THE government said it stands to lose billions of dollars should Congress revive the Oil Price Stabilization Fund (OPSF) to address recent increases in fuel prices.
Addressing a forum by the Economic Journalists Association of the Philippines, Department of Energy (DOE) Undersecretary Jay Layug said it will cost the government about $20 billion a year if the bill reviving the OPSF passed in both houses of Congress.
“We would need at least $1.5 billion to $2 billion per month to move to regulation again. What does it show us? If the government can afford it, why not? But, obviously, at current prices, the government cannot afford it, even if it means taking out the pork barrel, it will not work,” he said.
Layug said that past experience showed that the implementation of the OPSF, as a mechanism to protect consumers from high oil prices, created a huge fiscal burden for the government.
In 1990-1991, the OPSF deficit reached as high as P16 billion, which the government had to shoulder by infusing taxpayers’ money into the fund.
Several lawmakers have urged the government to again control increases in the prices of petroleum products, filing for the purpose House Bill 2569, which seeks to repeal Republic Act 8479 or the Downstream Oil Deregulation Act of 1998.
“If we want a long-term regulated shift it must be studied thoroughly,” Layug said.
He said the DOE is discussing with the Department of Finance a temporary “fuel assistance program” that will last for 30 days as a short-term solution to the oil price hikes.
“We have to emphasize that the fuel assistance program is very temporary, because it’s the call of the time. We only have one month for this as soon as we get the approval from Malacañang, we will start to print the cards,” the official said.
The program, which all public utility vehicles can avail of, will likely require between P400 million and P500 million, which will be sourced from government savings or excess revenues.
The DOE had ordered oil companies to raise their minimum inventory levels so they could mitigate the impact of high oil prices. –LAILANY P. GOMEZ, Manila Times
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
