Lacson, Marcos express concern on latest oil price hike

Senators Panfilo Lacson and Imee Marcos on Tuesday expressed concern over the recent oil price hike.

“This calls for some urgency on the part of government,” Lacson said in a statement.

“[T]he effect of the seemingly unabated increase in the prices of oil products could easily negatively impact the lives of many Filipinos already suffering from joblessness and hunger due to the COVID-19 pandemic,” he added.

The lawmaker also took note that the Philippines is lagging behind other Asian countries in terms of economic recovery.

“Nagsisipagbukas na ang ekonomiya ng maraming bansa samantalang tayo, wala pang naaaninag na liwanag,” he said.

(The economy of other countries are already opening. Meanwhile, the Philippines has yet to see a light in this situation.)

On the other hand, Marcos, chairperson of the Senate economic affairs committee, lamented that the bill she filed suspending the value added tax on petroleum products for one year during national emergencies of state of calamities is not yet acted upon by the chamber.

“I have already filed a bill suspending VAT on petroleum products. Nakabinbin pa rin sa Senado (It is still pending in the Senate). Languishing in the calendar of business,” she said.

“Wag na muna ipatupad ang (Let us not impose) oil price increase since nagdeclare si [President Rodrigo Duterte] (declared) that we are still in [a] national health emergency crisis until September 2022,” she said.

Marcos also pointed out that the fare hike can only be prevented if there is no oil price hike.

“May domino effect lahat 'yan basta gumalaw ang presyo ng petrolyo. Mga pobreng Pilipino lagi ang talo. May kapangyarihan si  PRRD na ipatigil ang oil price kung may national emergency or matinding calamity,” she emphasized.

(That will have a domino effect if the price of petroleum products increases. The poor Filipinos will be at the disadvantage in this situation. PRRD has the power to stop the oil price hike if there is a national emergency or calamity.)

The Department of Energy on Tuesday said providing cash assistance or subsidies to the public transport sector is on the table should a fare hike be not approved or if it will be deemed insufficient to mitigate the impact of rising petroleum prices.

The Land Transportation Franchising and Regulatory Board said that the possible minimum fare hike for public transport would be around P1.26 based on their computation.

Public utility transport group Pasang Masda is expected to file a petition seeking a P3 hike in minimum fare, which will set it at P12 from the current P9 amid the series of increases in the prices of fuel.

On Monday, oil firms announced a big-time hike in pump prices of petroleum products, marking the seventh straight month of increases.—AOL/RSJ, GMA News