The Philippine presidential palace stated that proposals to abolish the Oil Deregulation Law must undergo comprehensive study and cautious evaluation to clarify its overall impact on the economy and people's livelihood.
Presidential spokesperson Claire Castro pointed out that the government welcomes suggestions from all sectors to address rising fuel prices, but any proposal involving major economic policy changes must be decided only after in-depth analysis.
She emphasized that the power to abolish the Oil Deregulation Law rests with Congress, and legislators should thoroughly study its potential impact on all parties, including the oil industry and the national economy.
The Ferdinand Marcos Jr. administration believes that any policy reform should prioritize the interests of the entire population, ensuring that while alleviating the burden on the public, the relevant industries are not adversely affected.
She added that if reform measures have a negative impact on the oil industry, it could ultimately also backfire on the overall national economic development. Therefore, the pros and cons must be carefully weighed.
Currently, as fuel prices continue to rise, calls from all sectors of society to abolish the Oil Deregulation Law and restore government regulation of oil prices are increasing.
The presidential palace stated that the government is focusing on promoting long-term solutions and acknowledges that revising or abolishing related laws will take time to implement.
She emphasized that the power to abolish the Oil Deregulation Law rests with Congress, and legislators should thoroughly study its potential impact on all parties, including the oil industry and the national economy.
The Ferdinand Marcos Jr. administration believes that any policy reform should prioritize the interests of the entire population, ensuring that while alleviating the burden on the public, the relevant industries are not adversely affected.
She added that if reform measures have a negative impact on the oil industry, it could ultimately also backfire on the overall national economic development. Therefore, the pros and cons must be carefully weighed.
Currently, as fuel prices continue to rise, calls from all sectors of society to abolish the Oil Deregulation Law and restore government regulation of oil prices are increasing.
The presidential palace stated that the government is focusing on promoting long-term solutions and acknowledges that revising or abolishing related laws will take time to implement.