Filtered By: Money

LPG regulation law seen to raise competition, improve standards

Stakeholders see Republic Act No. 11592 or the bill regulating the liquefied petroleum gas industry helping economic growth in the country through improved competition and raising safety standards across the board.

In a statement after the first LPG Industry Summit in Pasay City, Republic Gas Corp. president Arnel Ty  said the law  was an effective guide for the increase of confidence and protection among financial institutions, investors, and micro, small, and medium enterprises entering the industry.

“Because of the law, the Department of Energy (DOE) is committed to ensuring an organized and fair business environment for legitimate industry players,” said Ty, a former representative of the LPGMA party-list in the House.

"Banks and financial institutions here have provided programs that give loans even without collateral with a low-interest rate. They see the law as a protection that will allow them to provide loan programs that offer easy access for the industry," he added.

Last week, industry stakeholders and officials from the DOE and the Department of Trade and Industry (DTI) gathered for the first nationwide summit of LPG dealers and other industry leaders at the SMX Convention Center in Pasay City on March 2 and 3, 2023.

The summit was organized to engage LPG industry dealers, the DTI, and the DOE in promoting the importance of the LPG Law and the Consumer Protection Act.

It likewise aimed to provide attendees with the opportunity to network with industry experts, policymakers, and key stakeholders to gain valuable insights on how to improve their business operations. —Sundy Locus/NB, GMA Integrated News