Palace calls on Congress to review Oil Deregulation Law
The Palace calls on Congress to review the Oil Deregulation Law to provide government the authority to intervene if oil price increases are prolonged.
Acting Presidential Spokesperson Karlo Nograles on Wednesday said during the special meeting to address the possible effect of conflict in Ukraine, President Rodrigo Duterte also approved the recommendations of the Department of Energy (DOE) to implement the P2.5 billion Pantawid Pasada, and P500 million fuel discount program for farmers and fisherfolks.
As oil prices in the global market may further increase due to the Ukraine crisis, Nograles said the DOE will to monitor supply and quality of petroleum products and will make sure there will be no short selling.
Nograles said as part of a medium-term solution, the government "call on Congress to review the Oil Deregulation Law, particularly provisions on unbundling the price, and the inclusion of the minimum inventory requirements in the law, as well as giving the government intervention powers/authority to intervene when there is a spike and or prolonged increase of prices of oil products."
"Also, part of our medium-term measures are building the strategic petroleum reserve infrastructure, ensuring Minimum Inventory Requirements (MIR) and advocating for energy conservation and efficiency," he said.
Nograles said Duterte also approved recommendations of the Department of Agriculture (DA) to boost local food production to ensure food stability.
"It includes efforts to increase food production through the implementation of Plant, Plant, Plant Part Two, increasing the rice buffer stock of at least 30 days, distribution of financial aid for rice farmers and to address the increasing prices of fertilizer by providing fertilizer subsidy and market access through bilateral discussions with the fertilizer-producing countries," he said.
"The President also approved the recommendation of DA on the distribution of fuel discount vouchers for the farmers and fishermen to address the oil price hike, increase production and intensified research to ease the price of feeds and to provide logistic support like food mobilization from the areas with high production going to the cities through the Kadiwa ni Ani at Kita, deployment of Kadiwa mobile vans or trucks and subsidy for the transportation cost of basic commodities," he added.
Nograles said if needed the government is ready to implement the Price Control Law.
"We shall likewise continue talks with our partners and heighten negotiations with non-traditional partners to address threats to agricultural exports while improving our digital agricultural infrastructure and systems," he said.
Nograles said during the meeting, Duterte approved the recommendations of the Department of Trade and Industry (DTI) to accelerate renewable energy adoption, support investments in utility scale battery storage to maximize utilization of renewable energy sources, support investments in modern storage facilities for oil and grains to increase within-the-border holding capacity and empower the private sector to help in strategic stockpiling.
He said the Armed Forces of the Philippines (AFP) and the Philippine National Police (PNP) gave assurances that military and police assets are ready, and that they have respective contingencies prepared for any developments in Ukraine.
"In conclusion, we appeal for an immediate end to the unnecessary loss of life, and call on the states involved to forge an accord that can help prevent a conflagration that could engulf a world still struggling to recover from the COVID-19 pandemic," said Nograles.
"The course of history and the fate of our world will be shaped by the decisions that will be made by its leaders. We are one in prayer, together with all peace-loving citizens, that they be guided by wisdom and a genuine desire to save lives, establish harmony among neighboring nations, and forge a just and lasting peace for humanity," he added. Robina Asido/DMS
