Villanueva: Explore other options to address effects of fuel price hikes instead of Oil Deregulation Law review

Senator Joel Villanueva said on Wednesday that instead of pushing for a review of the Oil Deregulation Law, alternative solutions should be considered to address the effects of the series of oil price hikes.

“Instead of reviewing the Oil Deregulation Law to reverse it, it might be best to discuss the impact of increasing oil prices and exploring options to address this,” Villanueva said in a statement even as he supported the call of fellow lawmakers for President Rodrigo Duterte to call for a special session of Congress.

Malacañang has called on legislators to review the law, particularly the provisions on unbundling the price and the inclusion of the minimum inventory requirements in the law, as well as giving the government the authority to intervene when there is a spike and/or prolonged increase in prices of oil products.

Villanueva, however, welcomed the P200 monthly subsidy for low-income households, which will help them cope with rising oil prices.

Increased investments in renewable energy sources were also proposed by the reelectionist senator.

“We welcome suggestions or proposed measures that the Executive branch wants to bring to Congress so that we get a sense of the direction of the administration in addressing this issue, including other viable long-term options such as accelerating our investments in renewable energy,” he said.

“Whatever will be used to subsidize oil may be used to invest in renewable energy."

In another statement, Villanueva also expressed his gratitude to Duterte for endorsing his reelection bid.

“Our deepest gratitude to President Rodrigo Duterte for his endorsement for our Senate reelection. This is a huge honor to receive while we are currently visiting Davao,” he said.

The senator mentioned the pieces of legislation that he helped pass during the Duterte administration, such as the Tulong Trabaho Law, Work-From-Home Law, and the law creating the Department of Migrant Workers.

Villanueva said he will remain independent despite the endorsements of presidential candidates Leni Robredo, Panfilo Lacson, Manny Pacquiao, and Isko Moreno, as well as vice presidential candidate Sara Duterte. — VBL, GMA News