House LEAD joint committee resumes hearing on high fuel prices, government response — April 15

[0:00] And if this continues, many will struggle just to get by. [0:05] Nakita natin na habang may sapat tayong fuel supply na ngayon, [0:09] ang tunay na problema ay affordability. [0:12] Tumataas ang presyo ng langis, tumataas ang presyo ng pagkain, [0:16] at unti-unting nababawasan na kakayang bumili ng ating mga mamamayan. [0:21] At sa gitna nito ay may isang sektor na hindi natin maaring kalimutan, [0:26] ang middle class. [0:28] Itong sektor na kadalasang hindi saklaw ng ayuda, [0:31] kahit sila'y nalulunod din sa pagtaas ng bilihin. [0:35] They are one major crisis away from falling below the poverty line. [0:40] Dapat din natin kilalanin ang mga manggagawang Pinoy [0:43] bilang mga bumubuhay sa ating ekonomiya. [0:46] Kapag humina ang kakayaan nila kumita at gumastos, [0:51] humihinto ang galaw ng ating ekonomiya. [0:54] Kapag hindi sapat ang suporta sa kanila, [0:57] hindi lamang kabuhayan ang naapektuhan, [0:59] kundi pati ang kabuhaang takbo ng ating ekonomiya. [1:03] Kaya naman ang tanong sa atin ngayon ay hindi lamang kung paano magbibigay ng ayuda, [1:09] kundi paano mapapanatili ang sigla ng ating ekonomi sa gitna ng global oil crisis. [1:15] Kasama dito ang usapin ng business sector, [1:19] ang ating manufacturers, retailers, at iba pang negosyo [1:22] na patuloy na humaharap sa pataas ang pataas na gastos [1:30] ng produksyon at operasyon. [1:33] Lalo masapiktado ang mga maliliit na negosyo, [1:36] na limitado lang ang puhunan, [1:38] walang sapat na buffer, [1:39] at hirap sumabay sa patuloy na pagtaas ng gastos. [1:42] Paano matutulungan ng gobyerno ang mga negosyong ito upang manatiling bukas? [1:50] Paano natin masisiguro na hindi tuluyang maipapasa sa mga mamimili ang lahat ng pagtaas ang gastos? [1:59] At sa ating mga nakaraang pagdinig, [2:01] lumitaw din ang ilang kritikal na usapin sa loob ng transport sector, [2:06] ang sector na napupuruhan ng ating krisis. [2:08] Habang tumataas ang presyo ng langis, [2:11] lalong lumiliit ang kita ng mga driver. [2:15] Umaabot sa puntong bariya na lang ang natitira. [2:18] Subalit, may mga ulat na walang nagbago [2:21] o kaya'y tumaas pa ang komisyon ng ilang kumpanya sa mga rider. [2:27] Taliwas sa mga naunang pahayag ng mga ito noong nakaraang meeting. [2:32] Ipinapakita nito na sa gitna ng krisis, [2:35] hindi pantay-pantay ang bigat na pasanin. [2:38] For today's session, upon the instructions of Speaker Bojidi, [2:43] we will continue our discussions with focus on key sectors [2:46] that directly shape the daily lives of our people. [2:50] We will begin with updates from our economic managers, [2:53] who I will call on in a while, [2:56] followed by the continuation of discussions on the transport sector, [3:00] then the labor sector, and finally the retail and consumer sector. [3:05] For an orderly discussion, we shall also be following the same rules [3:08] in terms of interpolators as we did last Monday. [3:12] Sa aking mga kasamahan, tungkulin natin hanapin ang tamang balanse [3:18] sa pagitan ng agarang tulong at pangmatagalang solusyon. [3:23] Hindi lamang para sa pinaka-nangangailangan, [3:28] kundi para sa mga manggagawa at mga negosyong nagpapatakbo ng ating lipunan. [3:33] Sa pagkat sila man ay may matinding tinatamaan ding krisis, [3:39] at kapag sila bumigay, kasunod nitong mayayanig ang buong ekonomiya. [3:44] So sa ating lahat po, magandang umaga. [3:47] Maraming, maraming salamat po. [3:49] At this point, may we recognize the members who are here. [3:57] I've already recognized Deputy Speaker Albie Benitez. [4:03] From the minority, Elijah Romboa San Fernando, [4:11] Congressman Steve Chongbian Solon of Sarangani, [4:15] the Honorable Rufus Rodriguez of the 2nd District of Cayenne de Oro, [4:21] our Deputy Majority Leader, Jose Bong Tevez Jr., [4:25] from Biliran, Congressman Jerry Boy Espina, [4:30] from Davao del Norte, Congressman J.M. Floy Rendo and Lagdameo, [4:36] from the 3rd District of Rizal, Congressman Jojo Garcia, [4:40] Congressman Leo Rodriguez of Catanduanes, [4:44] Congressman Arthur C. Yap of Murang Kuryente, [4:46] from the minority, Congresswoman Sarah Jane Ilago, [4:53] from 4K Partilist, Iris Marie de Mesa Montes, [4:59] from the 6th District of Balacan, the Honorable Salvador A. Plato, [5:04] from the 1st District of Batangas, Leandro Legarde Leviste, [5:08] from GP Partilist, Attorney J.P. Padernos, [5:13] and from FPJ Panday Bayanihan, the Honorable Congressman Brian Po. [5:18] Kasama din po natin, from the 2nd District of Nueva Ecija, [5:23] Mario Cocoy O. Salvador. [5:26] Magandang umaga, Kong Cocoy. [5:31] Kasama din po natin ang ating Senior Deputy Minority Leader, [5:35] wala pong iba, Congresswoman Laila de Lima. [5:42] And from the 2nd District of Balacan, [5:44] the Honorable Augustina Dominic C. Pancho. [5:50] Magandang umaga po. [5:56] Magandang umaga sa ating mga Economic Managers. [5:59] So we will start today sa ating updates on the implementation of EO110. [6:07] Kasama po natin ngayon ang DOF, [6:10] ang DBM, [6:11] ang DepDev, [6:12] ang PCC, [6:13] ang Maharlika Investment Corporation. [6:16] Nandito na ba yung Maharlika Investment Corporation? [6:19] Magandang umaga. [6:20] Meron po tayong mga magtatanong dito na nakalista. [6:26] Tatawagin po natin sila isa-isa. [6:30] In the order of, [6:38] we will call on Representative Montez to begin. [6:42] But before you do so, [6:44] may we ask Secretary Toledo, [6:48] who is the representative from DOF by the way? [6:50] Who is here? [6:53] Hi, sir. [6:54] Usec Carlo. [6:56] Can we get an update on the policy direction [7:02] as well as on what's been happening with the Uplift Committee? [7:08] Who will present? [7:08] Will it be Secretary Toledo or you? [7:12] For the Uplift Committee po, [7:14] ang Secretariat is DepDev. [7:15] So can you, [7:18] anyway, [7:19] can you begin, [7:20] Secretary Usec Adriano, [7:24] on updates? [7:24] Sir, [7:28] for the updates on the Uplift Committee [7:30] as pronounced by our President, [7:33] with regards to the suspension [7:35] or reduction of excise taxes, [7:37] the suspension will be on LPG and kerosene. [7:41] We're just waiting for the issuance [7:46] of the executive order. [7:48] But on the part of the DOF, [7:50] the revenue regulation and the CMCs are already ready. [7:54] So once the EO is issued, [7:56] we can issue the RRs and CMCs within the day. [8:02] And at the same time, [8:03] the DBCC recommended that together [8:06] with the other departments, [8:07] particularly DOE and DOTR, [8:09] to provide fuel discounts [8:11] of P10 per litre [8:13] for targeted beneficiaries. [8:15] For the other agencies, [8:18] I believe I will defer to the up- [8:21] The P238.6 billion [9:41] that I have reported [9:41] in the last hearing, [9:45] we have already released [9:46] around P125.1 billion [9:49] and agencies are already obligated [9:53] around P37.5 [9:55] and disbursement is already [9:57] at P30.1 billion [9:59] and there are still ongoing programs [10:04] being implemented [10:05] by the departments and agencies. [10:07] So we'll provide you an update [10:08] as soon as the physical [10:10] and financial report [10:12] comes to our office. [10:14] And also additional fundings [10:16] will be in process right now [10:18] as to their, [10:19] based on their request, [10:20] Mr. Chair. [10:20] So there is a question here [10:26] from the other Chair. [10:28] Do we take it to mean [10:29] that there has been [10:32] an initial recommendation [10:33] or at least an executive order [10:35] to the effect [10:36] that kerosene and LPG [10:38] excise tax will be suspended, [10:40] correct? [10:42] Yes, Mr. Chair. [10:43] So do we take it to mean [10:45] that the DBCC [10:47] as well as the Uplift Committee [10:48] is continuing [10:51] to consider the suspension [10:52] of diesel [10:54] as well as gasoline? [10:57] Yes, Mr. Chair. [10:57] In fact, [10:58] in our recommendation, [10:59] it includes [11:00] a monthly review [11:02] of the policy. [11:03] So for now, [11:04] we started with LPG [11:05] and kerosene [11:06] plus the fuel discounts, [11:08] but there will be [11:08] a monthly review [11:09] done by the DBCC [11:10] to review technically [11:12] the policy [11:12] on the reduction [11:13] or suspension [11:14] of excise tax. [11:15] That's too late. [11:17] That's too late. [11:18] Meaning you need [11:18] to continue evaluating [11:20] even on a weekly basis [11:21] so we will see. [11:22] Yes. [11:23] So the question I ask [11:25] is that [11:26] is it actually possible [11:27] for the executive [11:29] to consider [11:30] these suspensions [11:31] over the next few days? [11:33] Meaning, [11:34] sarado na ba yung pinto? [11:36] Yan ang tanong ko diyan. [11:37] No, Mr. Chair. [11:38] Actually, [11:38] the ETB level [11:39] will be meeting [11:40] almost weekly. [11:42] The ETB [11:42] of the DBCC, [11:43] it's the technical board. [11:45] We will be meeting [11:45] almost weekly [11:46] or biweekly. [11:48] But in terms of [11:49] the, [11:51] basically to assess [11:52] the situation [11:53] and if there's a need [11:54] to actually [11:55] revise the policy. [11:57] So may weekly beating po kami. [11:58] Ang sinasabi lang dun [11:59] sa recommendation [12:00] is that [12:01] there is a review, [12:03] constant review [12:04] of this policy. [12:05] So hindi po [12:06] closed doors [12:07] yung suspension [12:08] or reduction [12:09] for diesel and gas. [12:11] Deputy Speaker Benitez. [12:13] Mr. Chair, [12:14] I'd just like [12:14] to ask a question. [12:16] I'm sure [12:16] dun sa discussion nyo, [12:17] binibigay yung reason [12:18] kung bakit nila [12:19] ayaw isama yung [12:22] yung pang fuel. [12:23] Would I know [12:23] what is the reason [12:24] behind this [12:25] at nilimit lang [12:26] sa LPG [12:27] at kerosene? [12:28] Yes, Mr. Chair. [12:29] So if I may [12:30] clarify lang [12:32] the recommendation [12:33] of the DBCC. [12:34] So let's start [12:35] muna first [12:36] with the LPG [12:37] and kerosene, [12:37] the rationale [12:38] behind it. [12:39] So we've used [12:40] several data. [12:41] So for instance, [12:42] we've used [12:43] the Department [12:43] of Energy data [12:45] on who are [12:45] the major users [12:46] for LPG [12:47] and kerosene. [12:49] For instance, [12:50] for kerosene, [12:51] 71% [12:52] of the consumption [12:53] of kerosene [12:54] is coming [12:55] from the household. [12:56] Then followed [12:57] by industry [12:58] at 29%. [13:00] Now, [13:01] in the kerosene [13:02] consumption [13:03] for household, [13:04] we used naman [13:04] the Family Income [13:05] Expenditure Survey [13:06] which is a survey [13:07] done by the [13:08] Philippine Statistics [13:09] Authority [13:09] or PSA. [13:11] For instance, [13:12] for kerosene, [13:13] we found that [13:13] in the households, [13:15] almost 50% [13:17] of kerosene [13:18] consumption [13:18] is coming [13:19] from the [13:20] bottom 30th [13:23] decile. [13:23] Ito po yung [13:24] poorest of the poor. [13:26] Kaya po kapag [13:27] tinanggal [13:27] mo yung excise tax [13:29] on kerosene, [13:30] it's really [13:30] a direct subsidy [13:32] to the poorest [13:33] of the poor, [13:34] particularly [13:34] for kerosene. [13:36] Now, [13:36] for LPG po, [13:38] based on [13:39] Department of Energy [13:40] data, [13:41] 65.5% [13:43] of consumption [13:43] of LPG [13:44] is for household, [13:46] followed by [13:47] services [13:47] at 25% [13:48] and then [13:49] industry [13:50] at 9%. [13:51] Dun po sa [13:52] household, [13:53] if you take [13:53] a look again [13:54] at Family Income [13:55] Expenditure Survey, [13:57] around 56% [13:59] of the consumption [14:00] of LPG [14:01] of household [14:01] is coming [14:02] from the [14:02] bottom 7 [14:03] deciles. [14:04] Ibig sabihin, [14:05] ito yung poorest [14:06] to the poor [14:06] to the middle [14:07] income class. [14:08] Yun po yung [14:08] major users [14:09] of LPG. [14:10] Kaya po, [14:11] sinuspend [14:11] ang recommendation [14:13] po ng DBCC [14:14] to suspend [14:15] the excise tax [14:15] on LPG [14:16] because again, [14:17] it's direct subsidy [14:18] to household, [14:19] particularly [14:20] the vulnerable [14:20] groups. [14:24] Now, [14:24] with regards [14:25] po to diesel [14:26] and gasoline, [14:28] why the [14:29] DBC did not [14:30] recommend [14:30] any reduction [14:31] or suspension, [14:33] for diesel po, [14:34] using again [14:34] the data [14:35] of DOE, [14:36] the major [14:37] user of [14:38] diesel [14:38] is definitely [14:39] the transport [14:40] sector [14:40] at 66.4%. [14:43] Now, [14:44] in the transport [14:45] sector, [14:46] nandun din po [14:47] yung consumption [14:48] of households. [14:50] Dun sa consumption [14:51] of households [14:52] using the [14:52] FIS data [14:53] again, [14:54] or Family Income [14:54] Expenditure Survey, [14:57] 85% [14:58] of diesel [14:59] consumption [15:00] is coming [15:01] from the [15:01] three richest [15:02] decile. [15:03] Ito po yung [15:03] eighth to tenth [15:04] decile. [15:06] So, [15:06] majority po [15:07] ng consumption [15:08] ng diesel [15:08] is coming [15:09] from the [15:10] richest [15:11] decile. [15:11] And hence, [15:12] when you actually [15:13] suspend the [15:14] excise tax [15:15] on diesel, [15:16] ang pinakamakikinabang [15:17] po nito [15:18] are those [15:19] three [15:19] richest [15:20] decile. [15:21] Now, [15:22] with regards [15:22] to gasoline... [15:23] Can you repeat [15:24] that? [15:24] Can you repeat? [15:25] So, [15:25] you said [15:26] based on [15:27] the [15:27] consumption [15:28] survey, [15:30] Family Income [15:31] Expenditure... [15:31] Mamianifies. [15:32] Yung isa muna, [15:32] yung 63%. [15:33] Yung sinabi mo, [15:36] 63% [15:37] is used [15:37] by the [15:39] public [15:40] transport [15:40] sector. [15:41] 66.4% [15:43] is transport [15:43] sector. [15:45] Tapos, [15:45] within that, [15:46] kasama na po [15:46] yung lahat ng public... [15:47] What is outside [15:48] of the transport [15:49] sector? [15:51] Outside the [15:52] transport sector, [15:53] the next one [15:54] is services [15:54] at 17.4%. [15:56] Okay. [15:57] And then, [15:58] industry [15:58] at 10.2%. [16:00] What does that mean [16:01] kung 17% [16:02] na services? [16:04] In reality, [16:05] ano yun? [16:05] Bigyan mo na mukha. [16:08] In terms of [16:09] thousands of [16:10] barrels po, [16:11] for instance, [16:12] No, no. [16:12] Sino yung mga yan? [16:14] Ito po yung [16:15] mga restaurants, [16:17] logistics, [16:18] if ever. [16:19] They have their own [16:19] logistics. [16:21] So, yun po yung [16:22] sa services. [16:22] Sa industry, [16:23] ito po yung, [16:24] kuwari, [16:24] yung mga tractors [16:25] ng industry. [16:26] For instance, [16:27] your extractive industry, [16:28] yung malalaking trucks, [16:29] yung for the [16:30] construction as well. [16:33] What are the [16:34] other sectors? [16:36] Then, [16:37] the next one [16:38] is power generation, [16:39] more or less [16:40] for only 4.5%. [16:42] Agriculture [16:43] at 1.5%. [16:44] So, [16:45] did you disaggregate [16:47] from each [16:47] of those sectors? [16:49] Agri, [16:50] industry, [16:51] services? [16:52] Tinignan nyo dyan yung [16:53] which decile [16:56] is the [16:57] biggest consumer? [16:58] Sir, [16:59] for the decile, [17:00] it's only [17:00] for the household. [17:02] Kaya po, [17:02] when we say, [17:03] so, [17:03] major po is [17:04] transport sector, [17:05] which is a [17:06] 66.4%. [17:07] And within that [17:08] transport sector, [17:09] nandun din po yung [17:10] consumption of households. [17:11] And then, [17:12] nandun din po yung [17:13] consumption ng mga [17:14] public utility vehicles [17:16] po natin. [17:17] That's why, [17:18] when we recommended [17:19] the fuel discounts, [17:21] kasi major user nga po [17:22] yung ating [17:22] public utility vehicle, [17:24] yung fuel discount [17:25] po natin [17:26] is for the [17:27] transport sector. [17:28] Now, [17:28] with regards to the [17:29] household naman po, [17:31] which is part of the [17:32] consumption of the [17:33] transport, [17:34] makikita po natin [17:35] based on... [17:36] Ilang percent ang [17:37] household doon? [17:38] Sir, [17:38] yun po yung hindi [17:39] namin ma-identify. [17:40] Yan ang problema. [17:42] Yan ang problema yan eh. [17:44] You say, [17:44] 66% is transport. [17:47] Pero hindi nyo [17:47] na-disaggregate [17:48] alin ang public, [17:49] alin ang private. [17:52] Because we have [17:52] a different data [17:53] there, [17:54] on how you use [17:55] the FICE. [17:56] What did you use [17:56] in terms of... [17:58] Go ahead, [17:58] sige, [17:59] tuloy mo muna. [18:02] Yes, sir. [18:02] So, yun po yung [18:03] sa decile. [18:04] Now, [18:05] with regards to [18:05] gasoline po, [18:07] based on the [18:07] Department of Energy [18:08] data, [18:09] it's technically [18:10] the transport sector [18:11] ang major consumer. [18:12] It's at 99.9% [18:14] in 2024. [18:17] Now, [18:17] in the transport sector, [18:19] again, [18:19] I would like to clarify, [18:21] there is what we call [18:22] the retail outlet [18:23] transport [18:23] and the commercial [18:25] road transport. [18:26] Ang household [18:27] consumption po dito [18:28] is in the retail [18:29] outlet transport. [18:31] Ang share po [18:31] ng retail outlet [18:32] transport is around [18:33] 40.6%. [18:35] Now, [18:36] if you take a look [18:37] at household [18:38] consumption, [18:39] using the Family [18:40] Income [18:40] Expenditure Survey, [18:42] the share [18:42] of the three [18:43] richest decile [18:44] for gasoline [18:45] is almost [18:46] at 50%. [18:47] So, [18:48] again, [18:48] similar story [18:49] with diesel. [18:50] If you remove [18:51] the excise tax [18:52] on gasoline, [18:54] ang makikinabang po [18:56] nito, [18:56] mostly, [18:57] will be on [18:57] the three [18:58] richest decile. [18:59] So, [19:00] yung basis [19:01] ng recommendation. [19:02] Mr. Chairman, [19:03] what is [19:04] decile? [19:04] What are you [19:07] saying? [19:09] The richest, [19:10] can you repeat [19:11] that? [19:12] What is [19:14] you're saying, [19:14] the richest? [19:17] Just decile. [19:19] Decile. [19:21] Decile. [19:21] So, [19:21] so the [19:22] so you [19:25] just explain [19:26] that the [19:27] decile system [19:28] is a way [19:29] by which [19:30] you [19:30] divide the [19:32] population [19:32] by 10. [19:34] The top 10%, [19:35] the top 20, [19:36] the top 30, [19:37] 40, [19:37] 50, [19:38] 60, [19:38] and then up [19:39] to the [19:39] lowest decile [19:40] which is [19:40] the [19:41] first decile. [19:42] Correct? [19:43] Yes po. [19:44] So, [19:44] in the [19:44] family income [19:45] expenditure survey, [19:46] the households [19:47] are [19:48] divided [19:49] into 10 [19:50] deciles. [19:51] So, [19:51] the first [19:51] decile [19:52] is the [19:52] poorest [19:52] of the [19:53] poor, [19:54] yun po yung [19:54] pinaka-poorest, [19:55] and the [19:55] 10th decile, [19:56] yun po yung [19:57] pinaka-mayayaman. [19:58] So, [19:59] ang sinasabi ko po, [20:00] when I say [20:00] 8th to 10th [20:01] decile, [20:02] ito na po yung [20:03] considered as [20:04] one of the [20:05] richest [20:06] in terms of [20:07] family household [20:08] income, [20:09] at ang [20:10] kanila pong [20:10] shares [20:11] to total [20:11] consumption [20:12] for gasoline [20:13] is almost [20:13] at 50%. [20:15] So, [20:16] when you [20:16] remove the [20:17] excise tax [20:18] on gasoline, [20:19] and in the [20:19] case for [20:20] decile, [20:20] na 85% [20:22] po yung [20:22] share [20:22] nung [20:22] 3 richest [20:23] decile [20:24] na yun, [20:24] ang pinaka-mayay [20:25] kinabang po [20:26] nito is [20:27] actually [20:27] those [20:28] 3 richest [20:29] decile. [20:31] So, [20:31] yun po yung [20:31] rational [20:32] ng [20:33] recommendation [20:34] ng [20:35] DBCC, [20:36] and that's [20:37] why [20:37] in the [20:38] recommendation [20:38] of the [20:39] DBCC, [20:40] we added [20:40] that fuel [20:41] discounts [20:42] on 10 [20:43] peso [20:43] per liter [20:43] for the [20:44] transport sector [20:45] or for the [20:45] public [20:46] utility [20:47] vehicle, [20:47] for the [20:48] public [20:48] utility [20:49] transport. [20:50] Yun po yun, [20:51] no? [20:51] And at the [20:52] same time, [20:52] I would like [20:52] to note [20:53] that, [20:54] again, [20:54] ang [20:54] diesel [20:54] po na [20:55] excise [20:55] is only [20:56] 6 pesos [20:56] per liter. [20:58] Ang [20:58] binibigay [20:58] po namin [20:59] discount, [21:00] ang [21:00] napag-deciden [21:00] right now, [21:02] is already [21:03] at 10 [21:03] pesos [21:04] per liter. [21:05] So, [21:05] the [21:05] discount [21:06] right now [21:06] is [21:07] greater [21:07] than [21:08] when we [21:09] suspend [21:10] the [21:10] excise [21:10] tax [21:11] on [21:11] diesel, [21:11] which [21:12] is only [21:12] at [21:12] 6 [21:12] pesos [21:13] per [21:13] liter. [21:13] In effect, [21:18] the [21:18] recommendation [21:20] of the [21:21] BBCC [21:21] is [21:22] targeted [21:23] subsidies po. [21:25] When I [21:26] mentioned [21:26] targeted [21:26] subsidy, [21:27] again, [21:27] for LPG [21:28] and [21:28] kerosene, [21:29] we are [21:29] targeting [21:30] the [21:30] lower [21:31] to [21:31] middle [21:31] income [21:32] classes. [21:33] In terms [21:34] for the [21:35] diesel [21:35] and fuel [21:36] discount, [21:37] we're [21:37] targeting [21:38] the [21:38] most [21:38] vulnerable [21:39] or [21:39] most [21:39] affected [21:40] by [21:40] this [21:40] rising [21:41] fuel [21:41] cost, [21:44] which [21:44] is [21:44] the [21:44] transport [21:45] sector. [21:45] Mr. [21:51] Chair, [21:51] with [21:52] your [21:52] permission, [21:52] Yusek [21:53] Yusek [21:54] Adriano, [21:55] how much [21:57] did you [21:58] predict [22:00] losses [22:00] would be [22:01] on a [22:01] daily [22:01] basis [22:02] in the [22:03] assumption [22:03] that you [22:04] did [22:04] suspend [22:05] excise [22:05] tax [22:06] on [22:06] fuel [22:06] on [22:11] a [22:11] weekly [22:11] basis? [22:12] Mr. [22:13] Chair, [22:13] excise [22:13] tax [22:14] fuel [22:14] on [22:14] diesel [22:16] and [22:16] gasoline. [22:24] Mr. [22:24] Chair, [22:25] just [22:25] take a [22:26] look at [22:26] the [22:26] numbers. [22:34] So, [22:34] we have [22:35] here [22:35] data [22:36] for [22:36] three [22:37] months. [22:38] We can [22:38] just divide [22:39] it into [22:40] number [22:40] of [22:40] days. [22:41] So, [22:41] assuming, [22:42] sir, [22:42] that the [22:42] Dubai [22:43] crude oil [22:43] price [22:44] in [22:44] USD [22:45] per [22:45] barrel [22:45] is [22:45] 100, [22:47] the [22:47] losses [22:48] will [22:48] be [22:48] around [22:49] more [22:50] or [22:50] less [22:51] 38 to [22:51] 39 [22:52] billion [22:52] in [22:52] three [22:53] months. [22:53] This is [22:54] for [22:54] diesel [22:55] and [22:55] gasoline. [22:56] So, [22:56] that's [22:56] a [22:56] three [22:56] month. [22:57] Three [22:57] months. [22:58] So, [22:59] three [23:00] months [23:00] divided [23:00] by [23:01] so on [23:01] a [23:01] monthly [23:01] basis [23:02] that's [23:02] about [23:02] 10 [23:03] billion. [23:05] Divide [23:05] that by [23:06] 13 [23:07] billion. [23:11] So, [23:18] more or [23:18] less. [23:36] The [23:36] collection [23:36] on [23:36] excise [23:37] tax [23:37] on [23:37] gasoline [23:38] is [23:38] 125 [23:39] billion [23:40] a [23:40] year. [23:40] Correct? [23:42] Roughly [23:42] around [23:42] that? [23:42] 125 [23:43] to [23:43] 130? [23:46] Sorry? [23:46] So, [23:48] go ahead [23:49] answer [23:49] the [23:49] question. [23:50] So, [23:50] in a [23:51] daily [23:51] basis [23:51] that [23:52] would [23:52] be [23:52] around [23:53] 430 [23:54] million [23:55] pesos [23:55] a [23:56] day. [23:57] So, [23:58] practically [23:58] you [23:59] sec [23:59] how [24:02] much? [24:03] If [24:03] it's [24:04] only [24:04] suspension [24:05] on [24:05] diesel [24:06] and [24:06] gasoline [24:07] it [24:08] will [24:08] be [24:09] around [24:09] 430 [24:10] million [24:11] a [24:13] day [24:13] or [24:15] around [24:16] 38 [24:17] to [24:17] 39 [24:17] billion [24:18] in [24:18] three [24:19] months. [24:20] Is [24:21] your [24:21] basis [24:21] also [24:22] of [24:22] course [24:23] we [24:23] have [24:23] to [24:23] consider [24:23] that [24:25] demand [24:26] has [24:26] also [24:27] reduced? [24:28] Yes, [24:29] Mr. [24:29] Chair, [24:30] we have [24:30] some [24:30] elasticity [24:31] assumptions [24:31] on [24:32] the [24:33] demand [24:34] on [24:34] fuel [24:34] but [24:34] based [24:35] on [24:36] our [24:36] research [24:37] if [24:37] the [24:38] shock [24:38] is [24:38] relatively [24:39] short [24:39] maybe [24:40] less [24:41] than [24:41] one [24:41] year [24:41] relatively [24:42] inelastic [24:43] demand [24:44] for [24:44] fuel. [24:46] Okay. [24:47] So, [24:47] yes, [24:47] Mr. [24:48] Chair, [24:48] I'll [24:48] reserve [24:48] my [24:49] further [24:49] questions [24:50] later. [24:50] I [24:50] just [24:51] needed [24:51] that [24:51] clarification. [24:52] Thank [24:52] you, [24:52] Mr. [24:53] Chair, [24:53] you [24:55] mean [24:55] to [24:55] say [24:55] based [24:55] on [24:56] that [24:56] 430 [24:57] million, [24:58] the [24:58] excise [24:59] tax [24:59] collection [25:00] will be [25:00] 154 [25:01] billion [25:01] in [25:02] one [25:02] year? [25:04] That's [25:04] not the [25:05] data [25:05] you [25:05] presented [25:06] to us [25:06] before? [25:06] The [25:07] excise [25:08] tax [25:09] more [25:09] or [25:10] less [25:10] around [25:11] 100 [25:12] billion [25:13] excise [25:14] tax [25:14] collection. [25:14] How [25:14] much? [25:16] 100 [25:16] This [25:20] is [25:20] just [25:20] diesel [25:21] and [25:21] gas. [25:22] Sabi [25:22] mo, [25:23] it's [25:23] at [25:24] 430 [25:24] million [25:25] a [25:25] day. [25:26] So, [25:27] times [25:27] 30 [25:28] times [25:28] 12, [25:29] that's [25:29] 154 [25:30] billion. [25:32] The [25:32] data [25:33] you [25:33] presented [25:34] to [25:34] us [25:34] based [25:34] on [25:35] collection [25:35] from [25:35] last [25:36] year [25:36] was [25:36] not [25:37] more [25:37] than [25:37] 140 [25:38] billion [25:39] for [25:39] the [25:39] entire [25:39] year. [25:40] And [25:40] that's [25:40] for [25:40] all [25:41] excise [25:41] taxes. [25:43] These [25:43] are [25:43] specific [25:43] taxes, [25:44] so [25:44] they're [25:44] not [25:44] affected [25:45] by [25:45] the [25:45] price. [25:50] I'm [25:50] sorry [25:50] I [25:50] asked [25:51] this [25:51] because [25:51] each [25:51] time [25:52] we [25:52] ask, [25:53] when [25:53] we [25:53] ask [25:53] you [25:53] for [25:54] what [25:54] is [25:54] the [25:55] revenue, [25:56] how [25:57] much [25:57] are [25:57] you [25:57] going [25:57] to [25:57] collect, [25:58] when [25:59] we [25:59] want [25:59] to [25:59] project [25:59] collection, [26:00] you [26:00] tell [26:00] us [26:00] a [26:00] lower [26:01] number. [26:01] When [26:02] we [26:02] ask [26:02] you [26:02] for [26:02] the [26:02] loss, [26:03] it [26:03] becomes [26:03] bigger. [26:03] Mr. [26:06] Chair, [26:06] for [26:06] the [26:07] 2025 [26:07] total [26:08] collection [26:09] for [26:09] excise, [26:10] it's [26:10] $173 [26:11] billion, [26:12] of which [26:12] gasoline [26:13] is at [26:14] $83 [26:14] billion, [26:16] diesel [26:16] is at [26:17] $71 [26:17] billion. [26:18] This [26:18] is in [26:18] 2025. [26:22] So [26:22] if [26:22] you [26:23] add [26:24] 82 [26:24] plus [26:25] 70, [26:25] that's [26:26] around [26:26] $152 [26:27] to [26:29] $153 [26:30] billion. [26:31] This [26:31] is only [26:31] for [26:32] gasoline [26:32] and [26:32] diesel. [26:32] Just [26:33] to [26:33] follow, [26:34] I'm [26:34] not [26:34] even [26:34] going [26:34] to [26:35] present [26:35] yet [26:35] because [26:36] we've [26:37] been [26:37] conducting [26:37] our [26:38] own [26:38] FICE [26:38] analysis [26:39] and [26:40] we [26:40] want [26:40] to [26:40] compare [26:40] notes [26:41] because [26:42] I [26:42] have [26:42] a [26:42] feeling [26:42] the [26:42] president [26:43] is [26:43] not [26:43] being [26:44] given [26:44] the [26:45] correct [26:46] information. [26:48] You [26:48] know [26:48] where I'm [26:48] coming [26:48] from, [26:49] Yusek [26:49] Adriano? [26:50] Because [26:50] when we [26:51] heard the [26:51] excise [26:51] tax [26:52] suspension [26:53] and we [26:55] heard [26:55] from [26:55] all [26:56] of [26:56] you [26:56] when [26:57] we [26:57] heard [26:57] it [26:57] and [26:57] we [26:58] had [26:58] like [26:58] three [26:58] or [26:58] four [26:59] hearings, [27:00] it [27:00] was [27:00] very [27:01] clear [27:01] upon [27:01] the [27:01] recommendation [27:02] of [27:02] the [27:02] DOF [27:03] that [27:03] we [27:04] could [27:04] afford [27:05] a [27:06] suspension [27:07] on [27:07] both [27:07] on [27:08] all [27:08] the [27:08] petroleum [27:08] products. [27:10] We [27:10] never [27:10] heard [27:11] from [27:11] any [27:11] of [27:12] you [27:12] at [27:12] that [27:12] point [27:12] in [27:12] time [27:13] saying [27:13] that [27:13] we [27:14] can [27:14] only [27:14] afford [27:15] to [27:15] suspend [27:15] kerosene [27:16] and [27:16] LPG. [27:17] That's [27:17] not even [27:18] 20% [27:18] of [27:19] total [27:19] excise [27:20] tax [27:20] collection. [27:22] So [27:23] when you [27:23] think [27:23] about it [27:24] in terms [27:24] of [27:24] impact [27:25] when [27:26] we [27:26] heard [27:26] that [27:27] you [27:29] never [27:30] told [27:31] us [27:31] that [27:34] 50% [27:34] of [27:35] the [27:35] retail [27:35] consumers [27:36] are [27:36] in [27:37] the [27:37] top [27:37] three [27:37] decile. [27:38] We [27:38] never [27:38] heard [27:39] that [27:39] info. [27:39] So [27:41] these [27:41] are [27:41] all [27:41] new [27:41] information [27:42] that [27:42] we [27:42] are [27:42] receiving [27:43] today [27:43] particularly [27:44] when [27:44] the [27:45] crisis [27:45] is [27:45] hitting [27:46] everybody. [27:48] So [27:48] pardon [27:48] us [27:49] if [27:49] sometimes [27:50] you [27:50] feel [27:50] like [27:51] in [27:51] one [27:53] breath [27:53] you [27:54] tell us [27:54] it's [27:54] okay [27:54] but [27:55] you [27:55] tell us [28:00] you [28:00] cannot [28:00] implement [28:01] it [28:01] immediately. [28:02] You're [28:02] waiting [28:02] for [28:03] the [28:03] IRR [28:03] etc. [28:05] But [28:05] the [28:05] LPG [28:05] industry [28:06] has [28:06] said [28:06] they [28:07] can [28:07] implement [28:09] it [28:09] the [28:09] following [28:09] day. [28:11] So [28:11] there's [28:11] a [28:12] disconnect. [28:12] There's [28:13] a [28:13] disconnect. [28:14] The [28:14] president [28:14] wants [28:15] the [28:15] people [28:16] to [28:17] experience [28:17] some [28:18] relief [28:18] immediately. [28:21] So [28:21] that [28:21] it favours [28:26] the rich. [28:26] we [28:27] never [28:27] heard [28:27] that [28:28] before. [28:29] Mr. [28:29] Chairman. [28:30] Mr. [28:30] Chairman. [28:32] I'd [28:33] just [28:33] like [28:33] to [28:33] confirm [28:34] your [28:34] statement [28:35] because [28:36] we [28:37] have [28:37] attended [28:38] a third [28:39] meeting. [28:40] In the [28:40] previous [28:41] meetings [28:41] I [28:42] asked [28:42] specifically [28:43] each [28:43] department [28:44] DOE [28:45] DBCC [28:47] they said [28:48] that [28:48] a month [28:50] ago [28:50] before [28:50] even [28:51] the [28:51] excess [28:54] tax [28:54] law [28:54] became [28:56] effective [28:57] they [28:57] recommended [28:58] already [28:59] Mr. [28:59] Chairman [28:59] the [29:00] suspension [29:01] of all [29:02] petroleum [29:03] products. [29:04] So [29:04] that's [29:05] why [29:05] we're [29:05] surprised [29:05] now [29:06] only the [29:08] rich [29:08] will be [29:08] able [29:09] to be [29:09] benefited. [29:10] Of [29:10] course [29:11] not [29:11] Mr. [29:12] Chairman. [29:13] Clearly [29:13] the [29:14] rich [29:14] in [29:14] this [29:14] country [29:15] is [29:16] only [29:16] 1.1 [29:18] 0.5 [29:19] percent [29:19] that [29:19] even [29:20] 2 [29:20] percent. [29:20] These [29:20] are [29:21] the [29:21] people [29:21] receiving [29:22] a [29:23] monthly [29:23] income [29:24] 180,000 [29:25] to [29:26] 240,000 [29:27] a month [29:28] and above. [29:29] Middle [29:30] class [29:30] of [29:30] this [29:30] country [29:30] is [29:31] 45 [29:31] percent [29:32] which [29:32] is [29:33] who [29:33] are [29:33] receiving [29:33] 21,000 [29:35] 221,000 [29:36] a month [29:37] and above [29:37] and [29:38] 55 [29:38] percent [29:39] are [29:39] poor [29:39] below [29:40] 21 [29:41] percent. [29:42] So [29:42] I'm [29:43] now [29:43] surprised [29:44] Mr. [29:44] Chairman [29:44] to [29:45] be able [29:45] to [29:45] support [29:46] your [29:46] comment [29:47] that [29:48] certainly [29:49] bago na [29:49] ito [29:50] na [29:50] hindi [29:50] na [29:51] implement [29:51] yung [29:52] suspension [29:53] of all [29:54] petroleum [29:54] products [29:55] especially [29:55] diesel [29:56] and [29:56] gasoline [29:57] because [29:57] only [29:58] the [29:58] rich [29:58] will [29:59] be [29:59] benefited [30:00] of [30:00] course [30:00] not. [30:01] You [30:01] don't [30:01] have [30:02] to [30:02] be [30:02] an [30:02] economist [30:02] to [30:03] be [30:04] able [30:04] to [30:04] see [30:04] everybody [30:05] is [30:05] affected. [30:07] So [30:07] that [30:07] is [30:08] my [30:08] point [30:08] Mr. [30:08] Chairman [30:08] just [30:09] to [30:09] support [30:09] your [30:10] statement [30:10] I [30:10] here [30:11] for [30:11] the [30:11] third [30:11] hearing [30:12] already. [30:12] Thank [30:12] you. [30:14] Mr. [30:15] Chair. [30:15] Ako sa akin [30:17] gusto ko [30:18] lang susugan [30:18] lang din [30:19] yung sinabi [30:19] ni [30:20] Juan [30:20] Rufus. [30:21] Bilang [30:21] Chair [30:22] ng [30:22] Committee [30:22] on [30:22] Labor [30:22] alam [30:23] natin [30:24] dito [30:24] na [30:26] napakalaki [30:26] ang [30:27] nagiging [30:29] contribution [30:32] ng [30:32] middle [30:32] class [30:33] para [30:34] dito [30:34] sa [30:34] ating [30:34] bansa. [30:35] Ngunit [30:36] damang [30:37] damana [30:37] nila. [30:38] Hindi [30:38] lang [30:39] ang [30:39] transport [30:39] sector [30:40] ang [30:40] nakakadama [30:41] ng [30:41] crisis [30:42] na [30:42] ito [30:42] kundi [30:43] lahat [30:44] at karamihan [30:45] dito [30:45] yung [30:46] mga [30:46] middle [30:47] class [30:47] natin [30:48] na [30:48] lagi [30:49] na lang [30:49] nilang [30:50] iniisip [30:50] lagi [30:51] na lang [30:51] yung [30:51] vulnerable [30:52] ang [30:52] nakakakuha [30:53] ng [30:53] kahit [30:54] papanong [30:54] tulong [30:55] galing [30:55] sa [30:55] pamalaan [30:56] pero [30:56] papano [30:56] naman [30:57] yung [30:57] mga [30:57] middle [30:57] class [30:58] na [30:58] kami [30:58] mismo [30:59] sa amin [30:59] nang gagaling [31:00] yung [31:00] majority [31:01] ng [31:01] buwis [31:02] natin [31:02] papano [31:03] naman [31:03] kami. [31:03] Mr. [31:09] Chair [31:09] Yes [31:09] Kongjolo [31:12] would you [31:12] want [31:12] a [31:12] response [31:13] Yes [31:13] Yes [31:14] First [31:14] then [31:14] of course [31:15] we'll [31:15] recognize [31:16] the [31:16] Honorable [31:16] Deputy [31:16] Speaker [31:17] Albi [31:18] Binites [31:18] Yusek [31:19] Adriano [31:20] Mr. [31:22] Chair [31:22] we [31:23] recognize [31:23] and [31:24] we [31:25] know [31:25] that [31:26] we [31:27] recognize [31:27] that [31:28] hindi [31:28] lang [31:28] naman [31:28] ang [31:29] may [31:29] hirap [31:29] ang [31:29] naapektuhan [31:30] nito [31:30] at [31:30] ang [31:31] isa [31:31] sa [31:31] mga [31:31] pinaka [31:32] naapektuhan [31:32] nito [31:33] is [31:33] the [31:33] middle [31:33] income [31:34] classes [31:34] that [31:35] pay [31:35] all [31:35] the [31:36] taxes [31:36] as [31:36] well [31:37] ngayon [31:38] po [31:38] kaya [31:38] po [31:38] dun [31:38] sa [31:38] uplift [31:39] pinag-uusapan [31:40] nga [31:40] po [31:41] din [31:41] kung [31:42] ano [31:42] po [31:42] yung [31:42] intervention [31:43] na [31:43] pwede [31:44] po [31:44] maibigay [31:44] sa [31:45] middle [31:45] income [31:46] classes [31:46] but [31:47] I [31:47] would [31:47] like [31:48] to [31:48] note [31:48] po [31:49] na [31:49] if [31:49] ever [31:50] there [31:50] will [31:50] be [31:50] interventions [31:51] or [31:52] more [31:52] subsidy [31:53] to be [31:53] provided [31:54] not [31:54] just [31:55] to [31:55] the [31:55] vulnerable [31:55] sector [31:56] but [31:56] to [31:56] also [31:56] include [31:57] the [31:57] middle [31:57] income [31:58] classes [31:58] we [31:59] need [32:00] the [32:00] revenues [32:01] as [32:01] well [32:01] kasi [32:02] without [32:03] the [32:03] revenues [32:04] wala [32:08] basis [32:10] po [32:11] ng [32:11] isa [32:11] sa [32:11] mga [32:12] desisyon [32:12] ng [32:13] DBCC [32:14] kasi [32:15] kung [32:16] mawawala [32:17] po [32:17] yung [32:17] taxes [32:18] natin [32:18] mawawalan [32:19] din po [32:19] tayo [32:20] ng [32:20] ayuda [32:20] na [32:20] pwede [32:21] po [32:21] magbigay [32:21] sa [32:22] ating [32:22] mga [32:22] kababayan [32:23] particularly [32:23] sa [32:24] middle [32:24] income [32:24] classes [32:25] now [32:26] with [32:26] regards [32:26] po [32:26] dun [32:27] sa [32:27] I [32:29] understood [32:30] Mr. [32:30] Chair [32:30] your [32:31] concern [32:31] na [32:32] during [32:33] the [32:33] deliberation [32:34] we [32:34] mentioned [32:34] that [32:35] all [32:36] of [32:36] this [32:36] data [32:37] regarding [32:37] the [32:38] suspension [32:38] of [32:39] all [32:39] actually [32:40] all [32:40] fuel [32:40] excise [32:41] taxes [32:41] ang [32:42] ano [32:43] po [32:43] kasi [32:44] is [32:44] that [32:44] the [32:46] times [32:46] is [32:46] very [32:47] different [32:47] right [32:47] now [32:48] during [32:48] the [32:48] deliberation [32:49] po [32:49] kasi [32:49] the [32:50] USD [32:51] price [32:52] per [32:52] barrel [32:53] was [32:53] only [32:53] hovering [32:54] around [32:54] 80 [32:55] to [32:55] 90 [32:55] USD [32:56] na [32:57] naging [32:57] 120 [32:58] and [32:58] 100 [32:58] kapag [32:59] di-dispend [33:00] po [33:00] nga [33:00] natin [33:01] yung [33:01] diesel [33:02] it's [33:02] only [33:03] 6 [33:03] pesos [33:03] per [33:04] liter [33:04] na [33:05] hindi [33:05] na [33:05] po [33:05] halos [33:06] mararamdaman [33:07] particularly [33:07] by [33:08] the [33:08] transport [33:08] sector [33:09] kasi [33:09] yung [33:10] from [33:10] 60 [33:11] naging [33:12] 150 [33:13] ngayon [33:13] 130 [33:14] so [33:15] kaya [33:15] po [33:16] ang [33:16] pinag-decision [33:17] po [33:18] ng [33:18] DBCC [33:18] principles [33:19] is [33:19] instead [33:20] of [33:20] suspending [33:21] the [33:22] excise [33:22] we [33:23] provide [33:24] the [33:24] fuel [33:24] discount [33:25] na [33:25] 10 [33:25] pesos [33:26] na [33:26] pwede [33:27] pong [33:27] if [33:27] ever [33:28] kailangan [33:28] po [33:28] talagang [33:29] dagdagan [33:29] pwede [33:30] pong [33:30] dagdagan [33:31] para [33:32] po [33:32] mas [33:32] maramdaman [33:33] po [33:33] ng [33:34] ating [33:34] mga [33:34] kababayan [33:35] particularly [33:35] our [33:36] transport [33:36] sector [33:37] yung [33:37] pagbaba [33:38] po [33:38] ng [33:38] presyo [33:39] particularly [33:39] po [33:40] sa [33:40] diesel [33:40] kung [33:43] Albi [33:43] I [33:44] will [33:44] call [33:45] recognizers [33:45] the [33:45] last [33:46] one [33:46] because [33:46] we [33:47] also [33:47] have [33:47] a [33:48] list [33:48] of [33:49] go [33:50] ahead [33:50] Mr. [33:52] Chair [33:52] I'm [33:53] just [33:53] concerned [33:54] kasi [33:54] ang [33:54] sinasabi [33:55] nila [33:55] that [33:56] majority [33:57] of [33:57] the [33:58] usage [33:59] of [33:59] diesel [34:01] and [34:01] gas [34:03] transport [34:04] sector [34:05] pero [34:06] hindi nila [34:06] ma-identify [34:07] kung [34:07] alindo [34:08] ng [34:08] public [34:08] at [34:08] alindo [34:09] ng [34:09] private [34:09] but [34:10] then [34:10] all [34:10] of [34:11] a [34:11] sudden [34:11] they [34:11] will [34:12] extrapolate [34:13] this [34:13] information [34:13] at [34:14] sasabihin [34:14] nila [34:14] lahat [34:15] ng [34:15] mga [34:15] gumagamit [34:16] nito [34:16] ay [34:16] mayayaman [34:17] so [34:18] parang [34:18] may [34:18] mali [34:20] dun [34:20] sa [34:20] interpretation [34:23] nila [34:23] and [34:24] because [34:24] of [34:24] that [34:25] they [34:25] are [34:25] now [34:25] recommending [34:26] na [34:26] huwag [34:26] na [34:26] munang [34:27] ibaba [34:27] ang [34:28] excise [34:29] tax [34:29] huwag [34:29] i-suspend [34:30] ang [34:30] excise [34:31] tax [34:31] dahil [34:31] mayayaman [34:32] lang [34:32] ang [34:33] nakikinabang [34:33] I [34:34] think [34:34] doon tayo [34:35] nagkakaroon [34:35] ng [34:40] because [34:40] when [34:40] you [34:40] give [34:40] recommendation [34:41] to [34:41] this [34:42] administration [34:42] to [34:42] the [34:43] national [34:43] government [34:43] at [34:44] mali [34:44] ang [34:44] information [34:45] nyo [34:45] sigurado [34:46] mali [34:46] rin [34:47] ang [34:47] magiging [34:47] decision [34:47] is what [34:48] we are [34:49] experiencing [34:50] now [34:50] thank [34:54] you [34:54] like [34:56] I [34:57] said [34:57] it [34:57] really [34:57] requires [34:58] further [34:58] review [34:59] on the [34:59] part [34:59] of [34:59] the [34:59] Department [35:00] of [35:08] Finance [35:09] relative [35:10] to [35:10] diesel [35:11] as [35:11] well [35:11] as [35:12] gasoline [35:13] kasi [35:15] you [35:16] know [35:16] like [35:17] I [35:17] said [35:17] that [35:17] was [35:17] not [35:18] the [35:18] representation [35:18] made [35:19] to [35:19] us [35:19] at [35:20] that [35:20] point [35:20] in [35:20] time [35:21] so [35:22] Yusek [35:23] ang [35:24] tanong [35:25] ang [35:25] tanong [35:25] ko [35:25] is [35:26] with [35:26] the [35:27] increase [35:27] in [35:27] oil [35:27] prices [35:28] what [35:29] is [35:29] the [35:29] windfall [35:30] of [35:31] on [35:31] value [35:31] added [35:32] tax [35:32] so [35:33] when [35:33] I [35:33] see [35:33] windfall [35:34] very [35:34] simple [35:35] formula [35:35] what [35:36] is [35:37] the [35:37] total [35:37] collection [35:38] at [35:39] today's [35:39] prices [35:39] less [35:41] if [35:42] the [35:42] collection [35:42] were [35:42] based [35:43] on [35:43] the [35:43] pre-war [35:44] price [35:44] for [36:08] the [36:08] last [36:08] 45 [36:09] days [36:09] Mr. [36:14] Chair [36:14] we [36:15] do [36:15] not [36:15] have [36:15] yung [36:16] actual [36:17] collection [36:17] um [36:18] yung [36:19] um [36:20] cor [36:20] is [36:21] as of [36:21] February [36:21] pa [36:22] lang [36:22] nagtatali [36:23] pa [36:23] po [36:23] yung [36:23] bir [36:24] ptr [36:25] and [36:25] boc [36:25] on [36:26] the [36:26] collection [36:26] for [36:26] the [36:28] projection [36:28] for [36:29] Mr. [36:29] Chair [36:29] assuming [36:31] 100 [36:32] USD [36:33] per [36:33] barrel [36:33] on [36:34] average [36:34] price [36:35] for [36:35] three [36:36] months [36:36] it [36:36] it [36:36] will [36:36] be [36:37] around [36:37] 13.9 [36:38] billion [36:38] additional [36:39] VAT [36:40] collection [36:40] for [36:41] eight [36:42] months [36:42] it's [36:43] at [36:43] 36.3 [36:44] billion [36:45] pesos [36:46] for [36:46] for [36:48] three [36:49] months [36:49] ilan [36:50] 30 [36:51] 13.9 [36:53] billion [36:54] 30 [36:54] 13 [36:55] 13.9 [36:57] so we [36:58] will have [36:59] to [36:59] we will [37:00] have to [37:00] take a [37:00] look at [37:01] that [37:01] because [37:01] our [37:01] data [37:02] shows [37:02] that [37:02] you [37:02] have [37:03] a [37:03] windfall [37:03] of [37:03] 20.968 [37:05] billion [37:05] that's [37:06] based [37:06] on [37:07] DOE [37:07] that's [37:08] based [37:08] on [37:08] PNOC [37:09] in terms [37:10] of [37:10] daily [37:10] consumption [37:11] that's [37:12] based [37:12] on [37:12] the [37:13] DOE [37:13] data [37:13] on [37:14] price [37:14] increase [37:14] looking [37:15] just [37:16] at [37:16] a [37:16] midpoint [37:17] of [37:17] 88.5 [37:18] for [37:18] diesel [37:18] increase [37:20] and [37:21] 38.5 [37:22] for [37:22] gasoline [37:23] you're [37:24] looking [37:24] at [37:24] 20.968 [37:26] billion [37:26] again [37:27] the [37:29] data [37:29] we did [37:30] not [37:30] invent [37:31] this [37:31] in fact [37:31] we just [37:32] look [37:32] for [37:32] a [37:32] median [37:32] para [37:33] hindi [37:33] masyadong [37:34] mataas [37:34] Mr. [37:36] Chair [37:36] I think [37:36] that [37:37] data [37:37] is [37:38] using [37:38] an [37:39] assumption [37:39] of [37:40] a [37:40] Dubai [37:40] crude [37:41] oil [37:41] price [37:41] of [37:42] 125 [37:42] USD [37:43] per [37:43] barrel [37:44] if [37:45] the [37:45] average [37:45] USD [37:46] per [37:46] barrel [37:46] is [37:47] 125 [37:47] the [37:48] additional [37:49] VAT [37:49] collection [37:50] will be [37:50] 23 [37:51] billion [37:51] in [37:52] 3 [37:52] months [37:52] 23 [37:54] billion [37:54] and [37:55] if [37:55] in [37:56] 8 [37:56] months [37:56] it's [37:57] at [37:57] 60 [37:58] billion [37:58] pesos [37:59] huwag [38:00] nyo [38:00] na [38:00] average [38:01] hanapan [38:02] nyo [38:02] naman [38:02] yung [38:02] movement [38:03] you [38:03] just [38:03] calculate [38:04] based [38:04] on [38:04] the [38:04] movement [38:05] etc [38:05] using [38:06] the [38:07] DOE [38:07] data [38:07] kung [38:08] magkano [38:08] ang [38:08] pump [38:08] price [38:09] dyan [38:09] hindi [38:10] mo [38:11] siya [38:11] nagbabago [38:11] weekly [38:12] so [38:12] kaya [38:13] siya [38:13] madetermine [38:13] can you [38:14] give us [38:15] that [38:15] calculation [38:15] later [38:16] on [38:16] not [38:16] now [38:17] am I [38:17] clear [38:18] the [38:19] price [38:19] is [38:19] fixed [38:20] for [38:20] a [38:20] week [38:20] based [38:21] on [38:21] the [38:21] DOE [38:21] regulation [38:22] anyway [38:23] so [38:24] pakicompute [38:24] na [38:24] lang [38:25] dyan [38:25] in [38:31] Mr. [38:32] Chair [38:32] may [38:33] I [38:33] on [38:34] the [38:35] transport [38:35] sector [38:36] data [38:36] i-clarify [38:38] ko [38:38] lang [38:39] po [38:39] we [38:39] note [38:40] nga [38:40] po [38:40] na [38:41] out [38:41] of [38:41] the [38:42] transport [38:42] sector [38:43] may [38:43] part [38:43] po [38:43] doon [38:44] na [38:44] malaki [38:44] will [38:44] be [38:44] the [38:45] public [38:45] transport [38:46] may [38:46] part [38:46] din [38:47] po [38:47] doon [38:47] for [38:47] household [38:48] that's [38:48] why [38:49] nga [38:49] po [38:49] for [38:49] diesel [38:50] our [38:50] recommendation [38:51] po [38:51] ng [38:51] DBCC [38:52] it's [38:52] not [38:52] just [38:53] we [38:54] did [38:54] not [38:54] recommend [38:55] suspend [38:56] with [38:57] that [38:57] parang [38:57] hindi [38:57] lang [38:58] po [38:58] namin [38:58] it's [39:03] is [39:04] the [39:04] fuel [39:04] discounts [39:05] kasi [39:06] there's [39:06] a [39:06] recognition [39:07] na [39:08] malaki [39:08] po [39:09] particularly [39:09] for [39:09] diesel [39:10] malaki [39:10] po [39:10] ang [39:11] share [39:12] po [39:12] doon [39:12] ng [39:12] public [39:13] transport [39:14] kayo [39:14] yung [39:15] recommendation [39:15] ng [39:16] DBCC [39:17] particularly [39:17] with [39:18] diesel [39:18] Okay [39:21] in the [39:22] meantime [39:23] like [39:24] I said [39:25] unfortunately [39:26] I can [39:27] only speak [39:28] for myself [39:28] Yusek [39:29] Adriano [39:30] but [39:30] the [39:31] explanation [39:32] deserves [39:32] more [39:33] needs [39:36] to be [39:36] more [39:36] in-depth [39:37] it's [39:37] not [39:38] as [39:38] convincing [39:39] as [39:39] it is [39:39] because [39:40] like [39:40] I [39:40] said [39:40] we're [39:41] simply [39:41] proceeding [39:42] from [39:43] representations [39:43] you made [39:44] to us [39:44] when the [39:45] bill was [39:46] presented [39:46] to us [39:47] at that [39:47] point [39:47] in time [39:48] so [39:49] yeah [39:50] we'll [39:51] deal [39:51] with that [39:51] a little [39:52] bit [39:52] later [39:52] at this [39:53] point [39:53] we'll [39:54] call [39:54] on [39:54] yes [39:56] Congressman [39:57] Franz [39:59] Pomarin [39:59] our chairman [40:00] of the [40:00] Transpo [40:00] Committee [40:01] Thank you [40:02] very much [40:02] Yusek [40:04] one of the [40:05] reasons [40:05] that's why [40:06] you considered [40:07] not [40:08] to include [40:09] the excise [40:10] tax [40:10] doon [40:10] sa [40:11] gasolina [40:12] and [40:12] diesel [40:13] is it [40:13] because [40:14] may [40:14] reduction [40:16] sa price [40:16] and there's [40:17] fuel subsidy [40:18] na ibibigay [40:18] naman sa [40:18] transport [40:19] sector [40:19] yes [40:22] Mr. [40:23] Chair [40:23] one [40:23] consideration [40:24] is [40:24] we have [40:25] to take [40:25] a look [40:25] at the [40:26] whole [40:26] package [40:26] po [40:26] kasi [40:27] what [40:27] is [40:27] already [40:28] being [40:28] provided [40:29] to the [40:29] transport [40:29] sector [40:30] aside [40:31] from [40:31] the [40:32] fuel [40:32] if [40:33] ever [40:33] the [40:33] fuel [40:33] excise [40:34] tax [40:34] suspension [40:34] or [40:35] reduction [40:35] so [40:36] when [40:36] the [40:36] DBCC [40:37] met [40:37] we have [40:38] this [40:39] holistic [40:39] view [40:40] of all [40:41] the [40:41] intervention [40:41] being done [40:42] by the [40:43] government [40:43] and [40:44] in that [40:46] context [40:47] po sir [40:47] dun po [40:48] napag [40:48] decide [40:48] na [40:49] meron na [40:50] pong [40:50] the net [40:52] service [40:52] contracting [40:53] agreement [40:53] from [40:54] the [40:54] OTR [40:55] there's [40:56] also [40:56] the [40:57] AX [40:57] from [40:58] the [40:58] SWD [40:58] and [40:59] then [40:59] there's [41:00] also [41:00] now [41:00] the [41:01] fuel [41:01] discounts [41:01] for [41:02] the [41:02] transport [41:03] sector [41:04] so [41:04] kaya [41:04] po [41:04] sa [41:04] DCL [41:05] hindi [41:05] mo [41:05] namin [41:06] tinatch [41:07] kasi [41:07] yung [41:07] again [41:08] the [41:08] percentage [41:09] shared [41:09] po [41:10] dun [41:10] ng [41:10] transport [41:10] sector [41:11] which [41:11] is [41:11] the [41:11] public [41:12] transport [41:12] meron [41:13] na [41:13] po [41:13] tayong [41:13] binibigay [41:14] na [41:14] other [41:14] interventions [41:15] aside [41:15] pa [41:16] po [41:16] dun [41:16] sa [41:16] fuel [41:16] discounts [41:17] na [41:17] binigay [41:17] natin [41:18] kahapon [41:18] Yes [41:19] you say [41:20] another [41:20] thing [41:20] in your [41:22] team [41:22] sa DOF [41:24] before [41:25] you attend [41:25] the [41:25] hearing [41:26] do [41:27] you meet [41:27] and [41:27] update [41:28] yung [41:28] mga [41:29] papupuntahin [41:30] dito [41:30] on [41:31] what's [41:31] gonna [41:32] happen [41:32] the [41:32] projection [41:33] and [41:33] everything [41:34] nag-update [41:40] ba [41:40] kayo [41:40] halimbawa [41:41] I will [41:42] be sending [41:43] you sec [41:43] ganito [41:44] to attend [41:44] the [41:45] today's [41:45] hearing [41:45] the [41:46] topic [41:46] will [41:46] be [41:47] like [41:47] this [41:47] ito [41:48] ang [41:48] projection [41:48] natin [41:48] na [41:49] may [41:49] meron [41:49] pa [41:49] kayong [41:50] ganon [41:50] Mr. [41:52] Chair [41:52] may [41:52] yung [41:53] office [41:53] ko [41:53] po [41:54] yung [41:54] nag [41:54] pro [41:55] project [41:55] to [41:56] okay [41:56] ganito [41:57] no [41:57] because [41:58] I can [41:58] vividly [41:59] remember [41:59] last [42:00] Monday [42:00] si [42:01] Congressman [42:02] Rufus [42:02] raised [42:03] this [42:03] question [42:04] about [42:04] the [42:04] excise [42:07] all of [42:10] the [42:11] cons [42:11] here [42:11] but [42:14] the [42:14] DOF [42:16] anong [42:16] sagot [42:17] nila [42:17] we're [42:19] just [42:19] waiting [42:19] for [42:20] the [42:20] time [42:20] kasi [42:21] kapapasa [42:21] lang [42:22] yung [42:22] batas [42:23] may [42:23] 15 [42:24] days [42:24] may [42:24] publication [42:25] so [42:26] we're [42:26] expecting [42:26] it [42:27] na [42:27] ma [42:28] implement [42:28] yun [42:29] so [42:30] ang [42:30] point [42:30] ko [42:30] dito [42:31] yung [42:32] pinapuntan [42:33] yung [42:33] DOF [42:34] yan [42:34] nakikita [42:36] ko [42:36] yung [42:36] same [42:36] phases [42:37] last [42:38] Monday [42:38] nandito [42:39] yung [42:39] pinapuntan [42:40] yung [42:40] DOF [42:41] ng [42:41] mga [42:41] representatives [42:42] were [42:42] very [42:43] positive [42:44] na [42:45] tatanggal [42:46] yung [42:46] excise [42:46] tax [42:46] then [42:47] all of [42:47] a sudden [42:47] maya-maya [42:49] nagkaroon [42:49] kayo [42:49] ng [42:49] press [42:50] conference [42:51] na [42:51] so [42:52] what's [42:53] happening [42:53] in your [42:53] department [42:54] Mr. [42:55] Chair [42:56] I think [42:56] the [42:56] context [42:57] was [42:57] we do [42:58] not [42:58] want [42:58] to [42:58] preempt [42:59] the [42:59] announcement [43:00] of [43:00] the [43:00] president [43:01] but [43:01] it [43:01] was [43:02] announced [43:02] no [43:02] afternoon [43:03] Monday [43:05] afternoon [43:05] Yes [43:06] we [43:06] understand [43:07] that [43:07] we're [43:07] just [43:07] waiting [43:07] for [43:08] the [43:08] president [43:08] to [43:08] make [43:08] the [43:09] announcement [43:09] but [43:09] they [43:10] were [43:10] all [43:10] gang [43:11] ho [43:11] that [43:11] it [43:11] will [43:14] be [43:14] approved [43:15] okay [43:17] yan yung [43:18] sinasabi [43:19] lahat [43:19] sila [43:19] ang paniwala [43:20] mag-approve [43:21] because [43:22] kailangan [43:22] and [43:22] everything [43:23] okay [43:24] so [43:25] anyway [43:25] can I [43:28] just [43:28] make a [43:29] request [43:29] let me [43:31] stop [43:31] using [43:32] yung [43:32] word [43:32] na [43:32] yung [43:32] mga [43:33] riches [43:33] mayayaman [43:34] will [43:35] just [43:35] benefit [43:36] from [43:36] that [43:36] my [43:37] district [43:37] is [43:38] composed [43:38] mostly [43:38] of [43:39] middle [43:39] income [43:39] okay [43:40] all the [43:40] villages [43:41] land [43:41] sa [43:41] district [43:42] ko [43:42] yung [43:43] iba [43:43] dun [43:43] kagaya [43:44] ng [43:44] mga [43:44] middle [43:44] income [43:45] o even [43:45] sa [43:45] villages [43:46] kagaya [43:47] nga [43:47] sinabi [43:47] ni [43:47] congressman [43:48] jolo [43:49] yan [43:49] ang mga [43:49] nang [43:49] babae [43:50] than [43:50] tax [43:50] so [43:51] para [43:51] tayo [43:51] nag [43:52] sinesegregate [43:52] natin [43:53] sila [43:53] eh [43:53] yung [43:54] mga [43:54] middle [43:55] income [43:55] sakin [43:55] they [43:57] use [43:58] yung [43:58] gasoline [43:59] diesel [43:59] they [44:00] pay [44:00] for [44:00] their [44:01] monthly [44:02] due [44:02] sa [44:02] pagbili [44:04] na [44:04] ng [44:04] kotse [44:04] so [44:05] maybe [44:05] can [44:06] you [44:06] start [44:06] choosing [44:06] another [44:07] term [44:07] for [44:07] that [44:08] parang [44:09] pinag-aaway [44:10] mo [44:10] yung [44:10] mayaman [44:10] tsaka [44:11] yung [44:11] mga [44:12] yung [44:13] sa [44:13] lower [44:13] sector [44:14] ng [44:14] society [44:15] Mr. [44:18] Chair [44:19] in addition [44:19] to that [44:20] let us [44:20] let us [44:23] not [44:23] sugarcoat [44:24] let's [44:25] just [44:25] say [44:26] kung [44:26] ano yung [44:26] talagang [44:27] nangyayari [44:27] anong [44:27] tunay [44:28] na [44:28] estado [44:28] dahil [44:29] siyempre [44:30] nung [44:32] hiningi [44:32] nyo [44:32] yung [44:34] batas [44:35] binigay [44:36] naman [44:36] ng [44:36] house [44:36] binigay [44:37] ng [44:37] senado [44:37] dahil [44:39] nakala [44:40] namin [44:40] gagawin [44:42] ninyo [44:47] you just [44:49] want [44:50] kung [44:50] ano yung [44:50] nangyayari [44:51] yung [44:51] realidad [44:51] lang [44:52] lastly [44:54] yes [44:55] last point [44:58] Mr. [44:58] Chair [44:58] have you [45:02] considered [45:03] the timing [45:04] kung [45:05] kailan [45:05] makarating [45:06] yung [45:06] mga [45:06] pinag-uusapan [45:07] nating [45:07] assistance [45:08] sinabi [45:09] nyo [45:09] meron [45:09] naman [45:09] fuel [45:10] subsidy [45:10] meron [45:11] naman [45:11] mga [45:12] ayuda [45:12] by that [45:14] time [45:14] umabot [45:15] dun [45:15] baka [45:15] patay [45:16] na [45:16] ang [45:16] kabayo [45:16] galing [45:17] sa [45:18] DBM [45:18] i-release [45:19] nila [45:19] yan [45:20] pagdating [45:20] sa DSWD [45:21] walang [45:22] dispersing [45:22] officer [45:23] so in [45:24] other [45:24] words [45:24] have [45:24] you [45:25] considered [45:25] na yung [45:26] timing [45:26] ng [45:27] paghatid [45:28] ng mga [45:28] assistance [45:29] e baka [45:30] masyadong [45:30] matagal [45:31] at hindi [45:32] na [45:32] maramdaman [45:33] ng [45:34] taong [45:34] bayan [45:34] unlike [45:35] the [45:36] suspension [45:37] of [45:37] excise [45:38] tax [45:39] bukas [45:39] na bukas [45:40] implemented [45:42] ka agad [45:42] na consider [45:43] ba yun [45:44] sa inyong [45:44] discussion [45:46] Mr. [45:50] Chair [45:50] I can [45:51] just [45:51] discuss [45:52] what [45:52] I know [45:53] but [45:53] I think [45:53] the [45:54] other [45:54] implementing [45:55] agencies [45:55] can [45:55] discuss [45:56] it [45:56] further [45:56] for [45:57] instance [45:57] for [45:58] the [45:58] fuel [45:59] discounts [45:59] na [46:00] simulan [46:00] na [46:01] po [46:01] kahapon [46:01] officially [46:03] for [46:04] the [46:04] AX [46:05] continuous [46:06] po [46:06] yung [46:06] pagbibigay [46:07] po [46:07] ng [46:08] subsidies [46:09] Okay [46:10] anyway [46:10] sasabihin ko [46:11] na lang [46:11] of course [46:12] nagsimula [46:12] pero [46:13] hindi po [46:14] lahat ng [46:14] targeted [46:15] sector [46:15] ang nabigyan [46:16] marami [46:17] pong [46:17] naghihintay [46:18] marami [46:19] pa rin [46:19] hindi [46:19] nakatanggap [46:21] at [46:21] siguro [46:22] aabot pa [46:23] ito [46:23] na isang [46:23] buwan [46:23] by the [46:24] time [46:24] na [46:24] matapos [46:25] na isang [46:25] buwan [46:25] kumita [46:26] na tayo [46:26] na mas [46:26] malaki [46:27] dahil [46:27] mas [46:27] mataas [46:28] na [46:28] ang [46:28] presyo [46:28] ng [46:28] gasolina [46:29] at the [46:30] same [46:30] time [46:30] hindi [46:31] naman [46:31] sila [46:32] na [46:32] bigyan [46:33] ng [46:33] tulong [46:33] sa [46:40] particularly [46:41] when [46:41] the [46:41] timing [46:42] when [46:43] the [46:43] assistance [46:43] will [46:44] be [46:44] given [46:44] kasi [46:45] kung [46:45] masyado [46:45] matagal [46:46] ano [46:46] pang [46:47] gagawin [46:48] natin [46:48] sa [46:48] damo [46:48] kung [46:48] patay [46:49] na [46:49] ang [46:49] kabayo [46:49] here [46:51] mr [46:52] chair [46:52] thank you [46:52] we'll call [46:53] on [46:53] mr [46:54] chair [46:54] yes [46:55] mr [46:56] chair [46:56] would like [46:56] to [46:57] applaud [46:57] the [46:57] members [46:58] who [46:59] just [46:59] came [47:00] first [47:00] mr [47:01] rolando [47:02] congressman [47:02] rolando [47:03] valeriano [47:04] 2nd [47:04] district [47:04] of [47:04] manila [47:05] representative [47:07] brian [47:07] revilla [47:08] part [47:08] list [47:08] taguimat [47:09] representative [47:10] mercado [47:11] revilla [47:11] 2nd [47:12] district [47:12] of [47:12] cavite [47:12] representative [47:14] daguoc [47:15] deputy [47:15] minority [47:16] leader [47:16] part [47:16] list [47:17] apec [47:17] representative [47:18] garmelo [47:19] lasatine [47:19] jr [47:20] 1st [47:20] district [47:20] of [47:20] pangga [47:21] representative [47:22] midi [47:22] co [47:23] of Long District of Quirino. [47:25] Representative Villagros Aquino, [47:27] Magsaysay, United Senior Citizens [47:29] Party List. That's all, Mr. Chair. [47:34] Briefly, Manong, go ahead. [47:36] Briefly, please. [47:37] Okay. [47:39] Kay Yusek Adriano, kasi laging [47:42] ang pinag-uusapan kanina, yung [47:44] diesel, gasoline, parang [47:46] mayaman lang yung nakikinabang. [47:48] Huwag tayo mag-focus sa puro [47:50] ayuda. Kasi totoo naman [47:52] na puro mayaman. Kasi mayari [47:54] ng bus, mayaman. Mayari ng mga [47:56] trucking, mayaman. Pero ano [47:58] ba kinakarga? Diba taong [48:00] bayan? Kaya dapat yung [48:02] Sektinan mo, eh, hindi pwedeng [48:05] sabihin natin na [48:07] mayayaman lang yung [48:08] gumagamit ng diesel. Eh, di yung [48:11] bus, tataas ang transportations. [48:14] Paano yung mga ating mga paninda? [48:15] Bigas, gulay. [48:17] Kung tataas lahat. Kasi mayaman lahat [48:19] yan. Lahat ng may truck, mayaman. [48:21] Lahat ng truckings. Kaya [48:23] dapat i-consider din natin yung mga [48:25] consumer na [48:27] ito yung tataas ang bilhin [48:30] dahil sa trucking. Kaya dapat [48:33] i-balance natin. Yun lamang po. [48:35] Maraming salamat. [48:40] Puan tayo. [48:44] Again, let's [48:45] validate that [48:46] family income expenditure survey [48:49] that you came up with. [48:51] And it needs to be balanced, [48:53] Yusek Adriano. So be that as it may, [48:55] even if you think that [48:57] as you present that the top three [48:58] decile [48:59] consume almost [49:04] 45% or 47%. [49:06] Tama ba? Sabi mo? [49:08] For gasoline, [49:09] around 47%. [49:11] For diesel, [49:12] it's 85%. [49:14] This is for household. [49:15] For diesel, [49:16] how much? [49:17] 85. [49:18] 85%? [49:20] Parang [49:23] hiwalay naman sa katotohanan yan. [49:25] For the 10th decile, [49:30] it's 26.2%. [49:31] For the 9th, [49:32] it's 14.2%. [49:33] For the 8th, [49:34] it's 10.7%. [49:36] Everybody else is sharing [49:37] in terms of [49:38] 4.9% [49:40] for the poorest [49:40] of the poor [49:41] and the like. [49:42] But be that as it may, [49:44] you also need to look, [49:45] Yusek Adriano, [49:46] at the [49:46] what is the [49:48] impact [49:48] of [49:49] the high prices [49:51] relative to the [49:52] total salaries [49:53] of [49:53] these individuals [49:54] in terms of [49:55] disposable income. [49:56] So, [49:58] the policy debate [49:59] here is, [50:00] the policy debate [50:01] here is, [50:02] ang nakikinabang, [50:03] oo, may nakikinabang din [50:04] ng mga mayayaman, [50:06] pero overall, [50:07] mas mabigat yung [50:08] impact, [50:09] as even shown [50:10] also yesterday by, [50:11] or the other day [50:12] by Secretary Rex. [50:14] Ang pagtaas [50:14] ng presyo [50:15] ng gasolina, [50:16] mas mabigat [50:17] ang epekto [50:18] sa sahod [50:19] ng ordinaryong [50:20] mamamayan. [50:21] So, [50:21] pag sinabi mong [50:22] 10-12% [50:24] ang ginagastos [50:24] ng salary [50:25] ng isang [50:26] bilyonaryo [50:26] para sa gasolina, [50:28] marami pa siyang [50:29] perang pwedeng [50:30] gaso yun [50:30] sa ibang bagay. [50:32] Pero, [50:32] 10% [50:33] para sa isang [50:33] mahirap [50:34] na ginagastos [50:36] para sa [50:36] gasolina [50:37] transportation, [50:39] mabigat [50:39] dahil halos [50:40] wala nang [50:40] natitira dyan. [50:41] So, [50:42] in terms of [50:43] overall impact, [50:44] mas mabigat doon. [50:45] So, [50:45] yun ang inihingi [50:46] rin natin [50:47] pagbalanse. [50:48] Mr. Chair, [50:53] we fully agree [50:54] po talaga. [50:55] That's why, [50:56] aside from [50:56] our intervention [50:57] with regards [50:58] to the transport [50:59] and agriculture [51:00] sector [51:00] and other [51:01] vulnerable sectors, [51:02] we are actually [51:03] doing other [51:03] things to [51:04] ensure that [51:05] yung mga [51:05] secondary impact [51:07] of this [51:07] rising fuel [51:08] cost will be [51:08] mitigated. [51:10] For instance, [51:10] we have also [51:12] reduced the [51:13] port fees. [51:15] Sa Cebu Port [51:15] Authority, [51:16] binabaan na po [51:17] natin. [51:17] na-present na yun, [51:19] na-present na yun [51:20] yung isang araw. [51:21] And then, [51:21] meron na po atang [51:22] sa toll fee po ata. [51:24] There's already [51:25] a function also [51:30] in the toll fee [51:31] for logistics. [51:33] And then, [51:33] we are also [51:34] doing yung [51:36] ito nga po [51:36] to ensure [51:37] that the [51:38] particularly [51:39] food prices, [51:41] the increase [51:42] in food prices [51:43] will be [51:45] mitigated. [51:45] the government [51:48] through the [51:48] DA are [51:49] considering [51:49] ito po mga [51:50] G2G [51:50] procurement [51:51] of [51:51] fertilizers [51:52] kasi nga po, [51:53] one of the [51:53] inputs of [51:54] agriculture [51:54] is fertilizer [51:55] and we all [51:56] know price [51:56] of fertilizer [51:57] is increasing. [51:58] So, [51:58] we