Iloilo city: Malaca±ang announced on Friday that the proposal to repeal the Oil Deregulation Law requires careful analysis to understand its potential impact on the economy and consumers. In a press briefing held in Iloilo City, Palace Press Officer Claire Castro expressed that the administration is open to all suggestions aimed at addressing the rising fuel prices.
According to Philippines News Agency, Castro highlighted that any substantial shifts in economic policy necessitate a comprehensive review before decisions can be made. She emphasized, "With regard to Oil Deregulation Law, sinabi po natin na lahat po ng suggestion ay welcome (we have said that all suggestions are welcome). Nothing is off the table. Pero mas maganda pa rin po talagang maaral ito, lalung-lalo na ng mga mambabatas. Ang repeal ng oil deregulation law ay nasa kamay ng Kongreso (But it is still better that this be thoroughly studied, especially by lawmakers. The repeal of the Oil Deregulation Law is in the hands of Congress)."
Castro pointed out that while the proposed reforms aim to alleviate consumer burdens, it is crucial to consider unintended adverse effects on various sectors, including oil stakeholders. "Mas maganda po na mas maaral ito para makita natin kung anong epekto nito sa stakeholders, sa bansa at sa ating mga kababayan (It is better that this be studied more so we can see what its effects will be on stakeholders, on the country, and on our fellow citizens)," Castro explained.
She added that any potential repeal should benefit the general public. "Dapat kung magkakaroon man ng repeal ng isang batas, dapat ito ay pangkalahatang pangkaginhawaan. Dahil kung ito ay magdudulot ng negatibo sa oil industries, hindi rin po ito magiging maganda sa ating bansa (If there will be a repeal of a law, it should bring overall benefit. Because if it will have negative effects on the oil industry, it will also not be good for our country)," Castro stressed.
Castro further noted that policies should ultimately aim to promote public welfare, supporting policymaking that balances stability and industry sustainability. "So, dapat pong pag-aralan para kung ano yung mas makakabuti sa ating lahat at sa bansa, yun ang dapat manaig (it should be studied so that what is best for all of us and for the country is what should prevail)," she said.
The call to repeal the Oil Deregulation Law has been growing, as it would allow the government to regain control over fuel pricing amid escalating costs. President Ferdinand R. Marcos Jr. has previously stated the government's commitment to implementing long-term solutions for energy challenges, acknowledging that amending or repealing the Oil Deregulation Law will require time.
