Marcos wants to revive Oil Price Stabilization Fund
Former Senator Ferdinand ''Bongbong'' Marcos Jr. plans to revive the Oil Price Stabilization Fund (OPSF) to cushion consumers and public utility vehicle drivers from the effect big surges in price increases.
In dzBB's presidential interview on Saturday, Marcos emphasized the importance of bringing back the OPSF as he admitted nothing can be done to regulate or control fluctuating prices of petroleum products.
"What we can do is, before we have the OPSF or the Oil Price Stabilization Fund, in case of fluctuating prices of oil ,we will have stabilization fund, the stabilization fund which comes from the oil companies They have contribution from their earning for the OPSF," said Marcos, who is leading surveys in the May 2022 presidential election.
"Even though we do not have control over the oil price hike, the OPSF was used to lessen the (effect) the sudden increase of the oil price," he added.
Marcos explained that the OPSF served as a buffer fund used to give the consumers enough time to adjust to the increasing oil prices.
"I think that is a better solution to that problem," he said.
The OPSF which was created by his father, former President Ferdinand Marcos Sr. in the late 1970s when world oil prices rose, was scrapped by President Fidel Ramos after he signed an executive order deregulating the oil industry in 1997. Robina Asido/DMS
