Section 43 Reform Acceleration And Inclusion Law Provided For Shelving Higher Levies Whenever Price Crude In World Market Hit Usd80 Per Barrel He , Ointed Out That The Provision Applied Only To Years 1998 , Hen The Law Took Effect , 999 And 2000 Quot We Can Revive That So The Tax Increase Under Train Could Immediately Be Shelved Because Cost Of Crude Has Soared To Usd113 Per Barrel Due Russia 39s Invasion Ukraine , Uot Defensor Said He Noted That The Present Price Of Crude Is Usd33 Above Threshold Set Under Section 43 Quot Dof Department Finance Had Accepted Automatic Suspension Mechanism In 1998 We Cannot Understand Why It Opposing Now , Uot He Said Quot The Impact Of Usd33 Increase On Domestic Fuel Prices Is Significant Palace Also Called Congress To Review Oil Deregulation Law , Articularly Provisions On Unbundling The Price , Nd The Inclusion Of Minimum Inventory Requirements In Law , S Well As Giving The Government Intervention Powers Authority To Intervene When There Isa Spike And Or Prolonged Increase Of Prices Oil Products Part 39s Medium Term Measures Is Also Eyeing Building Strategic Petroleum Reserve Infrastructure ,

Ukraine-Russia conflict poses implications to PH economy: Palace

(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 ....

Pantawid Pasada , Karlo Nograles , Rodrigo Roa Duterte , Philippine National Police , Oil Deregulation Law , Department Of Energy , Department Of Agriculture , Armed Forces Of The Philippines , Secretary Karlo Nograles , President Rodrigo Roa Duterte , Laging Handa , Armed Forces , Price Control Law , Oil Deregulation , Minimum Inventory Requirements , Utility Scale Battery Storage , Nadolu Photo Manila Malacanang On Wednesday Said The Ongoing Conflict Between Russia And Ukraine Posed Economic , Nd Human Resource Implications To The Country And Filipino People Cabinet Secretary Karlo Nograles , Lso The Acting Presidential Spokesperson , Aid President Rodrigo Roa Duterte Gave Assurances That Mitigating Measures And Contingency Plans Will Be Put In Place As Part Of The Government 39s Pro Active Response To Russia Ukraine War Quot Palace Joins Country Entire World Praying For An Early Peaceful Resolution Conflict , Uot Nograles Said During The Laging Handa Public Briefing Reiterated Position Of Philippines , Uot That War Benefits No One , Nd That It Exactsa Tragic , Loody Toll On The Lives Of Innocent Men , Nd Children In The Areas Of Conflict Quot Ukraine Has Economic , Nd Human Resource Implications For Our Country And People As We Monitor The Current Situation ,