are also [51:59] doing all [52:00] of these [52:00] interventions [52:01] to ensure [52:03] that the [52:03] secondary impact [52:04] as well [52:05] will be [52:05] mitigated [52:06] and hence [52:06] protect the [52:08] purchasing power [52:09] of not just [52:10] the lowest [52:13] decile but also [52:14] the middle [52:15] decile. [52:15] I'll just show [52:19] you a last [52:20] slide. [52:20] Again, [52:21] these are just [52:22] new data that [52:23] we are receiving [52:24] coming from you [52:24] so we need to [52:25] validate it [52:25] before I call [52:26] on Kong Montes. [52:28] You look at [52:29] the impact [52:29] of diesel [52:33] as well as [52:35] gasoline [52:35] in terms of [52:37] the expenditure [52:37] of total income [52:38] of all household [52:39] by decile. [52:42] Let me flash [52:42] this graph. [52:50] Yung isa, [52:52] yung pantay-pantay [52:52] with the orange [52:55] bar. [52:55] Can you, [52:56] it's clear there. [53:06] So, [53:06] while they're [53:07] preparing it, [53:09] you will see here [53:10] that in terms of [53:12] Yusek Adriano, [53:16] you look at [53:16] the impact [53:17] of diesel [53:18] and gasoline [53:19] expenditures [53:20] as a percentage [53:21] of total income. [53:23] They're practically [53:24] the same [53:24] from the first [53:26] to the tenth. [53:27] You're correct [53:28] in terms of [53:28] amount. [53:30] It is [53:31] the top, [53:32] the eighth, ninth, [53:32] and tenth [53:33] will have [53:33] a more [53:33] significant [53:34] consumption. [53:36] But when you look [53:37] at total impact [53:38] or total share [53:39] or relative [53:40] to income, [53:42] they're the same. [53:43] So, [53:44] when you take [53:45] a look at this, [53:46] it only means [53:47] that the impact [53:49] relative to [53:50] each family, [53:51] each decile [53:51] is the same. [53:52] But it's more [53:52] significant [53:53] for the poorest [53:54] of the poor. [53:55] So, [53:57] sana yung [53:57] kahit may [53:58] makikinabang [53:59] dyan [53:59] ng mga mayayaman, [54:01] pagbigyan na natin [54:02] yan kasi ito [54:02] yung pinaka-immediate [54:03] and besides, [54:05] hindi naman tayo [54:05] forever. [54:08] Isa, [54:08] dalawang buwan [54:09] lang naman [54:09] pinag-uusapan [54:10] natin dito. [54:11] And more importantly, [54:13] you have already [54:14] met your targets [54:15] in terms of VAT. [54:18] So, [54:19] gusto natin [54:19] sana na [54:20] kapag [54:22] na-meet [54:23] nyo na yung target [54:24] nyo, [54:24] whatever excess [54:25] you have, [54:26] that's a certain [54:26] point in time [54:27] that you can [54:27] actually suspend. [54:29] Diba? [54:30] Yan lang naman [54:30] ang inihingi natin eh. [54:32] So, [54:33] I wanted to just [54:34] go over this [54:34] and we will [54:35] compare our data [54:36] further. [54:37] But in the meantime, [54:37] we'll call on [54:38] Congressman Montes. [54:41] Thank you, [54:41] Mr. Chair. [54:42] Ang akin pong katanungan [54:44] ay hindi [54:44] tungkol sa ayuda. [54:46] This is more of [54:47] it's actually about [54:49] long-term resilience [54:51] and development [54:53] as a nation. [54:55] And then perhaps [54:55] siguro [54:56] learning our [54:57] lessons [54:58] as a nation [54:59] and as people. [55:00] I'm directing [55:01] my question [55:02] to the [55:03] Maharlika Investment [55:04] Corporation. [55:07] Can you please, [55:08] sir, [55:08] acknowledge [55:08] your presence [55:10] and state [55:11] your name [55:12] and position? [55:19] Good morning, [55:20] Madam Chairman. [55:21] Rafael Josec-Huan Singh Jr., [55:23] PCEO of [55:24] Maharlika Investment [55:25] Corporation. [55:26] Thank you for inviting me. [55:27] Thank you, sir. [55:28] Recently, [55:29] you made a [55:30] pronouncement [55:31] that the MIC [55:33] is recalibrating [55:34] towards fuel [55:35] storage, [55:36] grid energy [55:37] security [55:37] assets [55:38] amidst the [55:39] oil shack [55:40] towards building [55:41] a sovereign [55:42] resilience. [55:44] After all po, [55:45] embedded naman yan [55:46] sa declaration [55:46] ng policy [55:47] creating the [55:48] Maharlika Fund [55:49] na kailangan [55:51] ma-achieve yung [55:53] energy [55:53] security [55:55] among others. [55:56] and also, [55:57] it is one [55:57] of the [55:58] allowable [55:58] investments [55:59] sa area [56:02] ng energy. [56:03] Am I correct? [56:04] Yes, ma'am. [56:05] On petroleum [56:06] reserves [56:07] and fund [56:07] viability, [56:08] naitanong ko na rin [56:09] po ito sa DOE [56:10] nung nakaraang araw, [56:12] may mga [56:13] panawagan po [56:14] ng strategic [56:15] stockpiling [56:16] of oil [56:17] reserves. [56:18] we have [56:20] requested them [56:20] to submit [56:21] to Congress [56:21] the [56:22] salient [56:23] provisions [56:24] needed [56:25] if ever [56:26] we are to [56:26] pass a law [56:27] on that matter. [56:28] Sa inyo po, [56:29] sinabi nyo po yan, [56:31] currently po ba [56:33] nag-negotiate [56:34] for oil [56:35] storage [56:35] and reserves [56:36] ang AMIC? [56:38] At kung [56:38] sakaling oo po, [56:40] paano kikita [56:41] ang pondo [56:42] mula dito? [56:43] Ano po [56:43] ang malinaw [56:44] na revenue [56:45] model natin? [56:46] PPP po ba? [56:47] leasing [56:48] or trading [56:49] margins? [56:50] Thank you po [56:52] sa mga questions [56:52] na yan. [56:54] Una po, [56:55] a little bit [56:57] of context. [57:00] So, [57:00] yung aming [57:00] sectors of focus [57:02] na aming [57:03] itinalaga [57:04] nung [57:05] inumpisahan po [57:06] natin [57:06] ang MIC, [57:08] na-validate po [57:09] nang nangyayari [57:10] sa mundo ngayon [57:11] na yung [57:12] ating sectors [57:13] of focus [57:14] ay tama po [57:15] yung direction [57:15] natin. [57:17] So, [57:17] if I were to [57:17] put that [57:18] in different [57:18] categories, [57:19] so just [57:19] to put it [57:20] in context, [57:21] those [57:21] projects [57:22] which are [57:22] meant to [57:23] achieve [57:23] national [57:24] resilience [57:25] are in [57:26] the sectors [57:26] of energy, [57:28] agriculture, [57:29] and logistics [57:29] and infrastructure. [57:31] And then, [57:32] on the other [57:32] hand, [57:33] we also [57:33] have a [57:34] project [57:34] that's [57:34] aiming [57:35] to achieve [57:35] a sovereign [57:37] level hedge [57:38] which is [57:39] mining. [57:40] And I'll [57:41] be able [57:41] to talk [57:41] about that [57:42] in a bit. [57:43] So, [57:43] let's go, [57:43] ma'am, [57:43] to your [57:44] question [57:45] on energy. [57:46] So, [57:47] I must [57:47] admit, [57:48] ma'am, [57:48] that this [57:49] idea of [57:50] storage [57:52] or a [57:53] strategy [57:54] regarding [57:54] storage, [57:55] I must [57:55] admit, [57:56] ma'am, [57:56] that it is [57:56] a reaction [57:57] to the [57:58] existing [57:59] situation. [58:00] Because we [58:01] were not [58:02] thinking, [58:02] we were not [58:02] anticipating [58:03] this event. [58:04] Okay. [58:06] So, [58:06] now that we [58:06] already have [58:07] this and [58:08] we've [58:08] studied it, [58:09] in fact, [58:10] there are, [58:12] we are aiming [58:13] for three [58:14] levels of [58:15] solutions. [58:15] So, [58:16] let's go [58:16] through them [58:17] one by [58:17] one. [58:18] So, [58:18] if you [58:18] look at [58:18] the challenges [58:19] today, [58:20] ma'am, [58:21] the short [58:22] term, [58:24] our storage [58:28] facilities [58:29] are only [58:30] good for, [58:31] I think, [58:32] for about [58:32] 60 days [58:33] at this [58:34] point in [58:34] time. [58:35] Now, [58:36] whether or [58:37] not that [58:37] is fully [58:38] utilized, [58:39] actually, [58:40] don't have [58:40] data. [58:41] But intuitively, [58:42] it could be [58:42] in the area [58:43] of about [58:44] 60%. [58:44] Maybe we [58:45] can have [58:45] that [58:45] confirmed. [58:47] Now, [58:47] the question [58:48] is this. [58:49] Why is it [58:50] that knowing [58:52] already that [58:53] there's a [58:54] potential [58:54] shortage, [58:56] yet we [58:57] are only [58:57] utilizing [58:58] 60% [58:59] of the [58:59] storage? [59:00] So, [59:00] it identifies [59:01] one thing, [59:02] that maybe [59:03] this is a [59:04] working capital [59:05] issue when [59:07] it comes to [59:08] the [59:09] downstream [59:10] fuel [59:11] retailers. [59:13] Because you [59:13] have to [59:14] remember, [59:14] yung mops, [59:16] yung presya [59:17] po ng [59:17] landed [59:18] fuel, [59:19] refined [59:19] fuel, [59:20] has gone [59:21] up by [59:21] about [59:21] 60-70%, [59:22] which means [59:23] that for [59:24] these [59:24] retailers, [59:25] just to [59:25] be able [59:26] to retain [59:26] the old [59:28] inventory, [59:29] they actually [59:30] have to [59:30] cash out [59:31] 60-100% [59:31] more in [59:32] working capital. [59:33] That, [59:34] I think, [59:34] is what [59:34] we should [59:35] look at [59:36] as a [59:36] nation. [59:37] How can [59:37] we help [59:38] them? [59:38] And I was [59:39] just having [59:39] conversation [59:40] with Landbank, [59:40] it seems [59:41] that they [59:41] do have [59:42] a solution [59:42] that's [59:43] being put [59:43] in place, [59:44] which is [59:44] excellent. [59:45] So that's [59:48] one [59:48] short-term [59:49] problem, [59:50] working [59:50] capital. [59:53] The [59:53] intermediate [59:53] problem [59:54] now, [59:54] ma'am, [59:55] is when [59:56] it comes [59:56] to [59:56] storage. [59:58] So [59:58] yung [1:00:00] storage po [1:00:01] kasi, [1:00:02] if [1:00:03] Maharlika [1:00:03] were to [1:00:04] come in [1:00:04] and to [1:00:05] support the [1:00:06] Strategic [1:00:06] Petroleum [1:00:07] Reserve [1:00:07] Fund, [1:00:08] by buying [1:00:09] the [1:00:09] inventory, [1:00:10] we, [1:00:10] as MIC, [1:00:11] would be [1:00:12] exposed to [1:00:13] market risk. [1:00:13] And what [1:00:14] we're [1:00:14] trying to [1:00:14] do is [1:00:15] we're [1:00:15] in fact [1:00:15] trying to [1:00:16] avoid [1:00:16] getting [1:00:17] exposed [1:00:17] to [1:00:17] this [1:00:17] market [1:00:18] risk. [1:00:18] So [1:00:18] what we've [1:00:22] done is [1:00:22] we have [1:00:23] started a [1:00:24] dialogue with [1:00:25] the PNOC. [1:00:26] I will [1:00:27] defer to [1:00:27] them on [1:00:28] the details [1:00:28] on their [1:00:30] side. [1:00:31] But [1:00:31] basically, [1:00:32] this is [1:00:32] how I [1:00:33] understand [1:00:33] it. [1:00:34] And [1:00:34] correct me [1:00:35] if I'm [1:00:36] wrong. [1:00:36] So I [1:00:36] understand [1:00:37] that the [1:00:37] PNOC [1:00:38] has got [1:00:38] about [1:00:39] 30 [1:00:39] billion [1:00:40] or [1:00:40] some [1:00:41] amount [1:00:41] that's [1:00:42] for fuel. [1:00:43] The [1:00:44] problem [1:00:44] is [1:00:45] even [1:00:45] if [1:00:45] they [1:00:45] spent [1:00:46] the [1:00:46] entire [1:00:46] thing, [1:00:47] they [1:00:47] still [1:00:47] would [1:00:47] not [1:00:47] have [1:00:47] the [1:00:48] storage [1:00:48] capacity [1:00:49] to [1:00:49] in [1:00:49] fact [1:00:49] keep [1:00:50] that. [1:00:51] So that's [1:00:51] where we [1:00:51] can come [1:00:52] in. [1:00:53] So the [1:00:53] idea, [1:00:53] ma'am, [1:00:54] is that we [1:00:54] can put [1:00:54] together a [1:00:55] consortium [1:00:56] with the [1:00:58] PNOC [1:00:58] and the [1:00:59] private [1:00:59] sector, [1:01:00] wherein [1:01:01] they can [1:01:03] contribute [1:01:04] their land [1:01:05] as their [1:01:06] asset [1:01:07] into the [1:01:07] consortium. [1:01:08] We, [1:01:09] alongside [1:01:09] other members [1:01:11] of the [1:01:11] private sector, [1:01:12] can invest [1:01:12] in the [1:01:13] tank [1:01:13] farm [1:01:14] and then [1:01:15] in fact [1:01:16] outsource [1:01:17] the [1:01:17] operations [1:01:17] to the [1:01:18] private [1:01:18] sector [1:01:18] because [1:01:18] we're [1:01:19] only the [1:01:19] capital [1:01:20] provider [1:01:21] so we [1:01:21] don't [1:01:22] know [1:01:22] how [1:01:22] to [1:01:22] operate [1:01:22] this. [1:01:23] So we [1:01:23] will [1:01:23] leave it [1:01:24] with the [1:01:24] private [1:01:24] sector [1:01:25] to run [1:01:25] it, [1:01:26] but we [1:01:26] will [1:01:26] catalyze [1:01:27] the [1:01:27] investment [1:01:28] if we [1:01:29] get [1:01:29] to that. [1:01:30] So [1:01:30] intermediate [1:01:31] term [1:01:32] that's [1:01:32] medium [1:01:33] term. [1:01:33] I envision [1:01:34] that to [1:01:34] be a [1:01:35] solution [1:01:36] that will [1:01:36] come [1:01:36] maybe [1:01:36] about [1:01:36] two to [1:01:37] three [1:01:37] years [1:01:37] from [1:01:38] the [1:01:38] time [1:01:38] we [1:01:39] in [1:01:39] fact [1:01:39] start [1:01:39] working. [1:01:40] Let's [1:01:41] now go [1:01:42] to [1:01:42] the [1:01:43] long [1:01:44] term [1:01:44] solution [1:01:45] that we're [1:01:45] looking at. [1:01:47] The long [1:01:48] term [1:01:48] solution [1:01:49] also relates [1:01:51] to our [1:01:51] own [1:01:52] electricity [1:01:52] industry. [1:01:54] The [1:01:54] reality [1:01:55] is that [1:01:56] diesel [1:01:57] prices [1:01:57] are [1:01:59] impacting [1:01:59] the [1:01:59] spugs [1:02:00] because [1:02:00] spugs [1:02:01] are [1:02:01] roughly [1:02:01] about [1:02:02] 80 [1:02:02] to [1:02:02] 90 [1:02:03] percent [1:02:03] fueled [1:02:04] or [1:02:05] powered [1:02:05] by fossil [1:02:06] fuels. [1:02:06] So [1:02:09] what are [1:02:09] we doing [1:02:10] about [1:02:10] it [1:02:10] in [1:02:10] MIC? [1:02:11] So [1:02:12] let's [1:02:12] go [1:02:12] back. [1:02:13] So [1:02:13] whatever [1:02:14] subsidy [1:02:14] that's [1:02:15] being [1:02:15] given [1:02:15] to [1:02:16] the [1:02:17] spug [1:02:18] areas [1:02:18] are [1:02:19] reflected [1:02:20] in [1:02:20] our [1:02:20] electricity [1:02:20] bill. [1:02:22] I [1:02:22] don't [1:02:22] remember [1:02:23] the [1:02:23] exact [1:02:24] percentage [1:02:24] today [1:02:25] but I [1:02:25] remember [1:02:25] that [1:02:26] before [1:02:26] to be [1:02:26] about [1:02:27] seven [1:02:27] to [1:02:27] eight [1:02:28] percent [1:02:28] of [1:02:28] our [1:02:28] electricity [1:02:28] bill [1:02:29] goes [1:02:29] to [1:02:30] the [1:02:30] UCME [1:02:30] and [1:02:31] a [1:02:32] big [1:02:32] portion [1:02:33] of [1:02:33] that [1:02:33] in [1:02:33] fact [1:02:33] goes [1:02:34] to [1:02:34] subsidize [1:02:35] spugs. [1:02:35] And [1:02:36] the [1:02:36] last [1:02:36] time [1:02:36] I [1:02:40] million [1:02:40] that [1:02:41] you [1:02:41] and [1:02:41] I [1:02:41] are [1:02:41] all [1:02:42] paying [1:02:42] for [1:02:42] of [1:02:42] which [1:02:43] let's [1:02:44] call [1:02:44] it [1:02:44] about [1:02:44] 65 [1:02:44] to [1:02:45] 70 [1:02:45] percent [1:02:46] in [1:02:46] fact [1:02:46] only [1:02:47] goes [1:02:47] to [1:02:47] two [1:02:47] spugs [1:02:48] Mindoro [1:02:49] and [1:02:50] Palawan. [1:02:52] And [1:02:52] that [1:02:52] is [1:02:52] exactly [1:02:52] why [1:02:53] we [1:02:53] feel [1:02:54] that [1:02:54] given [1:02:56] the [1:02:56] amount [1:02:57] of [1:02:57] capital [1:02:57] or [1:02:58] limited [1:02:58] capital [1:02:58] that [1:02:59] we [1:02:59] have [1:02:59] compared [1:02:59] to [1:03:00] the [1:03:00] other [1:03:00] sovereign [1:03:00] wealth [1:03:01] funds [1:03:01] we [1:03:02] wanted [1:03:02] to [1:03:02] ensure [1:03:02] that [1:03:03] for [1:03:03] every [1:03:04] one [1:03:04] peso [1:03:05] that [1:03:05] we [1:03:05] invest [1:03:05] it [1:03:06] would [1:03:06] have [1:03:06] the [1:03:06] widest [1:03:12] capacity [1:03:12] but [1:03:13] rather [1:03:14] we [1:03:14] are [1:03:14] investing [1:03:15] in [1:03:15] electricity [1:03:16] infrastructure [1:03:17] build [1:03:18] distribution [1:03:19] build [1:03:20] the [1:03:20] transmission [1:03:21] because [1:03:22] once [1:03:22] you [1:03:22] do [1:03:22] that [1:03:23] then [1:03:23] you [1:03:24] are [1:03:24] enabling [1:03:25] capital [1:03:25] the [1:03:26] potential [1:03:26] for [1:03:26] capital [1:03:27] formation [1:03:27] across [1:03:28] the [1:03:28] entire [1:03:29] commercial [1:03:30] sector [1:03:30] not [1:03:31] just [1:03:31] big [1:03:31] companies [1:03:32] investing [1:03:32] in [1:03:33] those [1:03:33] but [1:03:33] even [1:03:34] the [1:03:34] smaller [1:03:34] entrepreneurs [1:03:35] because [1:03:35] now [1:03:35] they're [1:03:36] going [1:03:36] to [1:03:36] have [1:03:36] electricity [1:03:37] stable [1:03:38] electricity [1:03:38] that [1:03:39] they [1:03:39] can [1:03:39] rely [1:03:40] upon [1:03:40] and [1:03:40] build [1:03:40] the [1:03:40] around [1:03:41] it [1:03:41] so [1:03:43] by [1:03:44] investing [1:03:44] therefore [1:03:45] in [1:03:45] electricity [1:03:46] infrastructure [1:03:47] in [1:03:48] Mindoro [1:03:49] and [1:03:49] Palawan [1:03:49] hopefully [1:03:51] we can [1:03:52] invite [1:03:53] or [1:03:53] we [1:03:54] will [1:03:54] catalyze [1:03:55] gencos [1:03:56] to build [1:03:57] more [1:03:57] renewable [1:03:58] power [1:03:58] and [1:03:59] therefore [1:03:59] structurally [1:04:00] reduce [1:04:01] that cost [1:04:01] over [1:04:01] time [1:04:02] and [1:04:04] again [1:04:04] catalyze [1:04:05] capital [1:04:05] formation [1:04:06] in [1:04:06] those [1:04:06] areas [1:04:06] so [1:04:07] that's [1:04:07] how [1:04:07] we're [1:04:08] looking [1:04:08] at [1:04:08] it [1:04:08] short [1:04:09] term [1:04:09] intermediate [1:04:09] term [1:04:10] and [1:04:10] long [1:04:10] term [1:04:10] so [1:04:11] what [1:04:11] we're [1:04:11] doing [1:04:11] in [1:04:12] the [1:04:12] case [1:04:12] of [1:04:12] long [1:04:13] term [1:04:13] we've [1:04:13] already [1:04:13] signed [1:04:14] an [1:04:14] agreement [1:04:14] with [1:04:15] an [1:04:15] MOU [1:04:15] we're [1:04:18] already [1:04:19] doing [1:04:19] the [1:04:19] technical [1:04:19] studies [1:04:20] the [1:04:21] idea [1:04:21] is [1:04:21] that [1:04:21] we [1:04:22] aim [1:04:23] to [1:04:23] acquire [1:04:24] the [1:04:24] transmission [1:04:26] loop [1:04:26] already [1:04:27] built [1:04:27] by [1:04:27] NPC [1:04:28] we [1:04:28] will [1:04:29] upgrade [1:04:29] it [1:04:29] we [1:04:30] will [1:04:30] put [1:04:30] the [1:04:30] necessary [1:04:30] redundancies [1:04:31] because [1:04:32] there [1:04:34] are [1:04:34] about [1:04:35] 340 [1:04:35] 342 [1:04:36] thousand [1:04:37] households [1:04:37] about [1:04:38] 1.4 [1:04:38] million [1:04:38] people [1:04:39] they have [1:04:40] a loop [1:04:40] but [1:04:41] they have [1:04:41] no [1:04:41] redundancy [1:04:42] so [1:04:42] if [1:04:42] one [1:04:43] area [1:04:43] fails [1:04:45] the [1:04:45] entire [1:04:46] island [1:04:46] fails [1:04:46] ma'am [1:04:47] so [1:04:47] that's [1:04:47] what [1:04:48] we're [1:04:48] trying [1:04:48] to [1:04:48] fix [1:04:49] so [1:04:50] I [1:04:51] hope [1:04:51] I [1:04:51] answered [1:04:52] your [1:04:52] question [1:04:52] po [1:04:52] thank [1:04:53] you [1:04:53] po [1:04:53] ang [1:04:54] susunod [1:04:55] ko [1:04:55] pong [1:04:55] katanungan [1:04:56] tungkol [1:04:57] naman [1:04:57] po [1:04:57] sa [1:04:58] renewable [1:04:58] energy [1:04:59] which [1:05:00] I've [1:05:00] also [1:05:01] mentioned [1:05:02] and [1:05:03] asked [1:05:04] the [1:05:04] DOE [1:05:05] about [1:05:05] the [1:05:06] previous [1:05:06] hearing [1:05:07] sinabi [1:05:08] nyo [1:05:08] rin [1:05:08] po [1:05:08] na [1:05:09] pinaprioritize [1:05:10] ninyo [1:05:11] yung [1:05:11] infrastructure [1:05:12] that [1:05:12] enables [1:05:13] energy [1:05:14] security [1:05:14] or [1:05:15] energy [1:05:16] access [1:05:16] pala [1:05:17] that [1:05:18] remain [1:05:18] heavily [1:05:19] reliant [1:05:19] sa [1:05:20] diesel [1:05:20] and [1:05:20] bunker [1:05:21] fuel [1:05:21] so [1:05:22] paano [1:05:23] po [1:05:23] natin [1:05:23] nasisiguro [1:05:24] na may [1:05:25] bahagi [1:05:26] ang [1:05:26] Maharlika [1:05:26] fund [1:05:27] sa [1:05:27] renewable [1:05:28] talaga [1:05:28] at [1:05:29] grid [1:05:29] modernization [1:05:30] ano [1:05:32] po [1:05:32] ang [1:05:32] mga [1:05:32] konkreto [1:05:33] or [1:05:33] specific [1:05:34] investments [1:05:35] investment [1:05:36] direction [1:05:37] meron [1:05:37] po [1:05:37] tayo [1:05:38] sa [1:05:38] ngayon [1:05:38] tungkol [1:05:39] dito [1:05:39] Okay ma'am [1:05:40] magandang [1:05:41] tanong [1:05:41] po yan [1:05:42] so [1:05:42] ang [1:05:42] ginagawa [1:05:43] po [1:05:43] natin [1:05:43] sa [1:05:44] umpisa [1:05:44] ay [1:05:45] sa [1:05:46] electricity [1:05:47] infrastructure [1:05:47] po [1:05:48] muna [1:05:48] so [1:05:48] ang [1:05:49] isa [1:05:49] pong [1:05:49] challenge [1:05:50] namin [1:05:50] ay [1:05:51] yung [1:05:51] itira [1:05:51] kasi [1:05:52] po [1:05:53] pag matapos [1:05:54] na po [1:05:54] yung [1:05:54] ating [1:05:55] investment [1:05:55] sa [1:05:56] SGP [1:05:57] at sa [1:05:57] NGCP [1:05:58] nangyayahe [1:05:59] naman po [1:06:00] talaga [1:06:00] yan [1:06:00] so [1:06:01] pag matapos [1:06:02] po [1:06:02] yun [1:06:02] we [1:06:03] will [1:06:03] now [1:06:04] be [1:06:04] disallowed [1:06:04] po [1:06:05] from [1:06:05] having [1:06:05] cross [1:06:06] ownership [1:06:06] we [1:06:07] will [1:06:07] be [1:06:07] subject [1:06:10] rather [1:06:10] to [1:06:10] cross [1:06:10] ownership [1:06:11] restrictions [1:06:12] when it [1:06:12] comes to [1:06:13] owning [1:06:13] GenCros [1:06:14] or investing [1:06:15] in [1:06:15] generation [1:06:15] power [1:06:16] or distribution [1:06:17] if [1:06:18] if it's [1:06:18] connected [1:06:18] to [1:06:18] the [1:06:18] grid [1:06:19] kasi [1:06:20] po [1:06:21] bawal [1:06:21] po [1:06:22] yung [1:06:22] cross [1:06:22] ownership [1:06:22] restriction [1:06:23] that's [1:06:23] why [1:06:24] any [1:06:24] investment [1:06:25] in [1:06:26] other [1:06:28] sectors [1:06:29] of [1:06:29] the [1:06:29] power [1:06:31] sector [1:06:32] will have [1:06:33] to be [1:06:33] done [1:06:33] in the [1:06:33] SPAG [1:06:34] areas [1:06:34] so [1:06:35] ano [1:06:36] pong [1:06:36] ginagawa [1:06:37] natin [1:06:37] doon [1:06:38] nagsign [1:06:39] po tayo [1:06:39] ng [1:06:39] Membrandum [1:06:41] of [1:06:41] Understanding [1:06:41] with [1:06:42] Aqua [1:06:42] Power [1:06:43] is [1:06:45] spelled [1:06:45] as [1:06:46] ACWA [1:06:47] Power [1:06:48] Aqua [1:06:49] Power [1:06:49] is 40% [1:06:50] owned [1:06:51] by the [1:06:51] Saudi [1:06:52] Arabia [1:06:52] Sovereign [1:06:53] Wealth [1:06:53] Fund [1:06:53] and 60% [1:06:55] is represented [1:06:56] by the [1:06:56] private [1:06:57] sector [1:06:57] or their [1:06:59] strategic [1:06:59] partners [1:06:59] so [1:07:00] they only [1:07:01] invest [1:07:02] in one [1:07:02] thing [1:07:02] renewable [1:07:03] power [1:07:04] so [1:07:05] uunahin [1:07:06] po natin [1:07:07] yung [1:07:07] infrastructure [1:07:07] muna [1:07:08] tapos [1:07:09] po [1:07:09] nan [1:07:09] we [1:07:09] will [1:07:09] start [1:07:09] looking [1:07:10] at [1:07:10] opportunity [1:07:11] Thank you [1:07:14] Yes ma'am [1:07:16] Ang susunod [1:07:17] kung katanungan [1:07:18] naman [1:07:18] tungkol [1:07:19] naman [1:07:20] po [1:07:20] siguro [1:07:21] sa [1:07:21] consumer [1:07:21] relief [1:07:22] no [1:07:22] Kung sakali [1:07:23] pong [1:07:24] kikita [1:07:24] po [1:07:24] yung [1:07:25] kumikita [1:07:26] at kikita [1:07:27] ang [1:07:27] Maharlika [1:07:27] fund [1:07:28] natin [1:07:28] mula [1:07:29] pwede [1:07:30] po bang [1:07:30] direct [1:07:31] ang [1:07:31] ilaan [1:07:32] ang [1:07:32] returns [1:07:33] nito [1:07:33] sa [1:07:33] electricity [1:07:34] bill [1:07:34] ng [1:07:34] households [1:07:35] or [1:07:36] ng [1:07:36] SMSME [1:07:38] nang hindi [1:07:39] inuubos [1:07:40] po yung [1:07:41] prinsipali [1:07:41] Siyempre [1:07:42] mahalaga po [1:07:42] investment [1:07:43] po yan [1:07:44] ayaw po [1:07:44] natin [1:07:44] malulugi [1:07:45] yung [1:07:46] ating [1:07:46] MIC [1:07:47] ano po [1:07:48] o kaya [1:07:49] iniisip ko po [1:07:50] pwede rin [1:07:51] po bang [1:07:51] gamitin [1:07:52] ito [1:07:52] to invest [1:07:53] in [1:07:53] local [1:07:53] production [1:07:54] of [1:07:55] mga [1:07:55] residential [1:07:56] or [1:07:57] rooftop [1:07:57] solar [1:07:58] systems [1:07:58] kasi [1:08:00] ito po [1:08:00] ay [1:08:00] nakikita [1:08:01] ko [1:08:01] na [1:08:02] mas [1:08:02] alam [1:08:03] po [1:08:03] natin [1:08:04] na [1:08:04] hindi [1:08:04] po [1:08:05] abot [1:08:05] kaya [1:08:06] at [1:08:06] abot [1:08:06] kamaya [1:08:07] ang [1:08:07] installation [1:08:08] nitong [1:08:09] household [1:08:10] solar [1:08:10] systems [1:08:11] na [1:08:11] ito [1:08:12] even [1:08:13] for [1:08:13] middle [1:08:14] class [1:08:14] mahirap [1:08:15] po [1:08:15] so [1:08:16] iniisip [1:08:17] po [1:08:17] natin [1:08:17] paano [1:08:18] kaya [1:08:18] makakatulong [1:08:19] ang [1:08:19] MIC [1:08:20] na kahit [1:08:21] malang [1:08:21] siguro [1:08:22] aside [1:08:22] from [1:08:23] investments [1:08:24] in the [1:08:24] local [1:08:25] production [1:08:25] of [1:08:26] these [1:08:26] systems [1:08:28] because [1:08:28] we [1:08:29] import [1:08:30] this [1:08:30] from [1:08:30] China [1:08:31] from [1:08:31] Germany [1:08:32] masyado [1:08:32] pong [1:08:32] mahal [1:08:33] pwede [1:08:34] po ba [1:08:34] kaya [1:08:34] magamit [1:08:35] natin [1:08:35] kahit [1:08:36] konti [1:08:36] nakita [1:08:37] ng [1:08:38] MIC [1:08:38] na maging [1:08:39] subsidy [1:08:40] para [1:08:42] sa mga [1:08:42] nagnanais [1:08:44] or willing [1:08:44] na mag [1:08:45] invest [1:08:46] sa [1:08:46] household [1:08:47] solar [1:08:47] systems [1:08:48] kasi [1:08:49] pwede [1:08:49] naman [1:08:50] po [1:08:50] kasi [1:08:50] kahit [1:08:52] man [1:08:52] lang [1:08:53] sa [1:08:53] interest [1:08:55] para [1:08:56] hindi [1:08:56] magbayad [1:08:57] ng [1:08:57] interest [1:08:57] kung [1:08:58] ilolone [1:08:58] isang [1:09:00] halimbawa [1:09:00] ilolone [1:09:02] natin [1:09:02] may [1:09:03] interest [1:09:03] yan [1:09:03] kahit [1:09:04] ang [1:09:04] maharly [1:09:04] ka [1:09:05] na [1:09:05] sumagot [1:09:05] ng [1:09:05] interest [1:09:06] tapos [1:09:07] every [1:09:07] month [1:09:08] naman [1:09:08] may [1:09:08] natitipid [1:09:09] tayo [1:09:09] sa [1:09:09] kuryente [1:09:10] yun [1:09:10] ang [1:09:10] ibabayad [1:09:11] ng [1:09:12] consumer [1:09:12] sa [1:09:13] principal [1:09:13] until [1:09:14] such [1:09:14] time [1:09:15] na [1:09:15] matapos [1:09:16] mabayaran [1:09:17] nila [1:09:17] yung [1:09:17] investment [1:09:18] without [1:09:19] necessarily [1:09:19] spending [1:09:20] for [1:09:20] interest [1:09:21] kasi [1:09:22] kailangan [1:09:22] po [1:09:22] siguro [1:09:23] natin [1:09:23] na [1:09:24] ma [1:09:24] incentivize [1:09:25] yung [1:09:26] paggamit [1:09:27] nito [1:09:27] okay [1:09:28] po [1:09:29] so ma'am [1:09:30] siguraduhin ko [1:09:31] lang po [1:09:31] naiintindihan ko [1:09:32] yung tanong [1:09:32] ano pong [1:09:33] pwedeng magawa [1:09:34] ng [1:09:34] MIC [1:09:35] na para [1:09:35] makatulong [1:09:37] dun sa [1:09:38] magkakabit [1:09:39] ng solar [1:09:39] power [1:09:40] actually [1:09:40] very good [1:09:42] jason [1:09:42] po [1:09:42] okay [1:09:46] so from [1:09:47] our [1:09:47] perspective [1:09:47] i [1:09:48] personally [1:09:49] believe [1:09:49] that [1:09:50] at [1:09:50] this [1:09:50] point [1:09:50] in [1:09:50] time [1:09:50] we [1:09:52] as [1:09:52] MIC [1:09:53] will [1:09:53] not [1:09:53] be [1:09:54] ready [1:09:54] to [1:09:55] provide [1:09:55] this [1:09:55] kind [1:09:56] support [1:09:56] support [1:09:56] kasi [1:09:56] po [1:09:56] it's [1:09:57] a [1:09:57] retail [1:09:57] exposure [1:09:58] and [1:09:59] we [1:09:59] have [1:09:59] a [1:10:00] very [1:10:00] small [1:10:00] team [1:10:00] so [1:10:01] hindi [1:10:02] po [1:10:02] tayo [1:10:02] set [1:10:02] up [1:10:02] for [1:10:03] retail [1:10:03] now [1:10:03] now [1:10:04] that [1:10:04] you [1:10:04] you've [1:10:05] mentioned [1:10:05] that [1:10:05] ma'am [1:10:05] I [1:10:05] have [1:10:06] an [1:10:06] idea [1:10:06] maybe [1:10:07] that [1:10:07] we [1:10:07] can [1:10:08] so [1:10:09] sorry [1:10:10] for [1:10:10] taking [1:10:10] this [1:10:10] time [1:10:10] to [1:10:11] brainstorm [1:10:11] but [1:10:12] just [1:10:12] just [1:10:12] an [1:10:12] idea [1:10:13] maybe [1:10:15] one [1:10:16] way [1:10:17] by [1:10:17] which [1:10:17] we [1:10:18] can [1:10:18] do [1:10:18] this [1:10:18] okay [1:10:19] is [1:10:20] take [1:10:20] a [1:10:20] look [1:10:20] at [1:10:21] the [1:10:22] regulatory [1:10:25] from [1:10:25] the [1:10:26] regulatory [1:10:26] perspective [1:10:27] whether [1:10:27] if [1:10:28] by [1:10:28] lending [1:10:29] to [1:10:29] for [1:10:31] such [1:10:31] purposes [1:10:32] that [1:10:33] they [1:10:34] that [1:10:34] the [1:10:34] banks [1:10:35] can [1:10:35] in [1:10:35] fact [1:10:35] take [1:10:36] a [1:10:36] break [1:10:36] on [1:10:36] the [1:10:37] friction [1:10:37] cost [1:10:37] whatever [1:10:39] the [1:10:39] friction [1:10:39] cost [1:10:39] whether [1:10:40] it's [1:10:40] reserves [1:10:40] or [1:10:41] taxes [1:10:43] or [1:10:43] whatever [1:10:43] it is [1:10:44] but [1:10:44] that [1:10:45] is [1:10:45] a [1:10:45] way [1:10:45] by [1:10:46] which [1:10:46] they [1:10:46] can [1:10:47] be [1:10:47] incentivized [1:10:48] perhaps [1:10:49] to [1:10:49] go [1:10:49] deeper [1:10:50] into [1:10:50] the [1:10:50] retail [1:10:51] market [1:10:51] and [1:10:51] lend [1:10:52] them [1:10:52] for [1:10:52] the [1:10:52] solar [1:10:52] okay [1:10:53] that's [1:10:56] number [1:10:56] one [1:10:56] but [1:10:57] again [1:10:57] I'm [1:10:58] just [1:10:58] giving [1:10:58] without [1:10:59] thinking [1:11:00] about [1:11:00] this [1:11:01] deeply [1:11:01] second [1:11:04] is [1:11:05] that [1:11:05] where [1:11:05] we [1:11:05] can [1:11:06] now [1:11:06] participate [1:11:06] so [1:11:07] pag [1:11:08] ginawa [1:11:08] po [1:11:08] ng [1:11:08] banko [1:11:08] yan [1:11:09] at [1:11:10] maging [1:11:10] successful [1:11:11] po [1:11:11] sila [1:11:11] magkaka [1:11:12] ngayon [1:11:12] po [1:11:12] sila [1:11:12] ng [1:11:13] isang [1:11:14] of [1:11:15] receivables [1:11:18] coming [1:11:19] from [1:11:19] green [1:11:19] energy [1:11:20] right [1:11:21] or [1:11:21] green [1:11:22] lease [1:11:22] let's [1:11:23] call it [1:11:23] a [1:11:23] green [1:11:24] lease [1:11:24] for [1:11:24] example [1:11:24] that's [1:11:25] a [1:11:25] very [1:11:25] valuable [1:11:26] portfolio [1:11:27] that's [1:11:28] where [1:11:28] we [1:11:29] can [1:11:29] perhaps [1:11:29] come [1:11:29] in [1:11:30] and [1:11:30] put [1:11:30] in [1:11:30] our [1:11:30] excess [1:11:31] capital [1:11:31] so [1:11:33] that's [1:11:34] probably [1:11:34] how [1:11:34] we [1:11:35] can [1:11:35] participate [1:11:35] but [1:11:36] we [1:11:36] will [1:11:36] have [1:11:36] to [1:11:36] use [1:11:37] the [1:11:37] skills [1:11:38] that's [1:11:38] already [1:11:38] sitting [1:11:39] in [1:11:39] the [1:11:39] banks [1:11:39] to [1:11:41] be [1:11:41] able [1:11:41] to [1:11:41] reach [1:11:41] out [1:11:41] to [1:11:42] the [1:11:42] consumer [1:11:42] but [1:11:43] not [1:11:43] us [1:11:43] directly [1:11:44] ma'am [1:11:44] Mr. Chair [1:11:49] I have [1:11:49] mentioned [1:11:50] last hearing [1:11:50] the need [1:11:51] to scale [1:11:51] up our [1:11:52] implementation [1:11:53] of the [1:11:53] Renewable [1:11:54] Energy [1:11:54] Act [1:11:55] which [1:11:55] has [1:11:55] passed [1:11:56] 20 [1:11:56] years [1:11:57] ago [1:11:57] we [1:11:58] are [1:11:58] in [1:11:58] the [1:11:58] same [1:11:58] position [1:11:59] as [1:11:59] we [1:11:59] were [1:12:00] 20 [1:12:00] years [1:12:01] ago [1:12:01] during [1:12:01] the [1:12:02] US [1:12:02] Iraq [1:12:02] war [1:12:03] I [1:12:03] hope [1:12:03] and [1:12:04] pray [1:12:04] that [1:12:04] we [1:12:04] will [1:12:04] not [1:12:05] find [1:12:05] ourselves [1:12:05] in [1:12:06] the [1:12:06] same [1:12:06] position [1:12:06] 20 [1:12:07] years [1:12:08] from [1:12:08] now [1:12:08] so [1:12:09] as [1:12:09] a [1:12:09] nation [1:12:09] we [1:12:10] really [1:12:10] need [1:12:10] to [1:12:10] seriously [1:12:11] learn [1:12:11] our [1:12:12] lessons [1:12:12] today [1:12:12] para [1:12:13] hindi [1:12:13] po [1:12:13] tayo [1:12:14] paulit [1:12:14] ulit [1:12:14] maraming [1:12:15] salamat [1:12:16] po [1:12:16] sa [1:12:16] MIC [1:12:17] panghuli [1:12:17] na [1:12:18] lamang [1:12:18] po [1:12:18] manifestation [1:12:19] Mr. Chair [1:12:19] if I may [1:12:20] be allowed [1:12:20] to [1:12:21] Mr. Chair [1:12:22] malinaw [1:12:24] ang panawagan [1:12:24] sa atin [1:12:25] ng panahon [1:12:26] paano [1:12:26] gagamitin [1:12:27] ang ating [1:12:27] kakayahan [1:12:28] at mga [1:12:28] pondo [1:12:29] para [1:12:29] maibsan [1:12:30] ang hirap [1:12:30] ng [1:12:31] taong [1:12:31] bayan [1:12:32] ang [1:12:32] maharlica [1:12:33] fund [1:12:33] ay pera [1:12:33] ng [1:12:34] taong [1:12:34] bayan [1:12:34] hindi [1:12:35] pwedeng [1:12:35] malugi [1:12:35] hindi [1:12:36] pwedeng [1:12:37] masayang [1:12:37] every [1:12:38] peso [1:12:38] must [1:12:39] earn [1:12:39] while [1:12:39] it [1:12:40] protects [1:12:40] kung [1:12:41] tama [1:12:41] ang [1:12:42] pamahala [1:12:42] maharlica [1:12:43] funds [1:12:43] can [1:12:44] be [1:12:44] both [1:12:44] a [1:12:44] shield [1:12:44] and [1:12:45] seed [1:12:46] kalasag [1:12:47] laban [1:12:47] sa [1:12:47] krisis [1:12:48] binhi [1:12:49] ng [1:12:49] pagmatagalang [1:12:50] katatagan [1:12:50] pero [1:12:51] kung [1:12:51] mali [1:12:52] magiging [1:12:52] dagdag [1:12:53] ito [1:12:53] sa [1:12:53] kawalan [1:12:53] ng [1:12:54] tiwala [1:12:54] sa [1:12:54] ating [1:12:55] pamahalaan [1:12:55] at [1:12:55] lalong [1:12:56] paghihirap [1:12:56] ng [1:12:56] taong [1:12:57] bayan [1:12:57] kaya [1:12:58] ang [1:12:58] panawagan [1:12:59] po [1:12:59] siguraduhin [1:13:00] natin [1:13:00] na [1:13:00] ang [1:13:01] maharlica [1:13:01] funds [1:13:01] ay [1:13:02] ginagamit [1:13:02] ng [1:13:02] matalino [1:13:03] pinamahalaan [1:13:04] ng [1:13:04] tapat [1:13:05] at [1:13:05] ibinabalik [1:13:06] ang [1:13:06] binipisyo [1:13:07] sa [1:13:07] mamamayan [1:13:08] at [1:13:09] pangmatagalang [1:13:11] kaularan [1:13:12] maraming [1:13:12] maraming [1:13:12] salamat po [1:13:13] maraming [1:13:14] salamat po [1:13:15] we now [1:13:16] call on [1:13:17] the [1:13:17] from the [1:13:18] majority [1:13:19] the [1:13:19] honorable [1:13:20] kong [1:13:20] arthur [1:13:21] yup [1:13:21] mr. [1:13:22] chair [1:13:22] before [1:13:23] we pass [1:13:24] the mic [1:13:24] to kong [1:13:25] arthur [1:13:25] we'd like [1:13:25] to [1:13:25] acknowledge [1:13:26] other [1:13:26] members [1:13:26] who [1:13:27] are [1:13:27] present [1:13:27] representative [1:13:28] lord [1:13:28] and [1:13:28] suwan [1:13:29] of [1:13:29] cagayan [1:13:29] de [1:13:29] oro [1:13:29] chairman [1:13:30] of [1:13:30] public [1:13:31] information [1:13:31] committee [1:13:32] and of [1:13:34] christopherson [1:13:35] koko [1:13:36] yap [1:13:36] of [1:13:36] second [1:13:36] district [1:13:37] of [1:13:37] southern [1:13:37] leite [1:13:38] thank you [1:13:44] chairman [1:13:44] magandag [1:13:45] umaga [1:13:46] po [1:13:46] sa lahat [1:13:46] at [1:13:47] sa mga [1:13:47] resource [1:13:48] persons [1:13:48] natin [1:13:49] sa [1:13:49] maharlika [1:13:50] sa [1:13:51] MIC [1:13:52] po [1:13:52] good [1:13:53] morning [1:13:53] to [1:13:53] the [1:13:54] executive [1:13:55] director [1:13:56] si [1:13:56] joel [1:13:56] consing [1:13:57] sir [1:13:59] yung [1:14:00] department [1:14:02] of [1:14:02] agriculture [1:14:02] nung [1:14:03] isang [1:14:03] gabi [1:14:03] is [1:14:05] leading [1:14:05] the [1:14:05] way [1:14:06] in [1:14:06] looking [1:14:06] for [1:14:07] commercial [1:14:07] private [1:14:08] sector [1:14:08] solutions [1:14:09] na [1:14:09] mapondohan [1:14:09] yung [1:14:10] farmers [1:14:10] kasi [1:14:10] yung [1:14:11] delikado [1:14:11] like [1:14:12] for [1:14:12] example [1:14:12] yung [1:14:13] urea [1:14:13] sumipa [1:14:14] na po [1:14:14] ng [1:14:14] 60% [1:14:15] yung [1:14:16] presyo [1:14:17] ng [1:14:17] fertilizers [1:14:18] at [1:14:18] humihingi [1:14:18] sila [1:14:19] ng [1:14:19] tulong [1:14:19] dito [1:14:19] recognition [1:14:21] ng [1:14:21] lahat [1:14:21] na [1:14:22] we [1:14:22] are [1:14:22] trying [1:14:23] to [1:14:23] find [1:14:23] and [1:14:24] source [1:14:24] the [1:14:24] funds [1:14:24] billions [1:14:25] and [1:14:25] billions [1:14:26] are [1:14:26] needed [1:14:26] by [1:14:26] the [1:14:26] many [1:14:27] agencies [1:14:27] who [1:14:27] are [1:14:28] here [1:14:28] ngayon [1:14:29] ang [1:14:29] danger [1:14:29] sa [1:14:30] agri [1:14:30] pag [1:14:30] masyadong [1:14:31] mataas [1:14:31] yung [1:14:32] fertilizers [1:14:32] yung [1:14:33] mga [1:14:33] farmers [1:14:33] they [1:14:34] stay [1:14:34] away [1:14:34] from [1:14:35] using [1:14:35] it [1:14:35] if [1:14:36] they [1:14:36] stay [1:14:36] away [1:14:36] from [1:14:37] using [1:14:37] it [1:14:37] dun [1:14:37] sa [1:14:38] panahon [1:14:38] ng [1:14:38] main [1:14:38] planting [1:14:39] natin [1:14:39] tatamaan [1:14:40] yung [1:14:40] yield [1:14:40] natin [1:14:41] at [1:14:41] yung [1:14:41] income [1:14:41] nila [1:14:42] so [1:14:42] that [1:14:42] means [1:14:43] yung [1:14:43] ini-import [1:14:43] natin [1:14:44] ngayon [1:14:44] na [1:14:44] 4 [1:14:44] million [1:14:45] metric [1:14:45] tons [1:14:45] baka [1:14:45] maging [1:14:46] 6 [1:14:46] to [1:14:46] 7 [1:14:46] million [1:14:47] metric [1:14:47] tons [1:14:47] yan [1:14:47] pagkatapos [1:14:48] ng [1:14:49] main [1:14:49] harvest [1:14:49] natin [1:14:50] but [1:14:50] he [1:14:51] is [1:14:51] leading [1:14:51] the [1:14:51] way [1:14:51] nung [1:14:52] tinanong [1:14:53] ko [1:14:53] sa [1:14:53] kanya [1:14:53] kung [1:14:54] ano [1:14:54] yung [1:14:54] financial [1:14:57] solution [1:14:58] na [1:14:59] pinag-iisipan [1:15:00] nila [1:15:00] sa [1:15:00] Department [1:15:00] of [1:15:01] Agriculture [1:15:01] outside [1:15:02] of a [1:15:02] subsidy [1:15:03] outside [1:15:03] of a [1:15:04] grant [1:15:04] outside [1:15:05] of a [1:15:05] GAA [1:15:05] line [1:15:06] item [1:15:07] there [1:15:07] sabi [1:15:08] niya [1:15:08] yung [1:15:10] Agricultural [1:15:11] Credit [1:15:11] Policy [1:15:11] Council [1:15:12] may [1:15:12] pondo [1:15:13] yun [1:15:13] they're [1:15:14] setting [1:15:14] it [1:15:14] aside [1:15:14] as [1:15:16] a [1:15:16] escrow [1:15:17] facility [1:15:18] to [1:15:19] do [1:15:20] and [1:15:22] design [1:15:22] it [1:15:22] as [1:15:22] a [1:15:23] restructure [1:15:23] para [1:15:24] yung [1:15:24] magpapahiram [1:15:25] po [1:15:25] ng mga [1:15:26] banko [1:15:26] may [1:15:27] additional [1:15:27] na [1:15:28] tulong [1:15:28] sila [1:15:29] so [1:15:29] sabi [1:15:30] nila [1:15:30] posible [1:15:31] na [1:15:32] first [1:15:32] loss [1:15:33] para [1:15:34] doon [1:15:34] sa [1:15:34] mga [1:15:34] banks [1:15:35] and [1:15:35] international [1:15:36] lenders [1:15:36] na [1:15:38] meron [1:15:38] silang [1:15:38] masasandalan [1:15:39] pwede [1:15:39] yung [1:15:40] Agricultural [1:15:40] Credit [1:15:41] and [1:15:41] Policy [1:15:42] Council [1:15:42] then [1:15:43] iniisip [1:15:44] ko [1:15:44] rin [1:15:44] yung [1:15:44] field [1:15:45] guarantee [1:15:45] meron [1:15:46] pa [1:15:46] silang [1:15:46] unutilized [1:15:47] na [1:15:47] 10 [1:15:47] billion [1:15:48] doon [1:15:49] so [1:15:49] kung [1:15:49] private [1:15:49] ka [1:15:50] na [1:15:50] magpapahiram [1:15:51] ka [1:15:51] may [1:15:51] guarantee [1:15:51] rin [1:15:52] tayo [1:15:52] sa [1:15:52] field [1:15:52] guarantee [1:15:53] possibly [1:15:54] kaya [1:15:55] sir [1:15:55] na [1:15:56] magtabi [1:15:56] yung [1:15:57] maharlica [1:15:59] funds [1:15:59] kasi [1:15:59] hindi [1:16:00] po [1:16:00] namin [1:16:00] hinihingi [1:16:01] na [1:16:01] ipahiram [1:16:02] yung [1:16:02] maharlica [1:16:02] funds [1:16:03] hindi [1:16:04] po [1:16:04] natin [1:16:04] hinihingi [1:16:05] na [1:16:05] yung [1:16:05] maharlica [1:16:06] funds [1:16:06] ibigay [1:16:07] or [1:16:07] i-subsidize [1:16:08] po [1:16:08] yung [1:16:09] ipapahiram [1:16:10] sa ating [1:16:10] rural [1:16:10] credit [1:16:11] sector [1:16:11] ang [1:16:12] sinasabi [1:16:13] lang [1:16:13] natin [1:16:13] na [1:16:14] pag [1:16:14] may [1:16:14] katimbang [1:16:15] yung [1:16:16] ACPC [1:16:17] yung [1:16:17] field [1:16:17] guarantee [1:16:18] dito [1:16:19] sa [1:16:19] risk [1:16:19] transfer [1:16:20] mechanism [1:16:20] na [1:16:20] to [1:16:21] pabagsak [1:16:22] yung [1:16:22] interest [1:16:22] rates [1:16:23] at [1:16:24] nag-research [1:16:25] kami ni [1:16:25] Secretary [1:16:26] Laurel [1:16:26] even [1:16:26] international [1:16:27] debt [1:16:28] funds [1:16:28] are [1:16:28] willing [1:16:28] to [1:16:28] come in [1:16:29] nakausap [1:16:30] niya [1:16:30] at [1:16:30] sinabihan [1:16:31] siya [1:16:31] kami [1:16:32] willing [1:16:32] kami [1:16:32] pumasok [1:16:33] ng [1:16:33] Pilipinas [1:16:33] private [1:16:34] po [1:16:34] kami [1:16:34] ipapahiram [1:16:35] po [1:16:35] namin [1:16:35] commercial [1:16:36] rates [1:16:36] po [1:16:36] to [1:16:37] wala [1:16:38] pong [1:16:38] sweetheart [1:16:39] deal [1:16:40] kikita [1:16:41] po [1:16:41] ang [1:16:42] maharlica [1:16:42] but [1:16:43] yung [1:16:43] leverage [1:16:44] po [1:16:44] yung [1:16:45] piso [1:16:45] nyo [1:16:46] baka [1:16:46] 11 [1:16:47] pesos [1:16:47] po [1:16:47] ang [1:16:48] pwedeng [1:16:48] ipahiram [1:16:49] sa [1:16:49] rural [1:16:49] credit [1:16:49] sector [1:16:50] tinatanong [1:16:51] po [1:16:51] namin [1:16:52] ngayon [1:16:52] yung [1:16:52] maharlica [1:16:53] kaya [1:16:53] nyo [1:16:53] bang [1:16:53] samahan [1:16:54] yung [1:16:54] Department [1:16:55] of [1:16:55] agriculture [1:16:55] ngayon [1:16:56] to [1:16:56] create [1:16:57] this [1:16:57] fence [1:16:59] ring [1:16:59] cap [1:16:59] restructure [1:17:01] mechanism [1:17:02] po [1:17:02] sir [1:17:04] good [1:17:04] morning [1:17:04] po [1:17:04] actually [1:17:05] said [1:17:05] that's [1:17:05] a good [1:17:05] idea [1:17:05] we've [1:17:06] not [1:17:06] had [1:17:07] a [1:17:07] conversation [1:17:07] about [1:17:08] that [1:17:08] but [1:17:08] i'll [1:17:09] be [1:17:09] very [1:17:09] happy [1:17:09] to [1:17:10] reach [1:17:10] out [1:17:10] to [1:17:10] the [1:17:10] secretary [1:17:11] to [1:17:11] begin [1:17:11] a [1:17:12] dialogue [1:17:12] on [1:17:12] this [1:17:13] but [1:17:13] i [1:17:13] think [1:17:13] that's [1:17:13] a [1:17:14] great [1:17:14] idea [1:17:14] sir [1:17:15] as [1:17:15] a [1:17:15] matter [1:17:15] of [1:17:15] fact [1:17:15] it [1:17:15] is [1:17:15] also [1:17:16] a [1:17:16] bit [1:17:16] related [1:17:17] to [1:17:17] my [1:17:17] answer [1:17:17] to [1:17:18] the [1:17:19] question [1:17:19] earlier [1:17:19] on [1:17:19] energy [1:17:20] so [1:17:20] it [1:17:21] is [1:17:21] it's [1:17:21] almost [1:17:21] something [1:17:21] like [1:17:22] this [1:17:22] so [1:17:23] yes [1:17:23] to [1:17:24] support [1:17:24] basically [1:17:24] the [1:17:25] a [1:17:25] guarantee [1:17:26] facility [1:17:27] to be [1:17:27] able to [1:17:28] increase [1:17:28] the [1:17:28] leverage [1:17:29] that might [1:17:30] be [1:17:30] available [1:17:30] yes [1:17:30] sir [1:17:31] we'll [1:17:31] look at [1:17:31] it [1:17:32] and [1:17:32] coordinate [1:17:32] with [1:17:33] secretary [1:17:33] Laurel [1:17:35] we will [1:17:36] send [1:17:37] you the [1:17:38] papers [1:17:38] immediately [1:17:39] thank you [1:17:39] sir [1:17:40] department [1:17:46] of [1:17:46] finance [1:17:47] you [1:17:48] sec [1:17:49] Adriano [1:17:50] you [1:17:50] sit [1:17:51] as [1:17:52] chairman [1:17:53] of [1:17:54] the [1:17:54] land [1:17:54] bank [1:17:55] of [1:17:55] the [1:17:55] philippines [1:17:55] well [1:18:01] through [1:18:01] the [1:18:02] secretary [1:18:04] of [1:18:05] finance [1:18:05] di [1:18:05] ba [1:18:06] si [1:18:06] secretary [1:18:07] go [1:18:07] sits [1:18:07] as [1:18:07] chairman [1:18:08] yes [1:18:09] po [1:18:09] kasi [1:18:10] mr. [1:18:11] chairman [1:18:11] nung last [1:18:11] few [1:18:12] hearings [1:18:12] narinig [1:18:12] natin [1:18:13] yung [1:18:13] oil [1:18:13] companies [1:18:14] nung [1:18:14] ipinapaliwanag [1:18:15] nila [1:18:15] yung [1:18:16] replacement [1:18:16] cost [1:18:17] ang [1:18:17] sinasabi [1:18:18] nila [1:18:18] kaya [1:18:18] namin [1:18:19] sinacharge [1:18:20] yan [1:18:20] ng [1:18:20] ganyan [1:18:20] kasi [1:18:21] pag [1:18:22] hindi [1:18:22] namin [1:18:22] inakyat [1:18:23] yung [1:18:23] presyo [1:18:24] based [1:18:24] on [1:18:25] what's [1:18:26] takbo [1:18:26] ng [1:18:27] presyo [1:18:27] wala [1:18:28] kaming [1:18:28] pambili [1:18:28] ng [1:18:29] bagong [1:18:29] stock [1:18:29] ngayon [1:18:30] posibleng [1:18:31] kaya [1:18:31] sinabi [1:18:32] na rin [1:18:33] ng [1:18:33] banko [1:18:34] central [1:18:34] na [1:18:35] very [1:18:35] strong [1:18:35] naman [1:18:36] yung [1:18:36] liquidity [1:18:36] positions [1:18:37] ng [1:18:37] mga [1:18:37] banks [1:18:37] natin [1:18:38] pwede [1:18:39] bang [1:18:39] mag [1:18:39] syndicate [1:18:40] ng [1:18:40] loan [1:18:40] yung [1:18:40] land [1:18:41] bank [1:18:41] at [1:18:41] saka [1:18:41] DBP [1:18:42] ba't [1:18:42] hindi [1:18:43] nyo [1:18:43] na lang [1:18:43] pungbigyan [1:18:44] ng [1:18:44] isang [1:18:44] long [1:18:44] term [1:18:45] loan [1:18:45] facility [1:18:46] yung [1:18:46] mga [1:18:46] oil [1:18:47] companies [1:18:47] dahil [1:18:48] may [1:18:49] strong [1:18:50] credit [1:18:50] standing [1:18:51] naman [1:18:51] po [1:18:51] yan [1:18:52] kung [1:18:52] pahihiramin [1:18:53] nyo [1:18:53] po [1:18:53] sila [1:18:54] sa [1:18:54] replacement [1:18:54] cost [1:18:55] nila [1:18:55] makakabili [1:18:56] sila [1:18:56] ng [1:18:56] fuel [1:18:56] regardless [1:18:57] of [1:18:57] what [1:18:57] the [1:18:57] price [1:18:58] is [1:18:58] at [1:18:59] maibstan [1:19:00] yung [1:19:00] impact [1:19:00] sa [1:19:01] taong [1:19:02] bayan [1:19:02] kasi [1:19:03] yung [1:19:03] replacement [1:19:03] cost [1:19:04] para [1:19:04] makabili [1:19:05] sila [1:19:06] ang impact [1:19:09] nasa [1:19:09] atin [1:19:09] it's [1:19:10] very [1:19:10] crushing [1:19:10] on [1:19:11] the [1:19:11] people [1:19:11] pero [1:19:12] kung [1:19:12] bibigyan [1:19:13] sila [1:19:13] ng [1:19:13] syndicated [1:19:14] facility [1:19:14] ng [1:19:15] mga [1:19:15] banko [1:19:15] commercial [1:19:16] transaction [1:19:17] to [1:19:17] hindi [1:19:17] tayo [1:19:18] humingi [1:19:18] ng [1:19:18] subsidio [1:19:23] mga [1:19:24] oil [1:19:24] companies [1:19:24] na [1:19:25] bigyan [1:19:25] sila [1:19:25] ng [1:19:25] 10 [1:19:26] years [1:19:26] 15 [1:19:26] years [1:19:27] magbabayad [1:19:28] sila [1:19:28] in that [1:19:29] way [1:19:29] they will [1:19:30] not [1:19:30] take [1:19:31] all [1:19:31] those [1:19:31] price [1:19:32] hikes [1:19:32] and [1:19:33] push [1:19:33] it [1:19:33] to [1:19:33] the [1:19:33] people [1:19:34] and [1:19:34] we [1:19:34] will [1:19:34] be [1:19:35] crushed [1:19:35] under [1:19:35] it [1:19:36] matanggal [1:19:36] natin [1:19:37] yun [1:19:37] possible [1:19:37] kaya [1:19:37] yun [1:19:37] sir [1:19:38] Mr. [1:19:45] Chair [1:19:45] will [1:19:45] discuss [1:19:46] this [1:19:46] with [1:19:46] our [1:19:47] secretary [1:19:47] and [1:19:47] provide [1:19:48] feedback [1:19:48] unfortunately [1:19:50] I [1:19:50] do not [1:19:51] no [1:19:52] representative [1:19:53] from [1:19:53] land [1:19:54] bank [1:19:54] or [1:19:54] DBP [1:19:55] right [1:19:55] now [1:19:55] and [1:19:56] hindi [1:19:56] po [1:19:56] nagsisit [1:19:57] board [1:19:58] po [1:19:59] ng [1:19:59] land [1:19:59] bank [1:19:59] we [1:20:01] will [1:20:01] consult [1:20:02] this [1:20:02] with [1:20:02] our [1:20:02] secretary [1:20:03] I [1:20:07] believe [1:20:07] no [1:20:08] land [1:20:09] bank [1:20:09] and [1:20:09] DBP [1:20:10] representative [1:20:10] in this [1:20:11] hall [1:20:12] right [1:20:12] now [1:20:12] so [1:20:13] we [1:20:13] have [1:20:13] to [1:20:13] consult [1:20:14] this [1:20:14] with [1:20:14] our [1:20:14] secretary [1:20:15] this [1:20:16] is [1:20:16] possible [1:20:17] sir [1:20:17] Mr. [1:20:18] Chairman [1:20:19] last [1:20:19] point [1:20:19] I [1:20:20] see [1:20:20] my [1:20:20] time [1:20:20] has [1:20:21] expired [1:20:21] last [1:20:21] point [1:20:21] Mr. [1:20:22] Chairman [1:20:22] so [1:20:23] salamat [1:20:24] po [1:20:24] please [1:20:24] bring [1:20:25] it [1:20:25] up [1:20:25] to [1:20:26] the [1:20:26] Secretary [1:20:26] of [1:20:27] Finance [1:20:27] on [1:20:28] coming [1:20:28] up [1:20:29] with [1:20:30] the [1:20:30] loan [1:20:31] package [1:20:31] to [1:20:32] lend [1:20:32] our [1:20:32] oil [1:20:32] companies [1:20:33] so [1:20:33] that [1:20:34] when [1:20:34] they [1:20:34] buy [1:20:34] the [1:20:34] replacement [1:20:35] stocks [1:20:36] hindi [1:20:36] po [1:20:37] sa [1:20:37] atin [1:20:37] maipipressure [1:20:39] yung [1:20:39] lahat [1:20:40] ng [1:20:40] prices [1:20:40] na [1:20:40] yun [1:20:41] and [1:20:41] one [1:20:41] final [1:20:42] point [1:20:42] lang [1:20:42] yung [1:20:43] sinasabi [1:20:44] kanina [1:20:44] yung [1:20:44] kung [1:20:45] naririnig [1:20:45] nyo [1:20:45] po [1:20:46] yung [1:20:46] mga [1:20:46] comments [1:20:46] ng [1:20:47] mga [1:20:47] congressman [1:20:48] dito [1:20:48] si [1:20:49] congressman [1:20:49] Rufo [1:20:50] si [1:20:50] congressman [1:20:51] Albi [1:20:51] si [1:20:52] chairman [1:20:53] Jolo [1:20:53] yung [1:20:53] sinasabi [1:20:54] nila [1:20:54] yung [1:20:55] issue [1:20:56] dito [1:20:56] is [1:20:57] the [1:20:58] tax [1:20:58] collections [1:20:59] of [1:20:59] this [1:20:59] country [1:21:00] are [1:21:01] collected [1:21:01] from [1:21:02] the [1:21:02] box [1:21:02] of [1:21:02] ordinary [1:21:03] Filipinos [1:21:04] di ba [1:21:04] Mr. [1:21:04] Chairman [1:21:05] Jolo [1:21:05] from [1:21:06] the [1:21:06] box [1:21:06] of [1:21:07] working [1:21:07] class [1:21:08] Filipinos [1:21:09] dun [1:21:10] po [1:21:10] nang [1:21:10] gagaling [1:21:11] yung [1:21:11] bulto [1:21:11] ng [1:21:12] mga [1:21:12] taxes [1:21:12] na [1:21:13] kinokolekta [1:21:16] natin [1:21:17] pero [1:21:18] sila [1:21:18] po [1:21:18] pumihingi [1:21:20] po [1:21:20] sila [1:21:22] nung [1:21:22] tulong [1:21:22] ngayon [1:21:23] since [1:21:24] they [1:21:24] are [1:21:24] the [1:21:24] ones [1:21:25] who [1:21:25] are [1:21:25] also [1:21:26] directly [1:21:27] from [1:21:27] their [1:21:28] salaries [1:21:28] they're [1:21:28] paying [1:21:28] 10% [1:21:29] of [1:21:29] all [1:21:29] the [1:21:30] tax [1:21:30] collections [1:21:30] pero [1:21:31] from [1:21:32] the [1:21:33] amount [1:21:33] of [1:21:33] bat [1:21:33] and [1:21:34] excise [1:21:34] taxes [1:21:34] that [1:21:35] they pay [1:21:35] they pay [1:21:36] a bigger [1:21:37] bulk [1:21:37] na humihingi [1:21:39] sila [1:21:39] ng tulong [1:21:40] dito [1:21:41] ngayon [1:21:41] ngayon [1:21:42] ngayon [1:21:42] isang [1:21:43] concern [1:21:43] na binulong [1:21:44] sa akin [1:21:44] ni [1:21:45] congressman [1:21:46] na [1:21:46] ni [1:21:47] Manong [1:21:47] Rufus [1:21:48] ang aming [1:21:49] dekano [1:21:49] dito [1:21:49] yung [1:21:50] speed [1:21:51] of [1:21:51] implementation [1:21:52] paano [1:21:53] natin [1:21:53] gagawin [1:21:54] yun [1:21:54] yung [1:21:55] friction [1:21:55] cost [1:21:56] kaya [1:21:57] nga [1:21:57] ito [1:21:57] yung [1:21:57] sinasabi [1:21:59] natin [1:21:59] yung [1:22:00] administrative [1:22:01] system [1:22:02] ng [1:22:02] electric [1:22:03] bills [1:22:03] po [1:22:03] there are [1:22:05] 27 [1:22:05] million [1:22:06] families [1:22:06] 25 [1:22:07] million [1:22:07] po [1:22:08] nagbabayad [1:22:08] po yan [1:22:09] ng [1:22:09] electric [1:22:10] bill [1:22:10] nila [1:22:10] rather than [1:22:12] talk to [1:22:12] millions [1:22:13] and millions [1:22:13] o filipinos [1:22:14] o filipinos [1:22:14] palilista [1:22:15] nyo pa [1:22:15] pahihintayin [1:22:16] pa natin [1:22:17] sa linya [1:22:17] hindi [1:22:18] kaya [1:22:19] pwede [1:22:19] na [1:22:19] we use [1:22:21] and talk [1:22:21] to [1:22:22] 121 [1:22:24] power [1:22:25] co-ops [1:22:25] na lang [1:22:26] kung magbibigay [1:22:27] kayo [1:22:27] ng [1:22:27] 2,000 [1:22:28] na [1:22:28] subsidio [1:22:29] sa [1:22:29] electric [1:22:31] bills [1:22:31] nila [1:22:32] diretsyo [1:22:32] pa [1:22:32] po [1:22:33] sa [1:22:33] pamilya [1:22:34] at [1:22:34] least [1:22:35] maiibsan [1:22:35] po [1:22:36] yung [1:22:36] friction [1:22:36] cost [1:22:37] ibigay [1:22:38] nyo [1:22:38] talk [1:22:39] to [1:22:39] 121 [1:22:40] power [1:22:40] co-ops [1:22:41] at makikita [1:22:42] natin [1:22:43] doon [1:22:43] kasi [1:22:43] yung [1:22:44] nangangailangan [1:22:45] ng tulong [1:22:45] nasa [1:22:46] 250 to [1:22:47] 300 [1:22:48] kilowatt [1:22:48] hour [1:22:49] ang binabayaran [1:22:50] po niyang [1:22:50] monthly [1:22:51] electricity [1:22:51] nasa [1:22:52] 2,000 [1:22:53] pesos [1:22:53] to [1:22:53] 3,000 [1:22:54] pesos [1:22:54] yun [1:22:55] ang alam [1:22:55] natin [1:22:56] nangangailangan [1:22:56] ng tulong [1:22:57] dahil [1:22:57] kung may [1:22:57] kaya [1:22:58] pa yung [1:22:58] taong [1:22:58] yun [1:22:59] wala [1:22:59] siya [1:23:00] sa [1:23:00] 2,000 [1:23:00] to [1:23:00] 3,000 [1:23:01] nagbabayad [1:23:01] yun [1:23:01] ng [1:23:01] 4,000 [1:23:02] 5,000 [1:23:02] 6,000 [1:23:02] 7,000 [1:23:03] 8,000 [1:23:03] sa [1:23:03] kuryente [1:23:04] pero [1:23:05] alam [1:23:05] yung [1:23:05] nagbabayad [1:23:06] based on [1:23:07] the [1:23:07] Family [1:23:07] Household [1:23:08] Income [1:23:08] Survey [1:23:09] for [1:23:09] Power [1:23:10] yung [1:23:10] nagbabayad [1:23:11] po [1:23:11] ng [1:23:11] 3,000 [1:23:12] those [1:23:12] are [1:23:13] the [1:23:13] working [1:23:13] class [1:23:13] Filipinos [1:23:14] that [1:23:14] need [1:23:14] our [1:23:15] health [1:23:15] so [1:23:16] rather than [1:23:17] palista [1:23:17] pa natin [1:23:17] sila [1:23:18] or [1:23:18] palinyahin [1:23:19] pa natin [1:23:19] sila [1:23:20] the [1:23:20] administrative [1:23:21] structure [1:23:22] of their [1:23:23] electric [1:23:23] billing [1:23:23] is already [1:23:24] there [1:23:24] nandun [1:23:25] na po [1:23:25] yun [1:23:25] pati [1:23:26] hindi [1:23:26] nyo [1:23:26] nalang [1:23:27] ibigay [1:23:27] yung [1:23:27] 2,000 [1:23:28] sa [1:23:28] electric [1:23:28] billing [1:23:29] nila [1:23:29] makikita [1:23:29] ng [1:23:29] Filipino [1:23:30] Family [1:23:30] nabawasan [1:23:31] ako [1:23:31] dito [1:23:31] yun [1:23:32] na yung [1:23:32] ayuda [1:23:32] diretsyon [1:23:33] na po [1:23:33] sa [1:23:33] kanila [1:23:33] at [1:23:34] mata-target [1:23:35] pa natin [1:23:36] yung gusto [1:23:36] nating [1:23:36] ma-target [1:23:37] I wonder [1:23:38] lang [1:23:38] kung [1:23:38] na-discuss [1:23:39] na po [1:23:39] ito [1:23:40] sa [1:23:40] DBCC [1:23:41] natin [1:23:41] or [1:23:42] na-suggest [1:23:42] na sa [1:23:42] Presidente [1:23:43] natin [1:23:45] That was a [1:23:51] rhetorical [1:23:52] question [1:23:52] just take [1:23:54] note [1:23:54] of those [1:23:54] important [1:23:55] points [1:23:55] may we [1:23:57] now call [1:23:57] on our [1:23:58] from [1:23:58] the [1:23:58] minority [1:23:59] our [1:23:59] senior [1:24:00] deputy [1:24:00] minority [1:24:00] leader [1:24:01] the [1:24:01] Honorable [1:24:02] Lila [1:24:03] Delima [1:24:03] You have [1:24:04] the [1:24:04] floor [1:24:05] Thank you very [1:24:05] much [1:24:06] Mr. [1:24:06] Chair [1:24:06] Magandang [1:24:07] umaga po [1:24:07] sa ating [1:24:08] lahat [1:24:08] Gusto ko pong [1:24:10] magtanong [1:24:10] tungkol sa [1:24:11] Maharlika [1:24:11] I'm not [1:24:13] sure if [1:24:13] any [1:24:13] briefing [1:24:14] on this [1:24:14] subject [1:24:15] has been [1:24:15] made [1:24:16] already [1:24:16] but [1:24:16] I'd [1:24:17] like [1:24:17] to [1:24:17] focus [1:24:18] on [1:24:19] this [1:24:19] A few [1:24:20] questions [1:24:20] lang po [1:24:21] And [1:24:21] sino [1:24:22] po ba [1:24:22] ang [1:24:22] pwedeng [1:24:23] sumagot [1:24:23] dito [1:24:23] Yes [1:24:24] sir [1:24:25] Thank [1:24:25] you [1:24:26] Okay [1:24:27] I'm [1:24:28] wondering [1:24:29] that [1:24:29] given [1:24:30] the [1:24:30] ongoing [1:24:30] oil [1:24:31] price [1:24:32] crisis [1:24:32] and [1:24:33] the [1:24:34] oil [1:24:35] shocks [1:24:35] and [1:24:36] the [1:24:36] response [1:24:38] under [1:24:39] executive [1:24:40] order [1:24:41] 110 [1:24:42] Is it [1:24:50] are you [1:24:51] a [1:24:51] crisis [1:24:52] response [1:24:53] vehicle [1:24:54] or [1:24:55] instrument [1:24:55] na [1:24:55] kaya [1:24:56] magpababa [1:24:56] ng [1:24:57] fuel [1:24:57] prices [1:24:58] or [1:24:58] just [1:24:59] purely [1:24:59] an [1:24:59] investment [1:25:00] vehicle [1:25:01] Good [1:25:04] morning [1:25:04] ma'am [1:25:04] Thank [1:25:05] you [1:25:05] for [1:25:05] the [1:25:05] question [1:25:06] Incidentally [1:25:08] we [1:25:09] believe [1:25:09] that [1:25:10] our [1:25:11] role [1:25:11] here [1:25:12] is [1:25:12] to [1:25:12] institute [1:25:13] like [1:25:15] what [1:25:15] I [1:25:15] said [1:25:15] earlier [1:25:15] short [1:25:16] long [1:25:17] intermediate [1:25:17] and [1:25:18] long [1:25:18] term [1:25:18] solutions [1:25:19] hopefully [1:25:20] that [1:25:21] would [1:25:21] be [1:25:21] able [1:25:21] to [1:25:21] respond [1:25:21] to [1:25:22] different [1:25:22] aspects [1:25:22] of [1:25:23] the [1:25:23] crisis [1:25:23] that [1:25:23] we're [1:25:24] currently [1:25:24] on [1:25:24] that [1:25:24] are [1:25:25] currently [1:25:25] ongoing [1:25:25] I'm [1:25:29] interested [1:25:29] about [1:25:29] the [1:25:30] short [1:25:30] term [1:25:30] because [1:25:32] we're [1:25:32] talking [1:25:32] here [1:25:32] about [1:25:33] urgent [1:25:33] interventions [1:25:34] we [1:25:34] need [1:25:35] to [1:25:35] do [1:25:35] things [1:25:35] now [1:25:36] so [1:25:36] on [1:25:36] the [1:25:37] part [1:25:37] of [1:25:37] the [1:25:37] Maharlika [1:25:38] what [1:25:38] short [1:25:39] term [1:25:39] in [1:25:39] specific [1:25:40] reference [1:25:41] to [1:25:41] the [1:25:41] crisis [1:25:41] that [1:25:42] we're [1:25:42] having [1:25:43] so [1:25:44] at [1:25:44] the [1:25:44] moment [1:25:44] we're [1:25:45] having [1:25:45] conversations [1:25:45] with [1:25:46] a few [1:25:47] distributors [1:25:49] for a [1:25:50] working capital [1:25:51] facility [1:25:52] that we [1:25:52] can [1:25:52] immediately [1:25:53] respond [1:25:53] to [1:25:53] many [1:25:57] of [1:25:57] these [1:25:58] fuel [1:25:58] retailers [1:25:58] might [1:25:59] not [1:25:59] be [1:25:59] able [1:25:59] to [1:26:00] fill [1:26:00] up [1:26:00] their [1:26:01] storage [1:26:01] because [1:26:01] of [1:26:02] the [1:26:02] lack [1:26:02] of [1:26:02] working [1:26:02] capital [1:26:03] because [1:26:03] the [1:26:04] reality [1:26:04] ma'am [1:26:04] is [1:26:04] that [1:26:05] if [1:26:05] they [1:26:06] want [1:26:06] to [1:26:06] be [1:26:06] able [1:26:06] to [1:26:07] return [1:26:07] sir [1:26:08] can [1:26:09] I [1:26:09] just [1:26:09] butt [1:26:10] in [1:26:10] again [1:26:10] can [1:26:11] is [1:26:11] it [1:26:11] not [1:26:12] possible [1:26:12] for [1:26:12] you [1:26:12] to [1:26:13] speak [1:26:13] without [1:26:13] the [1:26:13] mask [1:26:14] or [1:26:15] is [1:26:15] necessary [1:26:16] for [1:26:16] you [1:26:16] to [1:26:16] wear [1:26:16] their [1:26:17] mask [1:26:17] because [1:26:17] there are [1:26:18] words [1:26:18] that [1:26:19] are [1:26:19] hard to [1:26:21] understand [1:26:21] in [1:26:32] so [1:26:33] ma'am [1:26:34] in [1:26:34] reference [1:26:35] to [1:26:35] the [1:26:36] immediate [1:26:36] response [1:26:37] that [1:26:38] we've [1:26:38] done [1:26:38] relating [1:26:39] to [1:26:39] the [1:26:40] current [1:26:40] crisis [1:26:41] is [1:26:42] by [1:26:42] putting [1:26:42] together [1:26:43] a [1:26:43] working [1:26:43] capital [1:26:44] facility [1:26:44] for [1:26:46] certain [1:26:46] fuel [1:26:48] retailers [1:26:49] working [1:26:50] capital [1:26:50] yes [1:26:51] ma'am [1:26:51] and [1:26:51] the [1:26:52] reason [1:26:52] why [1:26:53] that [1:26:53] is [1:26:53] the [1:26:54] response [1:26:54] is [1:26:55] it [1:26:56] is [1:26:56] what [1:26:56] we [1:26:56] can [1:26:56] immediately [1:26:57] or [1:26:58] respond [1:26:58] to [1:26:59] fastest [1:26:59] okay [1:27:00] now [1:27:01] and [1:27:01] you [1:27:02] would [1:27:02] have [1:27:02] available [1:27:03] mechanisms [1:27:03] for [1:27:04] that [1:27:04] yes [1:27:05] ma'am [1:27:05] we [1:27:05] already [1:27:05] have [1:27:06] trying [1:27:06] to [1:27:06] reduce [1:27:07] oil [1:27:07] prices [1:27:07] based [1:27:08] on [1:27:08] the [1:27:08] working [1:27:09] capital [1:27:09] that [1:27:10] you [1:27:10] will [1:27:10] be [1:27:10] providing [1:27:11] so [1:27:11] you [1:27:12] will [1:27:12] be [1:27:12] diverting [1:27:13] certain [1:27:14] of [1:27:14] your [1:27:14] original [1:27:14] plans [1:27:15] or [1:27:15] original [1:27:16] targets [1:27:16] to [1:27:17] be [1:27:17] able [1:27:17] to [1:27:18] help [1:27:18] out [1:27:18] actually [1:27:19] no [1:27:19] ma'am [1:27:20] it [1:27:20] remains [1:27:21] part [1:27:22] of [1:27:22] the [1:27:23] energy [1:27:23] of [1:27:24] the [1:27:24] it [1:27:27] remains [1:27:27] part [1:27:27] of [1:27:28] the [1:27:28] energy [1:27:28] strategy [1:27:29] ma'am [1:27:29] so [1:27:30] as [1:27:30] I've [1:27:30] explained [1:27:31] earlier [1:27:31] we [1:27:33] are [1:27:33] basically [1:27:33] looking [1:27:34] at [1:27:34] from [1:27:35] the [1:27:35] perspective [1:27:35] of [1:27:36] national [1:27:36] resilience [1:27:37] we [1:27:38] are [1:27:38] focused [1:27:38] on [1:27:39] three [1:27:39] things [1:27:39] so [1:27:40] energy [1:27:41] agriculture [1:27:42] and [1:27:43] logistics [1:27:44] in [1:27:45] respect [1:27:45] of [1:27:46] energy [1:27:46] the [1:27:47] immediate [1:27:48] response [1:27:48] that [1:27:49] we're [1:27:49] implementing [1:27:50] is [1:27:51] the [1:27:51] provision [1:27:52] of [1:27:52] a [1:27:52] working [1:27:52] capital [1:27:53] which [1:27:54] is [1:27:54] well [1:27:54] within [1:27:55] our [1:27:55] existing [1:27:56] mandate [1:27:56] ma'am [1:27:57] so [1:27:57] therefore [1:27:58] we are [1:27:59] not [1:27:59] diverting [1:28:00] you're [1:28:01] not [1:28:01] really [1:28:01] diverting [1:28:02] rather [1:28:02] we are [1:28:03] sharpening [1:28:03] the [1:28:04] strategy [1:28:05] because [1:28:05] I must [1:28:06] admit [1:28:06] and I've [1:28:07] said [1:28:07] this [1:28:07] earlier [1:28:07] also [1:28:08] that [1:28:08] I must [1:28:09] admit [1:28:09] we did [1:28:09] not [1:28:10] anticipate [1:28:10] a potential [1:28:11] shortage [1:28:12] of [1:28:12] fuel [1:28:12] when we [1:28:13] were doing [1:28:14] our [1:28:14] original [1:28:14] plans [1:28:15] so [1:28:15] that's [1:28:15] for [1:28:15] energy [1:28:16] yes [1:28:17] ma'am [1:28:17] agriculture [1:28:18] we're [1:28:20] looking [1:28:21] at [1:28:21] certain [1:28:21] companies [1:28:22] who [1:28:22] have [1:28:22] got [1:28:23] some [1:28:23] export [1:28:24] potential [1:28:25] scaling [1:28:26] up [1:28:26] their [1:28:26] exports [1:28:27] so [1:28:27] these [1:28:27] are [1:28:28] the [1:28:28] companies [1:28:28] that [1:28:28] we're [1:28:28] currently [1:28:29] studying [1:28:29] for a [1:28:30] possible [1:28:31] investment [1:28:31] in [1:28:32] better [1:28:32] okay [1:28:33] go [1:28:33] ahead [1:28:34] any [1:28:34] other [1:28:34] sector [1:28:36] and [1:28:36] the [1:28:37] third [1:28:39] is [1:28:39] logistics [1:28:40] because [1:28:41] over [1:28:41] time [1:28:42] what [1:28:42] we [1:28:42] want [1:28:42] to [1:28:43] be [1:28:43] able [1:28:43] to [1:28:43] do [1:28:43] is [1:28:44] to [1:28:45] be [1:28:45] able [1:28:45] to [1:28:45] reduce [1:28:45] the [1:28:46] cost [1:28:46] of [1:28:46] movement [1:28:47] of [1:28:47] people [1:28:47] and [1:28:48] goods [1:28:49] over [1:28:49] time [1:28:50] so [1:28:51] ito [1:28:51] po [1:28:51] yung [1:28:51] ating [1:28:52] three [1:28:52] what [1:28:52] is [1:28:52] the [1:28:53] realistic [1:28:53] timeline [1:28:53] for [1:28:54] this [1:28:54] okay [1:28:55] ma'am [1:28:55] in [1:28:56] so [1:28:56] far [1:28:56] as [1:28:57] the [1:28:57] immediate [1:28:58] response [1:29:00] is [1:29:01] concerned [1:29:01] I [1:29:02] would [1:29:02] say [1:29:02] we're [1:29:03] going [1:29:03] to [1:29:03] the [1:29:03] investment [1:29:04] committee [1:29:04] soon [1:29:05] maybe [1:29:06] in [1:29:06] about [1:29:06] 30 [1:29:07] to [1:29:07] 45 [1:29:07] days [1:29:08] we [1:29:09] should [1:29:09] have [1:29:09] been [1:29:09] able [1:29:10] to [1:29:10] release [1:29:10] already [1:29:11] working [1:29:11] capital [1:29:12] facility [1:29:12] that's [1:29:13] number [1:29:13] one [1:29:13] ma'am [1:29:14] number [1:29:14] two [1:29:15] in [1:29:15] so [1:29:16] far [1:29:16] as [1:29:16] also [1:29:16] part [1:29:17] of [1:29:17] energy [1:29:17] we [1:29:19] should [1:29:19] be [1:29:19] able [1:29:19] to [1:29:20] sign [1:29:20] an [1:29:20] agreement [1:29:20] with [1:29:21] the [1:29:21] national [1:29:22] power [1:29:23] corporation [1:29:23] for [1:29:24] the [1:29:25] acquisition [1:29:25] of [1:29:25] their [1:29:26] transmission [1:29:27] loop [1:29:27] in [1:29:28] Mindoro [1:29:28] which [1:29:29] we [1:29:29] will [1:29:29] then [1:29:29] invest [1:29:30] in [1:29:30] and [1:29:30] upgrade [1:29:30] we [1:29:31] are [1:29:31] hoping [1:29:32] to [1:29:32] buy [1:29:32] that [1:29:32] to [1:29:33] conclude [1:29:33] the [1:29:34] transaction [1:29:34] by [1:29:35] end [1:29:36] of [1:29:36] June [1:29:37] and [1:29:37] then [1:29:37] immediately [1:29:38] undertake [1:29:39] the [1:29:39] capital [1:29:39] expenditure [1:29:40] to [1:29:40] upgrade [1:29:40] it [1:29:41] ma'am [1:29:41] so [1:29:42] I [1:29:42] think [1:29:42] that [1:29:42] would [1:29:42] probably [1:29:43] be [1:29:43] over [1:29:43] a [1:29:43] period [1:29:44] of [1:29:44] about [1:29:44] a [1:29:44] year [1:29:44] and [1:29:44] a [1:29:44] half [1:29:45] to [1:29:45] about [1:29:45] two [1:29:45] years [1:29:46] of [1:29:46] upgrading [1:29:47] the [1:29:47] entire [1:29:48] electricity [1:29:49] infrastructure [1:29:49] in [1:29:49] Mindoro [1:29:50] and [1:29:50] so [1:29:50] we [1:29:51] are [1:29:51] confident [1:29:52] enough [1:29:52] to [1:29:53] say [1:29:53] that [1:29:54] in [1:29:55] the [1:29:56] immediate [1:29:56] term [1:29:56] yes [1:29:57] there [1:29:58] would [1:29:58] be [1:29:58] some [1:29:59] material [1:29:59] effect [1:30:00] on [1:30:01] the [1:30:03] those [1:30:03] interventions [1:30:04] energy [1:30:05] agriculture [1:30:06] and [1:30:06] export [1:30:07] logistics [1:30:07] because [1:30:08] the [1:30:08] real [1:30:08] focus [1:30:09] here [1:30:09] is [1:30:09] how [1:30:09] we [1:30:10] will [1:30:10] lower [1:30:12] fuel [1:30:14] prices [1:30:14] now [1:30:15] those [1:30:15] interventions [1:30:16] of [1:30:16] Maharlika [1:30:17] those [1:30:17] working [1:30:18] capital [1:30:18] would [1:30:19] have [1:30:19] positive [1:30:20] impact [1:30:21] in [1:30:21] the [1:30:21] immediate [1:30:22] term [1:30:22] in [1:30:23] my [1:30:23] opinion [1:30:24] ma'am [1:30:24] in [1:30:24] my [1:30:24] opinion [1:30:25] in [1:30:26] so [1:30:26] far [1:30:26] as [1:30:26] the [1:30:27] short [1:30:28] term [1:30:28] solution [1:30:29] is [1:30:29] concerned [1:30:30] it [1:30:31] will [1:30:32] more [1:30:32] it [1:30:33] will [1:30:33] more [1:30:33] respond [1:30:34] to [1:30:34] supply [1:30:35] yes [1:30:37] ma'am [1:30:37] because [1:30:37] the [1:30:39] retailers [1:30:39] would [1:30:40] have [1:30:40] to [1:30:41] buy [1:30:41] it [1:30:41] at [1:30:41] market [1:30:42] so [1:30:42] at [1:30:43] least [1:30:43] that's [1:30:43] what [1:30:43] we're [1:30:44] aiming [1:30:44] for [1:30:45] so [1:30:45] are [1:30:45] we [1:30:45] telling [1:30:45] us [1:30:46] that [1:30:46] would [1:30:49] be [1:30:49] the [1:30:49] supply [1:30:50] side [1:30:50] in [1:30:52] my [1:30:52] opinion [1:30:53] yes [1:30:54] ma'am [1:30:55] not [1:30:55] really [1:30:55] the [1:30:55] price [1:30:56] volatility [1:30:57] the [1:30:57] price [1:30:58] volatility [1:30:59] supply [1:31:02] only [1:31:03] in [1:31:03] so [1:31:03] far [1:31:03] as [1:31:03] their [1:31:04] financing [1:31:04] cost [1:31:04] is [1:31:04] concerned [1:31:05] ma'am [1:31:05] only [1:31:06] in [1:31:06] so [1:31:06] far [1:31:06] because [1:31:07] when [1:31:07] it [1:31:07] comes [1:31:07] to [1:31:08] the [1:31:08] movement [1:31:08] of [1:31:08] fuel [1:31:09] you [1:31:09] have [1:31:09] a [1:31:09] number [1:31:10] of [1:31:10] friction [1:31:10] costs [1:31:11] and [1:31:12] the [1:31:12] aspect [1:31:13] where [1:31:13] we're [1:31:13] participating [1:31:14] in [1:31:14] is [1:31:14] in [1:31:14] relation [1:31:15] to [1:31:15] the [1:31:16] working [1:31:16] capital [1:31:17] which [1:31:17] has [1:31:17] got [1:31:17] a [1:31:17] financing [1:31:18] cost [1:31:18] that's [1:31:19] part [1:31:19] of [1:31:19] total [1:31:19] friction [1:31:20] cost [1:31:20] of [1:31:21] moving [1:31:21] at [1:31:21] entire [1:31:21] oil [1:31:21] so [1:31:22] only [1:31:22] in [1:31:22] that [1:31:23] point [1:31:23] that [1:31:23] we [1:31:23] can [1:31:24] then [1:31:24] make [1:31:24] an [1:31:24] impact [1:31:25] that [1:31:25] and [1:31:26] the [1:31:26] supply [1:31:27] next [1:31:28] question [1:31:28] is [1:31:28] Maharlika [1:31:29] being [1:31:30] position [1:31:30] to [1:31:30] finance [1:31:31] or [1:31:31] co-finance [1:31:32] a [1:31:32] strategic [1:31:33] petroleum [1:31:33] reserve [1:31:34] okay [1:31:35] ma'am [1:31:35] as [1:31:36] I [1:31:37] also [1:31:37] explained [1:31:37] yes ma'am [1:31:41] so [1:31:41] the [1:31:41] direct [1:31:42] answer [1:31:42] is [1:31:42] yes [1:31:43] but [1:31:44] it [1:31:44] will [1:31:44] not [1:31:44] be [1:31:45] by [1:31:45] way [1:31:46] of [1:31:46] acquiring [1:31:47] the [1:31:48] fuel [1:31:48] as [1:31:49] I [1:31:49] mentioned [1:31:50] earlier [1:31:50] we [1:31:51] believe [1:31:51] that [1:31:52] the [1:31:52] best [1:31:52] way [1:31:52] to [1:31:53] be [1:31:53] able [1:31:53] to [1:31:53] participate [1:31:54] help [1:31:54] and [1:31:55] also [1:31:55] at [1:31:55] the [1:31:55] same [1:31:56] time [1:31:56] generate [1:31:56] and [1:31:57] guarantee [1:31:57] the [1:31:57] returns [1:31:58] is [1:31:58] by [1:31:59] building [1:31:59] the [1:32:00] storage [1:32:02] farm [1:32:02] to [1:32:03] be [1:32:03] able [1:32:04] to [1:32:04] support [1:32:04] the [1:32:04] inventory [1:32:05] and [1:32:06] if [1:32:06] we [1:32:06] do [1:32:06] it [1:32:07] that [1:32:07] way [1:32:07] ma'am [1:32:07] we're [1:32:08] not [1:32:08] going [1:32:08] to [1:32:08] take [1:32:08] market [1:32:09] risk [1:32:09] on [1:32:10] the [1:32:10] price [1:32:10] of [1:32:10] fuel [1:32:10] but [1:32:11] rather [1:32:12] we [1:32:12] will [1:32:12] be [1:32:13] receiving [1:32:13] our [1:32:13] returns [1:32:14] on [1:32:15] the [1:32:15] long [1:32:15] term [1:32:15] lease [1:32:16] do [1:32:16] we [1:32:16] know [1:32:16] the [1:32:17] total [1:32:17] cost [1:32:17] no [1:32:18] ma'am [1:32:19] this [1:32:19] is [1:32:19] a [1:32:19] very [1:32:19] new [1:32:20] we've [1:32:20] just [1:32:21] started [1:32:21] discussing [1:32:21] with [1:32:22] the [1:32:22] PNOC [1:32:22] so [1:32:24] it [1:32:24] is [1:32:24] very [1:32:25] new [1:32:25] ma'am [1:32:25] it's [1:32:26] about [1:32:26] a [1:32:26] week [1:32:26] old [1:32:26] so [1:32:27] we [1:32:27] will [1:32:27] be [1:32:27] undertaking [1:32:28] those [1:32:28] studies [1:32:28] together [1:32:29] we're [1:32:29] putting [1:32:29] together [1:32:30] a [1:32:30] technical [1:32:30] working [1:32:30] group [1:32:31] and [1:32:32] we [1:32:32] will [1:32:32] start [1:32:32] that [1:32:33] so [1:32:36] if [1:32:37] the [1:32:37] objective [1:32:37] is [1:32:38] just [1:32:38] really [1:32:38] supply [1:32:39] not [1:32:40] directly [1:32:40] protect [1:32:41] consumers [1:32:42] from [1:32:42] high [1:32:42] prices [1:32:43] correct [1:32:44] well [1:32:45] ma'am [1:32:46] yes [1:32:47] and [1:32:47] no [1:32:47] well [1:32:48] not [1:32:50] materially [1:32:50] not [1:32:52] materially [1:32:52] ma'am [1:32:53] not [1:32:53] materially [1:32:54] not [1:32:54] materially [1:32:55] my [1:32:55] personal [1:32:56] view [1:32:56] again [1:32:57] because [1:32:57] in so [1:32:58] far [1:32:59] as [1:32:59] our [1:32:59] participation [1:32:59] is [1:33:00] concerned [1:33:00] the [1:33:01] impact [1:33:01] that [1:33:01] we [1:33:01] will [1:33:02] have [1:33:02] is [1:33:02] on [1:33:02] the [1:33:02] supply [1:33:03] and [1:33:03] the [1:33:03] cost [1:33:04] of [1:33:04] capital [1:33:04] but [1:33:05] not [1:33:05] any [1:33:06] of [1:33:06] the [1:33:06] other [1:33:06] friction [1:33:06] costs [1:33:07] that [1:33:07] are [1:33:07] not [1:33:07] beyond [1:33:08] our [1:33:08] control [1:33:08] no [1:33:09] ma'am [1:33:09] so [1:33:10] as [1:33:10] an [1:33:10] investment [1:33:10] corporation [1:33:11] you [1:33:11] are [1:33:12] mandated [1:33:12] to [1:33:12] generate [1:33:13] returns [1:33:14] yes [1:33:14] that's [1:33:15] basic [1:33:15] that's [1:33:16] your [1:33:16] mandate [1:33:17] yes [1:33:17] so [1:33:17] how [1:33:17] do [1:33:18] you [1:33:18] reconcile [1:33:18] that [1:33:19] with [1:33:19] expectations [1:33:20] that [1:33:20] Maharlika [1:33:21] should [1:33:22] help [1:33:22] during [1:33:22] a [1:33:22] national [1:33:23] crisis [1:33:23] like [1:33:24] this [1:33:24] in [1:33:25] fact [1:33:26] it's [1:33:26] a [1:33:26] great [1:33:26] question [1:33:27] because [1:33:27] we [1:33:27] also [1:33:27] hope [1:33:28] to [1:33:28] the [1:33:28] Maharlika [1:33:29] investment [1:33:29] fund [1:33:32] so [1:33:32] I [1:33:33] think [1:33:34] it's [1:33:34] a [1:33:34] great [1:33:35] question [1:33:35] which [1:33:36] is [1:33:36] asked [1:33:36] by [1:33:37] many [1:33:37] the [1:33:38] question [1:33:38] is [1:33:38] how [1:33:39] can [1:33:39] we [1:33:39] reconcile [1:33:40] if [1:33:42] I [1:33:42] put [1:33:42] it [1:33:42] in [1:33:42] general [1:33:43] context [1:33:43] so [1:33:44] that [1:33:44] it [1:33:44] involves [1:33:45] everything [1:33:45] all [1:33:45] sectors [1:33:46] the [1:33:46] question [1:33:47] is [1:33:47] how [1:33:47] can [1:33:48] we [1:33:48] reconcile [1:33:48] returns [1:33:50] financial [1:33:50] returns [1:33:51] and [1:33:52] national [1:33:52] development [1:33:53] and [1:33:53] social [1:33:53] impact [1:33:54] right [1:33:54] so [1:33:55] that's [1:33:55] a [1:33:55] dilemma [1:33:55] of [1:33:56] any [1:33:56] person [1:33:57] in [1:33:57] this [1:33:58] situation [1:33:58] that's [1:33:58] supposed [1:33:59] to [1:33:59] be [1:33:59] my [1:33:59] next [1:33:59] question [1:34:00] are [1:34:00] you [1:34:00] allowed [1:34:01] to [1:34:01] invest [1:34:01] in [1:34:01] projects [1:34:02] na [1:34:02] socially [1:34:03] necessary [1:34:04] pero [1:34:05] hindi [1:34:05] commercially [1:34:06] viable [1:34:06] hindi [1:34:07] po [1:34:07] it's [1:34:08] a [1:34:08] twin [1:34:08] mandate [1:34:08] precisely [1:34:09] yes [1:34:10] so [1:34:10] ma'am [1:34:10] I'll [1:34:11] respond [1:34:11] if [1:34:12] I [1:34:12] may [1:34:12] go [1:34:13] ahead [1:34:13] please [1:34:13] so [1:34:14] ma'am [1:34:14] whenever [1:34:15] we [1:34:15] undertake [1:34:16] investment [1:34:16] we [1:34:17] actually [1:34:18] calculate [1:34:18] returns [1:34:19] in [1:34:19] two [1:34:19] ways [1:34:20] one [1:34:21] is [1:34:21] what [1:34:22] we [1:34:22] would [1:34:22] refer [1:34:23] to [1:34:23] as [1:34:23] the [1:34:24] FIRR [1:34:25] or [1:34:25] the [1:34:25] financial [1:34:26] investment [1:34:27] rate [1:34:27] of [1:34:27] return [1:34:28] and [1:34:28] that [1:34:28] is [1:34:29] about [1:34:29] the [1:34:29] profits [1:34:33] that [1:34:33] we [1:34:34] will [1:34:34] be [1:34:34] generating [1:34:34] on [1:34:36] our [1:34:36] investment [1:34:37] the [1:34:38] other [1:34:38] one [1:34:38] is [1:34:39] what [1:34:39] we [1:34:39] calculate [1:34:40] as [1:34:40] we [1:34:41] call [1:34:41] it [1:34:41] the [1:34:42] economic [1:34:42] investment [1:34:44] rate [1:34:44] of [1:34:44] return [1:34:45] okay [1:34:45] so [1:34:46] the [1:34:46] economic [1:34:46] investment [1:34:47] rate [1:34:47] of [1:34:47] return [1:34:48] is [1:34:49] a [1:34:49] framework [1:34:50] that [1:34:51] includes [1:34:52] the [1:34:52] social [1:34:52] environmental [1:34:54] and other [1:34:55] impact [1:34:55] of your [1:34:56] investment [1:34:56] and those [1:34:57] are two [1:34:58] different [1:34:58] metrics [1:34:59] that we [1:35:00] follow [1:35:00] so [1:35:01] in so far [1:35:02] but you [1:35:03] have to [1:35:03] also [1:35:03] really [1:35:04] consider [1:35:04] that [1:35:04] we [1:35:05] have [1:35:05] to [1:35:05] ma'am [1:35:06] actually [1:35:06] it's [1:35:07] you're [1:35:08] there [1:35:08] as [1:35:08] in [1:35:09] the [1:35:09] case [1:35:10] of [1:35:10] any [1:35:10] institution [1:35:10] a [1:35:11] public [1:35:12] institution [1:35:12] or [1:35:12] government [1:35:13] institution [1:35:13] or [1:35:13] government [1:35:14] vehicle [1:35:15] is [1:35:15] always [1:35:16] about [1:35:16] the [1:35:17] social [1:35:17] good [1:35:17] how [1:35:19] do [1:35:19] you [1:35:19] help [1:35:20] out [1:35:20] especially [1:35:21] in [1:35:21] times [1:35:21] of [1:35:21] crisis [1:35:22] that's [1:35:22] right [1:35:23] so [1:35:23] are [1:35:23] you [1:35:23] doing [1:35:24] some [1:35:24] adjustments [1:35:25] actually [1:35:26] no [1:35:26] ma'am [1:35:26] everything [1:35:28] that we're [1:35:29] doing [1:35:29] at the [1:35:30] moment [1:35:30] is [1:35:30] in [1:35:31] fact [1:35:31] meeting [1:35:31] our [1:35:32] dual [1:35:32] mandate [1:35:33] in [1:35:33] fact [1:35:33] there's [1:35:34] a [1:35:34] third [1:35:34] because [1:35:35] before [1:35:35] we were [1:35:36] thinking [1:35:37] of [1:35:37] returns [1:35:37] and [1:35:39] then [1:35:39] we [1:35:39] were [1:35:39] thinking [1:35:39] of [1:35:39] social [1:35:40] and [1:35:40] national [1:35:40] development [1:35:41] impact [1:35:41] now [1:35:42] we have [1:35:42] a [1:35:42] third [1:35:43] element [1:35:43] that we've [1:35:44] just [1:35:44] started [1:35:44] talking [1:35:44] about [1:35:45] internally [1:35:45] we're [1:35:46] now [1:35:46] looking [1:35:46] at [1:35:47] our [1:35:47] projects [1:35:47] through [1:35:48] the [1:35:48] lens [1:35:48] of [1:35:48] are [1:35:49] we [1:35:50] promoting [1:35:50] national [1:35:51] resilience [1:35:52] which [1:35:54] is [1:35:54] not [1:35:54] that's [1:35:55] the [1:35:56] core [1:35:56] national [1:35:57] resilience [1:35:57] core [1:35:58] target [1:35:59] exactly [1:35:59] ma'am [1:36:00] so [1:36:00] before [1:36:01] returns [1:36:03] and [1:36:04] social [1:36:04] and [1:36:05] national [1:36:05] development [1:36:06] so [1:36:08] yung [1:36:09] third [1:36:09] element [1:36:09] ito [1:36:10] na [1:36:11] yung [1:36:11] pinag-uusapan [1:36:11] namin [1:36:12] that's [1:36:12] the [1:36:12] lens [1:36:13] through [1:36:13] which [1:36:14] we [1:36:14] look [1:36:14] at [1:36:14] our [1:36:14] new [1:36:14] projects [1:36:15] now [1:36:15] ma'am [1:36:15] salamat [1:36:16] po [1:36:16] sa [1:36:16] enlightenment [1:36:17] just [1:36:17] for [1:36:17] last [1:36:18] question [1:36:18] i wonder [1:36:19] are [1:36:19] you [1:36:20] closely [1:36:20] coordinating [1:36:21] with [1:36:21] DOE [1:36:22] yes [1:36:23] ma'am [1:36:23] we [1:36:23] are [1:36:23] especially [1:36:24] DOF [1:36:24] yes [1:36:25] to [1:36:25] ensure [1:36:26] aligned [1:36:29] investments [1:36:29] with [1:36:30] the [1:36:30] national [1:36:30] energy [1:36:31] strategy [1:36:32] yes [1:36:32] ma'am [1:36:32] because [1:36:33] of course [1:36:33] the [1:36:33] government [1:36:33] will [1:36:34] always [1:36:34] say [1:36:34] it [1:36:35] has [1:36:35] now [1:36:36] a [1:36:36] national [1:36:37] energy [1:36:37] agenda [1:36:40] yes [1:36:40] actually [1:36:41] ma'am [1:36:42] there are [1:36:42] four [1:36:43] agencies [1:36:44] with whom [1:36:44] we work [1:36:45] very [1:36:45] five [1:36:45] agencies [1:36:46] DOF [1:36:47] DOE [1:36:49] and [1:36:49] you [1:36:50] have [1:36:50] the [1:36:50] NPC [1:36:51] TRANSCO [1:36:52] and [1:36:53] ourselves [1:36:53] so [1:36:53] these [1:36:53] are [1:36:53] the [1:36:54] five [1:36:54] agencies [1:36:54] that [1:36:55] are [1:36:55] working [1:36:55] very [1:36:56] closely [1:36:56] together [1:36:57] and [1:36:58] I [1:36:58] think [1:36:58] the [1:36:58] first [1:36:59] impact [1:36:59] will [1:37:00] be [1:37:00] announced [1:37:01] sometime [1:37:01] in [1:37:02] June [1:37:02] as to [1:37:02] what [1:37:03] this [1:37:03] particular [1:37:03] project [1:37:04] is [1:37:04] and [1:37:04] we [1:37:05] really [1:37:05] hope [1:37:06] that [1:37:06] this [1:37:08] will [1:37:08] impact [1:37:08] at least [1:37:09] that [1:37:09] particular [1:37:09] region [1:37:10] and [1:37:10] eventually [1:37:10] the [1:37:11] whole [1:37:11] country [1:37:11] thank [1:37:12] you [1:37:12] for [1:37:12] I [1:37:13] wish [1:37:13] you [1:37:13] good [1:37:13] health [1:37:14] thank [1:37:14] you [1:37:14] very [1:37:14] much [1:37:14] thank [1:37:14] you [1:37:15] thank [1:37:16] you [1:37:16] thank [1:37:19] you [1:37:19] very [1:37:19] much [1:37:20] you [1:37:20] can [1:37:20] take [1:37:21] the [1:37:21] time [1:37:21] this [1:37:22] it's [1:37:23] a [1:37:23] go [1:37:24] ahead [1:37:24] short [1:37:25] one [1:37:25] correct [1:37:25] on [1:37:26] and [1:37:27] on [1:37:27] topic [1:37:27] short [1:37:29] one [1:37:29] Mr. [1:37:31] Chair [1:37:31] address [1:37:32] to [1:37:32] Mahalika [1:37:33] address [1:37:33] to [1:37:33] Mahalika [1:37:34] with [1:37:39] all [1:37:39] respect [1:37:39] to [1:37:40] ED [1:37:41] Jewel [1:37:42] it [1:37:43] is [1:37:44] wrong [1:37:45] no [1:37:46] your [1:37:46] statement [1:37:46] is [1:37:47] I [1:37:48] would [1:37:48] just [1:37:49] like [1:37:49] to [1:37:49] correct [1:37:49] your [1:37:50] statement [1:37:50] a [1:37:50] while [1:37:51] ago [1:37:51] with [1:37:52] the [1:37:52] question [1:37:52] of [1:37:52] my [1:37:53] colleague [1:37:53] that [1:37:54] you [1:37:54] cannot [1:37:55] invest [1:37:55] in [1:37:56] the [1:37:56] energy [1:37:57] sector [1:37:57] because [1:37:58] you [1:37:58] are [1:37:58] barred [1:37:58] by [1:37:59] the [1:37:59] cross [1:38:00] ownership [1:38:00] provision [1:38:01] so [1:38:02] you [1:38:03] are [1:38:03] talking [1:38:03] about [1:38:04] investing [1:38:04] in [1:38:05] the [1:38:05] transmission [1:38:06] and [1:38:07] you [1:38:08] are [1:38:08] thinking [1:38:08] of [1:38:09] investing [1:38:09] in [1:38:09] the [1:38:09] generation [1:38:10] there [1:38:11] is [1:38:11] no [1:38:11] cross [1:38:12] ownership [1:38:12] section [1:38:13] 45 [1:38:13] of [1:38:14] Ipera [1:38:15] barred [1:38:16] only [1:38:16] distribution [1:38:18] and [1:38:19] transmission [1:38:19] but [1:38:20] you [1:38:20] are [1:38:20] still [1:38:21] allowed [1:38:21] with [1:38:22] a [1:38:22] threshold [1:38:22] of [1:38:23] 50% [1:38:23] you [1:38:24] should [1:38:24] exceed [1:38:25] 50% [1:38:26] meaning [1:38:27] if you [1:38:28] engage [1:38:28] in [1:38:29] transmission [1:38:29] and [1:38:30] generation [1:38:33] there [1:38:33] is no [1:38:34] prohibition [1:38:35] but [1:38:35] if you [1:38:36] engage [1:38:37] in [1:38:37] generation [1:38:38] and [1:38:39] distribution [1:38:39] you [1:38:40] you [1:38:40] can [1:38:41] still [1:38:41] generate [1:38:42] but [1:38:43] the [1:38:44] capacity [1:38:45] should [1:38:45] not [1:38:46] exceed [1:38:46] 50% [1:38:48] of [1:38:49] your [1:38:49] demand [1:38:49] kung [1:38:50] halimbawa [1:38:50] distribution [1:38:54] X [1:38:54] is [1:38:55] demand [1:38:56] 100 [1:38:58] you [1:38:59] can [1:38:59] generate [1:39:00] up [1:39:01] to [1:39:01] 50 [1:39:02] you [1:39:04] cannot [1:39:04] exceed [1:39:04] because [1:39:05] if [1:39:05] you [1:39:05] exceed [1:39:06] 50 [1:39:06] generation [1:39:08] you [1:39:08] are [1:39:09] already [1:39:09] above [1:39:10] the [1:39:11] threshold [1:39:11] of [1:39:11] 50% [1:39:12] section [1:39:13] 45 [1:39:14] thank [1:39:15] you [1:39:15] Mr. [1:39:15] Chair [1:39:15] thank [1:39:16] you [1:39:16] very [1:39:16] much [1:39:17] go [1:39:17] ahead [1:39:18] go [1:39:20] ahead [1:39:20] sir [1:39:21] thank [1:39:21] you [1:39:21] very [1:39:22] much [1:39:22] I [1:39:22] stand [1:39:23] corrected [1:39:23] we [1:39:24] will [1:39:24] look [1:39:24] at [1:39:24] that [1:39:24] provision [1:39:25] sir [1:39:25] thank [1:39:26] you [1:39:27] Manong [1:39:28] Serge [1:39:28] Dagok [1:39:28] is [1:39:29] our [1:39:29] energy [1:39:30] expert [1:39:31] here [1:39:31] because [1:39:32] for [1:39:32] your [1:39:32] information [1:39:33] not [1:39:34] only [1:39:34] is [1:39:35] he [1:39:35] not [1:39:35] only [1:39:36] is [1:39:36] a [1:39:36] member [1:39:36] of [1:39:36] congress [1:39:37] representing [1:39:37] the [1:39:37] sector [1:39:38] but [1:39:38] he [1:39:38] started [1:39:39] as [1:39:39] a [1:39:39] line [1:39:40] man [1:39:40] regular [1:39:41] ordinary [1:39:42] line [1:39:43] man [1:39:43] going [1:39:43] all [1:39:44] the [1:39:44] way [1:39:44] up [1:39:44] to [1:39:44] becoming [1:39:45] a [1:39:45] billionaire [1:39:45] today [1:39:46] the [1:39:48] BIR [1:39:48] is [1:39:49] here [1:39:49] by [1:39:49] the [1:39:49] way [1:39:49] so [1:39:50] Manuel [1:39:50] Serge [1:39:51] may [1:39:52] we [1:39:52] now [1:39:52] call [1:39:53] for [1:39:53] the [1:39:53] majority [1:39:53] the [1:39:54] Honorable [1:39:54] Congressman [1:39:55] Rufus [1:39:55] Rodriguez [1:39:56] from [1:39:57] the [1:39:57] city [1:39:57] of [1:39:58] Golden [1:39:59] Friendship [1:39:59] thank [1:40:01] you [1:40:01] Mr. [1:40:01] Chairman [1:40:02] our [1:40:03] distinguished [1:40:04] colleagues [1:40:04] and our [1:40:05] valued [1:40:05] resource [1:40:06] persons [1:40:07] especially [1:40:07] my [1:40:07] friend [1:40:07] Joe [1:40:08] Mr. [1:40:10] Chairman [1:40:10] last [1:40:11] Monday [1:40:12] I [1:40:12] specifically [1:40:13] appealed [1:40:14] to [1:40:15] the [1:40:16] president [1:40:17] to [1:40:18] be [1:40:18] able [1:40:18] to [1:40:19] already [1:40:19] suspend [1:40:21] all [1:40:22] excise [1:40:23] taxes [1:40:24] petroleum [1:40:25] meaning [1:40:27] diesel [1:40:27] gasoline [1:40:28] of course [1:40:30] kerosene [1:40:31] and LPG [1:40:32] the same [1:40:33] afternoon [1:40:33] the president [1:40:34] executive order [1:40:36] suspended [1:40:37] excise tax [1:40:39] on kerosene [1:40:40] and LPG [1:40:42] Mr. [1:40:44] chairman [1:40:44] again [1:40:45] let me [1:40:46] express [1:40:47] my [1:40:47] disappointment [1:40:47] with the [1:40:48] action [1:40:48] of the [1:40:49] executive [1:40:49] we [1:40:50] in the [1:40:50] house [1:40:51] already [1:40:52] has [1:40:53] approved [1:40:53] in the [1:40:53] senate [1:40:54] this [1:40:55] law [1:40:55] which [1:40:56] grants [1:40:56] him [1:40:56] the [1:40:57] power [1:40:57] to [1:40:58] suspend [1:40:58] excise [1:40:59] taxes [1:41:00] now [1:41:00] now [1:41:00] Mr. [1:41:01] Chairman [1:41:02] I [1:41:03] researched [1:41:03] on [1:41:03] the [1:41:04] experiences [1:41:05] of [1:41:05] other [1:41:05] countries [1:41:06] in [1:41:07] ASEAN [1:41:08] East [1:41:09] Asia [1:41:09] South [1:41:09] Asia [1:41:10] to [1:41:11] find out [1:41:12] what [1:41:12] are the [1:41:12] responses [1:41:13] of [1:41:13] other [1:41:13] countries [1:41:14] to [1:41:15] the [1:41:16] increase [1:41:17] incredible [1:41:18] increase [1:41:18] of [1:41:19] prices [1:41:20] of [1:41:21] oil [1:41:21] because [1:41:23] of the [1:41:23] Iran [1:41:23] war [1:41:24] and [1:41:25] so [1:41:25] there [1:41:26] are [1:41:26] really [1:41:26] four [1:41:27] ways [1:41:28] to [1:41:28] immediately [1:41:29] address [1:41:30] the [1:41:30] problem [1:41:30] the [1:41:31] first [1:41:31] one [1:41:32] done [1:41:33] by [1:41:33] Thailand [1:41:33] Mr. [1:41:34] Chairman [1:41:34] is [1:41:34] price [1:41:35] control [1:41:35] price [1:41:36] cut [1:41:36] price [1:41:37] price [1:41:37] cap [1:41:37] we [1:41:39] cannot [1:41:39] do [1:41:39] that [1:41:40] because [1:41:40] of [1:41:40] the [1:41:41] oil [1:41:41] regulation [1:41:41] law [1:41:42] that's [1:41:42] the [1:41:42] first [1:41:42] one [1:41:43] and [1:41:44] other [1:41:44] countries [1:41:45] that [1:41:45] has [1:41:45] done [1:41:45] that [1:41:46] second [1:41:46] is [1:41:48] subsidy [1:41:48] before [1:41:49] we had [1:41:49] the oil [1:41:49] stabilization [1:41:50] fund [1:41:51] now [1:41:51] no more [1:41:52] so [1:41:53] who [1:41:53] are [1:41:53] in [1:41:54] ASEAN [1:41:54] giving [1:41:55] subsidies [1:41:56] in [1:41:57] other [1:41:57] words [1:41:57] they [1:41:58] give [1:41:58] they pay [1:41:59] to [1:41:59] the [1:41:59] the [1:42:00] oil [1:42:01] companies [1:42:02] and [1:42:02] they [1:42:03] keep [1:42:03] the [1:42:03] prices [1:42:04] low [1:42:04] Malaysia [1:42:06] Indonesia [1:42:07] Brunei [1:42:08] then [1:42:10] Mr. [1:42:10] Chairman [1:42:11] the [1:42:12] next [1:42:12] one [1:42:13] which [1:42:14] is [1:42:14] also [1:42:15] done [1:42:15] by [1:42:15] other [1:42:15] countries [1:42:16] is [1:42:16] suspension [1:42:18] or [1:42:18] reduction [1:42:18] of [1:42:19] excise [1:42:20] tax [1:42:21] which [1:42:23] our [1:42:23] Congress [1:42:24] has [1:42:24] given [1:42:25] that [1:42:25] power [1:42:25] to [1:42:25] the [1:42:25] President [1:42:26] and [1:42:26] fourth [1:42:27] reduction [1:42:28] of [1:42:29] VAT [1:42:30] value [1:42:31] added [1:42:31] tax [1:42:31] now [1:42:32] what [1:42:32] is [1:42:33] the [1:42:33] survey [1:42:33] in [1:42:34] these [1:42:35] different [1:42:35] countries [1:42:36] I [1:42:37] have [1:42:37] already [1:42:38] said [1:42:40] about [1:42:40] what [1:42:41] ASEAN [1:42:42] has [1:42:42] done [1:42:42] countries [1:42:44] Mr. [1:42:44] Chairman [1:42:45] the [1:42:45] regional [1:42:45] patterns [1:42:46] countries [1:42:47] that [1:42:47] cut [1:42:47] excise [1:42:49] taxes [1:42:50] India [1:42:51] South [1:42:52] Korea [1:42:52] these [1:42:53] are [1:42:54] the [1:42:54] bigger [1:42:54] economies [1:42:55] then [1:42:56] countries [1:42:57] that [1:42:57] use [1:42:58] indirect [1:42:58] relief [1:42:59] which [1:43:00] is [1:43:00] price [1:43:00] cap [1:43:01] or [1:43:01] subsidy [1:43:02] Japan [1:43:03] and [1:43:04] Pakistan [1:43:04] they [1:43:06] have [1:43:06] done [1:43:06] this [1:43:07] Mr. [1:43:07] Chairman [1:43:07] and [1:43:08] that [1:43:08] is [1:43:08] why [1:43:08] in [1:43:09] these [1:43:09] countries [1:43:09] there [1:43:10] are [1:43:10] no [1:43:10] excise [1:43:10] tax [1:43:11] reduction [1:43:13] in [1:43:14] ASEAN [1:43:15] precisely [1:43:16] because [1:43:16] they have [1:43:16] price [1:43:17] caps [1:43:17] and [1:43:18] they [1:43:18] have [1:43:18] subsidies [1:43:18] we [1:43:19] have [1:43:19] none [1:43:20] therefore [1:43:22] we [1:43:23] are [1:43:23] asking [1:43:24] really [1:43:24] the [1:43:25] DOE [1:43:26] the [1:43:26] DBCC [1:43:27] to [1:43:27] again [1:43:28] advise [1:43:29] the [1:43:29] president [1:43:30] yung [1:43:31] sinasabi [1:43:32] na [1:43:32] rich [1:43:33] lang [1:43:33] ang [1:43:33] magkikinabang [1:43:34] aba [1:43:35] we are [1:43:36] now [1:43:36] trying [1:43:36] to [1:43:37] classify [1:43:38] people [1:43:39] in this [1:43:39] country [1:43:39] as rich [1:43:40] middle [1:43:40] and poor [1:43:41] no [1:43:41] we have [1:43:42] to help [1:43:43] everyone [1:43:44] we [1:43:45] you know [1:43:45] the 10 [1:43:46] peso [1:43:46] subsidy [1:43:47] being [1:43:48] planned [1:43:48] that [1:43:49] will [1:43:50] be [1:43:50] even [1:43:51] be [1:43:51] difficult [1:43:51] to [1:43:52] implement [1:43:53] to [1:43:53] transport [1:43:54] and [1:43:54] then [1:43:54] you [1:43:55] give [1:43:55] the [1:43:55] transport [1:43:55] what [1:43:56] happens [1:43:56] to [1:43:56] the [1:43:56] 45% [1:43:57] middle [1:43:58] class [1:43:58] 45% [1:44:00] of [1:44:00] our [1:44:00] people [1:44:01] so [1:44:02] therefore [1:44:03] they [1:44:03] will [1:44:04] be [1:44:04] suffering [1:44:04] so [1:44:05] much [1:44:05] so [1:44:06] therefore [1:44:06] Mr. [1:44:07] Chairman [1:44:07] what [1:44:07] I'm [1:44:07] saying [1:44:08] once [1:44:08] again [1:44:09] I [1:44:09] appeal [1:44:10] to [1:44:10] the [1:44:10] DBCC [1:44:11] economic [1:44:11] managers [1:44:12] economic [1:44:13] managers [1:44:14] are [1:44:14] concerned [1:44:14] about [1:44:15] getting [1:44:15] more [1:44:16] money [1:44:16] from [1:44:17] taxes [1:44:17] to [1:44:17] the [1:44:17] government [1:44:18] and [1:44:18] that [1:44:19] is [1:44:19] for [1:44:19] what [1:44:20] to [1:44:20] be [1:44:20] given [1:44:20] to [1:44:20] the [1:44:21] people [1:44:21] the [1:44:21] ayuda [1:44:22] why [1:44:23] would [1:44:23] you [1:44:23] just [1:44:24] suspend [1:44:25] excise [1:44:26] tax [1:44:26] gasoline [1:44:27] and [1:44:28] diesel [1:44:29] and [1:44:29] help [1:44:30] everyone [1:44:31] that [1:44:32] is [1:44:32] what [1:44:32] should [1:44:32] be [1:44:33] done [1:44:33] Mr. [1:44:34] Chairman [1:44:35] and [1:44:35] that's [1:44:36] why [1:44:36] I [1:44:36] appeal [1:44:36] to [1:44:36] everyone [1:44:37] and [1:44:38] I [1:44:38] appeal [1:44:38] to [1:44:39] our [1:44:39] president [1:44:40] to [1:44:41] really [1:44:41] go [1:44:42] into [1:44:42] what [1:44:42] is [1:44:43] needed [1:44:43] these [1:44:44] countries [1:44:44] that [1:44:45] have [1:44:45] put [1:44:46] this [1:44:46] price [1:44:46] caps [1:44:47] subsidy [1:44:47] have [1:44:48] done [1:44:48] this [1:44:48] Mr. [1:44:49] Chairman [1:44:49] three [1:44:50] weeks [1:44:50] ago [1:44:51] February [1:44:51] 28 [1:44:52] war [1:44:52] and [1:44:53] after [1:44:53] that [1:44:53] after [1:44:54] two [1:44:54] three [1:44:54] weeks [1:44:54] they [1:44:54] already [1:44:55] acted [1:44:55] April 9 [1:44:57] naging [1:44:57] effective [1:45:00] the excise [1:45:01] tax [1:45:01] law [1:45:02] reduction [1:45:02] and yet [1:45:03] up to [1:45:04] now [1:45:04] only [1:45:05] LPG [1:45:06] and [1:45:07] only [1:45:07] kerosene [1:45:09] and [1:45:10] what [1:45:10] we [1:45:10] need [1:45:10] is [1:45:11] the [1:45:11] lifting [1:45:11] of [1:45:13] the [1:45:13] expiration [1:45:14] of [1:45:14] my [1:45:14] time [1:45:15] by [1:45:17] by [1:45:19] really [1:45:19] already [1:45:20] already [1:45:21] suspend [1:45:23] excise [1:45:24] taxes [1:45:24] especially [1:45:25] on [1:45:25] diesel [1:45:25] and [1:45:26] gasoline [1:45:27] and help [1:45:28] everyone [1:45:29] in this [1:45:29] country [1:45:30] 119 [1:45:31] million [1:45:31] of [1:45:32] Filipinos [1:45:33] await [1:45:33] the action [1:45:34] of this [1:45:35] administration [1:45:35] thank you [1:45:36] very much [1:45:37] Mr. [1:45:37] Chairman [1:45:37] thank you [1:45:38] very much [1:45:39] Congressman [1:45:39] Rufus [1:45:40] Rodriguez [1:45:40] we [1:45:41] now [1:45:41] call [1:45:42] on [1:45:42] from [1:45:42] the [1:45:43] majority [1:45:43] as [1:45:43] our [1:45:44] last [1:45:44] interpellator [1:45:45] the [1:45:46] Honorable [1:45:46] Congresswoman [1:45:47] Lani [1:45:48] Mercado [1:45:49] Revilla [1:45:50] you have [1:45:50] the floor [1:45:51] ma'am [1:45:51] our [1:45:51] gentle [1:45:52] lady [1:45:52] from [1:45:53] Bacor [1:45:53] go ahead [1:45:53] maraming [1:45:54] sanamat [1:45:54] po [1:45:55] Mr. [1:45:55] Chair [1:45:56] sa ating [1:45:56] mga [1:45:56] kasamahan [1:45:57] good [1:45:57] morning [1:45:58] at sa [1:45:58] ating [1:45:59] mga [1:45:59] resource [1:45:59] persons [1:46:00] I [1:46:02] agree [1:46:03] with [1:46:03] the [1:46:04] gentleman [1:46:04] from [1:46:05] CDO [1:46:05] with regards [1:46:06] to [1:46:07] excise [1:46:07] tax [1:46:07] pero [1:46:07] tila [1:46:08] mabagal [1:46:09] ang [1:46:09] pagbidesisyon [1:46:09] ng [1:46:10] ikaw [1:46:11] tibo [1:46:11] with [1:46:12] regards [1:46:12] to [1:46:12] this [1:46:13] I [1:46:14] have [1:46:15] filed [1:46:15] last [1:46:15] April [1:46:16] 1 [1:46:16] a [1:46:17] house [1:46:18] bill [1:46:18] house [1:46:18] bill [1:46:18] 8822 [1:46:19] with [1:46:20] regards [1:46:20] to [1:46:21] practices [1:46:23] that we [1:46:24] can [1:46:24] implement [1:46:25] with [1:46:26] the [1:46:27] ongoing [1:46:27] crisis [1:46:28] that we [1:46:28] are [1:46:28] experiencing [1:46:29] right [1:46:30] now [1:46:30] and we [1:46:30] call it [1:46:30] the [1:46:31] bayanihan [1:46:31] for [1:46:31] social [1:46:32] economic [1:46:32] security [1:46:33] act [1:46:34] nakalagay [1:46:35] po sa [1:46:35] house [1:46:35] bill [1:46:36] na ito [1:46:36] I [1:46:37] actually [1:46:37] pagre-reduce [1:46:39] value [1:46:40] added [1:46:40] tax [1:46:40] which [1:46:41] alam [1:46:41] ko [1:46:41] ayaw [1:46:42] po [1:46:42] ng [1:46:42] Department [1:46:43] of [1:46:43] Finance [1:46:44] alam [1:46:46] ko [1:46:46] rin [1:46:46] po [1:46:47] ang [1:46:47] dahilan [1:46:47] kaya [1:46:47] ayaw [1:46:48] nyo [1:46:48] ito [1:46:48] gawin [1:46:49] ay [1:46:49] dahil [1:46:49] po [1:46:50] mababawasan [1:46:50] ang [1:46:51] ayuda [1:46:51] o [1:46:52] financial [1:46:52] assistance [1:46:53] para [1:46:53] sa ating [1:46:53] mga [1:46:54] mamamayan [1:46:54] I [1:46:55] also [1:46:55] agree [1:46:56] with [1:46:57] my [1:46:58] son [1:46:58] the [1:46:59] district [1:46:59] representative [1:47:00] of [1:47:00] Cavite [1:47:01] first [1:47:01] district [1:47:01] that [1:47:02] everybody [1:47:02] should [1:47:04] feel [1:47:05] the [1:47:05] help [1:47:06] of [1:47:06] government [1:47:07] hindi [1:47:07] isang [1:47:08] sector [1:47:08] lang [1:47:08] sana [1:47:09] lahat [1:47:10] sana [1:47:10] all [1:47:11] has [1:47:14] the [1:47:15] Department [1:47:15] of [1:47:15] Finance [1:47:16] tried [1:47:18] to [1:47:19] study [1:47:20] that [1:47:21] we [1:47:21] put [1:47:21] a [1:47:22] VAT [1:47:22] cap [1:47:23] on [1:47:24] fuel [1:47:25] and [1:47:26] petroleum [1:47:27] products [1:47:27] for [1:47:27] example [1:47:28] may isa pong [1:47:29] consumer [1:47:31] na bibili [1:47:31] ng [1:47:32] 1,000 [1:47:32] pesos [1:47:33] worth [1:47:33] of [1:47:34] gasoline [1:47:35] or [1:47:35] diesel [1:47:36] for that [1:47:36] matter [1:47:37] ngayon [1:47:37] maggano [1:47:37] na po [1:47:38] ang [1:47:38] diesel [1:47:38] 150 [1:47:39] pesos [1:47:40] per [1:47:40] liter [1:47:41] sabihin [1:47:41] na [1:47:41] nating [1:47:42] 150 [1:47:42] ang [1:47:43] mapapakarga [1:47:44] ko [1:47:44] lang [1:47:44] ay [1:47:44] 6.66 [1:47:46] liters [1:47:47] kung [1:47:48] magkakaroon [1:47:49] po [1:47:49] ng [1:47:49] VAT [1:47:51] cap [1:47:51] sabihin [1:47:52] na [1:47:52] nating [1:47:52] 6 [1:47:53] pesos [1:47:53] kunyari [1:47:54] kayo [1:47:54] po [1:47:55] ang [1:47:55] economic [1:47:56] advisor [1:47:56] 6 [1:47:56] pesos [1:47:57] ang [1:47:57] VAT [1:47:57] cap [1:47:58] ang [1:47:58] babayaran [1:47:59] ko [1:47:59] lang [1:47:59] sa [1:47:59] gobyerno [1:48:00] na [1:48:00] VAT [1:48:00] ay [1:48:01] 36 [1:48:01] pesos [1:48:02] kasi [1:48:03] kung [1:48:03] 12% [1:48:05] sa [1:48:05] 1,000 [1:48:06] ay [1:48:06] 120 [1:48:07] pesos [1:48:08] so [1:48:09] kung yan [1:48:09] ay [1:48:10] gagawin [1:48:10] natin [1:48:11] sa lahat [1:48:11] ng [1:48:11] bumibili [1:48:12] ng [1:48:12] diesel [1:48:13] o lahat [1:48:13] ng [1:48:14] bumibili [1:48:14] ng [1:48:14] petrolyo [1:48:16] eh [1:48:16] lahat [1:48:16] po [1:48:16] ay [1:48:16] makikinaba [1:48:17] can [1:48:18] can [1:48:18] I [1:48:18] get [1:48:18] the [1:48:18] opinion [1:48:19] of [1:48:19] our [1:48:20] economic [1:48:20] advisors [1:48:21] department [1:48:22] of [1:48:22] finance [1:48:23] or [1:48:23] DOE [1:48:24] if [1:48:24] this [1:48:24] can [1:48:25] be [1:48:25] studied [1:48:26] and [1:48:26] if [1:48:26] this [1:48:27] can [1:48:27] be [1:48:27] possible [1:48:28] sino [1:48:34] po [1:48:34] kaya [1:48:34] ang [1:48:35] pwede [1:48:35] suman [1:48:35] the [1:48:36] USEC [1:48:37] Adriano [1:48:38] please [1:48:39] Mr. [1:48:41] Chair [1:48:41] I [1:48:42] think [1:48:43] we [1:48:43] got [1:48:44] a [1:48:44] copy [1:48:44] of [1:48:45] a [1:48:45] paper [1:48:46] regarding [1:48:46] BAT [1:48:47] CAP [1:48:47] last [1:48:48] week [1:48:49] we are [1:48:49] currently [1:48:49] studying [1:48:50] that [1:48:50] paper [1:48:51] Sige po [1:48:53] malaking [1:48:54] bagay [1:48:54] po [1:48:55] kasi [1:48:55] ito [1:48:55] kasi [1:48:55] tila [1:48:56] mabagal [1:48:56] tayo [1:48:57] sa [1:48:57] pagdidesisyon [1:48:58] with [1:48:59] regards [1:48:59] to the [1:48:59] removal [1:49:00] of [1:49:00] the [1:49:00] excise [1:49:01] tax [1:49:01] at [1:49:02] tila [1:49:02] malaki [1:49:03] ang [1:49:03] mababawas [1:49:05] na [1:49:05] revenue [1:49:06] sa [1:49:06] gobyerno [1:49:07] pero [1:49:07] maganda [1:49:08] siguro [1:49:08] na [1:49:08] mapag-aralan [1:49:09] po [1:49:09] natin [1:49:10] itong [1:49:10] tinatawag [1:49:11] na [1:49:11] BAT [1:49:12] CAP [1:49:13] dahil [1:49:14] po [1:49:15] marami [1:49:16] po [1:49:16] sa ating [1:49:17] mga [1:49:17] kalapit [1:49:19] bansa [1:49:19] kumbaga [1:49:21] ang ginagawa [1:49:22] nila [1:49:22] ay [1:49:22] tinatawag [1:49:23] na [1:49:23] price [1:49:24] smoothing [1:49:25] global [1:49:26] prices [1:49:27] are [1:49:27] when [1:49:28] global [1:49:28] prices [1:49:29] are [1:49:29] low [1:49:29] they [1:49:29] collect [1:49:30] a [1:49:31] small [1:49:31] tax [1:49:32] or [1:49:32] small [1:49:32] fee [1:49:32] but [1:49:33] when [1:49:33] prices [1:49:34] spike [1:49:34] they [1:49:35] use [1:49:35] that [1:49:36] fund [1:49:36] to [1:49:36] subsidize [1:49:37] the [1:49:37] CAP [1:49:37] the [1:49:38] Philippines [1:49:38] currently [1:49:39] does [1:49:39] the [1:49:39] opposite [1:49:40] mas [1:49:41] kumukolekta [1:49:42] tayo [1:49:42] ng [1:49:43] VAT [1:49:43] sa mga [1:49:44] presyo [1:49:45] na mga [1:49:45] bilihin [1:49:46] and [1:49:46] of course [1:49:46] when you [1:49:47] collect [1:49:47] more [1:49:47] VAT [1:49:48] there is [1:49:48] a [1:49:48] windfall [1:49:49] collection [1:49:49] in [1:49:49] government [1:49:50] kumbaga [1:49:50] napapagkakitaan pa [1:49:52] yun [1:49:52] ang masakit [1:49:53] at may [1:49:54] downfall [1:49:55] po ito [1:49:55] kung may [1:49:56] windfall [1:49:56] sa gobyerno [1:49:57] may downfall [1:49:58] sa consumer [1:49:58] so [1:49:59] masakit [1:49:59] masakit [1:49:59] para sa [1:50:00] atin [1:50:00] lalo [1:50:00] na [1:50:01] ngayon [1:50:01] na [1:50:01] magbabayad [1:50:02] ulit [1:50:02] tayo [1:50:02] ng mga [1:50:02] income [1:50:03] tax [1:50:03] at [1:50:04] ang [1:50:04] deadline [1:50:04] ay hanggang [1:50:05] May [1:50:05] 15 [1:50:06] sana [1:50:07] po [1:50:07] ay [1:50:07] matulungan [1:50:08] natin [1:50:08] yung [1:50:08] mga [1:50:08] natatamaan [1:50:09] na [1:50:09] husto [1:50:10] ito [1:50:10] po [1:50:10] ay [1:50:10] ang [1:50:11] middle [1:50:11] class [1:50:11] nasa [1:50:12] dyang [1:50:12] automatic [1:50:13] ang [1:50:13] pagtanggal [1:50:14] ng [1:50:15] VAT [1:50:16] sa ating [1:50:17] mga [1:50:17] sahod [1:50:18] at [1:50:18] withholding [1:50:18] taxes [1:50:19] sa ating [1:50:19] mga [1:50:19] sahod [1:50:20] isa [1:50:21] pa [1:50:22] hong [1:50:22] suggestion [1:50:23] sa [1:50:24] resource [1:50:26] persons [1:50:26] na [1:50:27] nandito [1:50:28] currently [1:50:38] meron [1:50:38] tayong [1:50:38] tinatawag [1:50:39] na [1:50:40] 30 to [1:50:41] 45 [1:50:41] day [1:50:42] buffer [1:50:43] para sa [1:50:43] ating [1:50:44] petroleum [1:50:47] products [1:50:48] meron [1:50:51] na ba [1:50:51] tayong [1:50:51] na [1:50:51] establish [1:50:52] na [1:50:52] national [1:50:53] strategic [1:50:54] petroleum [1:50:54] reserve [1:50:55] para [1:50:56] ma-stabilize [1:50:58] po [1:50:58] natin [1:50:58] yung [1:50:59] presyo [1:50:59] ng [1:51:00] petroleum [1:51:00] probably [1:51:03] this [1:51:03] can be [1:51:03] answered [1:51:04] by [1:51:04] the [1:51:04] DO [1:51:05] national [1:51:09] strategic [1:51:10] petroleum [1:51:11] reserve [1:51:11] and [1:51:14] we [1:51:14] asked [1:51:15] from [1:51:15] the [1:51:15] department [1:51:15] of [1:51:16] energy [1:51:16] whoever [1:51:16] is our [1:51:18] representative [1:51:18] here [1:51:18] from [1:51:19] the [1:51:19] DOE [1:51:19] the [1:51:22] reason [1:51:29] why [1:51:29] I'm [1:51:29] asking [1:51:30] this [1:51:30] because [1:51:30] if [1:51:31] we [1:51:31] have [1:51:31] there [1:51:32] there [1:51:32] was [1:51:32] a [1:51:32] presentation [1:51:33] of [1:51:33] the [1:51:33] department [1:51:34] of [1:51:34] energy [1:51:35] with [1:51:35] regards [1:51:36] to [1:51:36] their [1:51:36] plan [1:51:36] A [1:51:37] and [1:51:37] what [1:51:37] is [1:51:37] plan [1:51:38] B [1:51:38] we [1:51:41] are [1:51:41] already [1:51:41] sourcing [1:51:42] out [1:51:42] gasoline [1:51:43] or [1:51:43] petroleum [1:51:44] products [1:51:44] from [1:51:45] Australia [1:51:45] so [1:51:46] since [1:51:46] they [1:51:47] are [1:51:47] not [1:51:47] present [1:51:47] probably [1:51:48] in the [1:51:48] next [1:51:49] hearing [1:51:49] Mr. [1:51:49] Chair [1:51:50] this [1:51:51] particular [1:51:51] question [1:51:52] can be [1:51:53] addressed [1:51:53] maraming [1:51:54] salamat [1:51:54] po [1:51:54] I [1:51:54] think [1:51:55] my [1:51:55] time [1:51:55] has [1:51:56] expired [1:51:56] thank you [1:51:57] maraming [1:51:59] salamat [1:52:00] po [1:52:01] meron [1:52:04] pong [1:52:04] gustong [1:52:05] magdagdag [1:52:08] ng [1:52:08] katanungan [1:52:09] magbibigyan [1:52:10] po [1:52:11] natin [1:52:11] ito [1:52:11] si [1:52:12] dahil [1:52:12] may [1:52:12] si [1:52:13] congressman [1:52:14] valeriano [1:52:14] sige po [1:52:15] you have [1:52:16] one minute [1:52:16] hindi [1:52:17] hindi [1:52:17] hindi [1:52:17] hindi [1:52:17] po [1:52:17] magtatano [1:52:18] Mr. [1:52:18] Chair [1:52:19] just [1:52:19] short [1:52:21] manifestation [1:52:22] lang [1:52:22] po [1:52:23] alam [1:52:23] nyo [1:52:24] po [1:52:24] nakakailang [1:52:24] hearing [1:52:25] na [1:52:25] tayo [1:52:25] and [1:52:26] even [1:52:26] sa [1:52:26] waste [1:52:26] committee [1:52:27] natin [1:52:27] siguro [1:52:28] two [1:52:28] or [1:52:28] three [1:52:28] regarding [1:52:29] dito [1:52:30] sa [1:52:30] emergency [1:52:32] power [1:52:32] na binigay [1:52:33] natin [1:52:33] at [1:52:33] still [1:52:34] believe [1:52:35] na [1:52:35] maganda [1:52:36] naman [1:52:36] po [1:52:36] yung [1:52:36] suggestion [1:52:37] natin [1:52:37] at [1:52:38] nakita [1:52:38] ko [1:52:38] naman [1:52:38] inooohan [1:52:40] tayo [1:52:40] ng [1:52:40] economic [1:52:40] managers [1:52:41] what [1:52:41] I [1:52:42] do [1:52:42] not [1:52:42] know [1:52:42] now [1:52:43] parang [1:52:44] wala [1:52:44] po [1:52:44] tayong [1:52:45] pinag-usapan [1:52:45] at [1:52:46] tingin ko [1:52:46] hindi [1:52:46] grounded [1:52:47] yung [1:52:47] mga [1:52:47] economic [1:52:48] managers [1:52:48] natin [1:52:49] or [1:52:49] they [1:52:50] really [1:52:51] intentionally [1:52:52] misinformed [1:52:53] the [1:52:53] malakanyang [1:52:54] or the [1:52:54] president [1:52:54] in [1:52:55] regards [1:52:55] to [1:52:55] the [1:52:55] situation [1:52:56] dito [1:52:57] po [1:52:57] sa [1:52:57] baba [1:52:57] nagkakagulo [1:52:59] na po [1:52:59] ang [1:52:59] tao [1:52:59] meron [1:53:00] na po [1:53:00] nagrarally [1:53:01] and [1:53:01] still [1:53:01] hindi [1:53:02] ko [1:53:02] alam [1:53:02] kung saan [1:53:03] nila [1:53:03] kinukuha [1:53:03] yung [1:53:04] data [1:53:04] nila [1:53:04] na [1:53:05] makikinabang [1:53:05] lang [1:53:06] daw [1:53:06] ay [1:53:06] mayaman [1:53:07] or [1:53:07] whatever [1:53:08] siguro [1:53:09] po [1:53:09] pag [1:53:14] lupus [1:53:15] rodriguez [1:53:16] tanggalin [1:53:17] na po [1:53:17] natin [1:53:17] yung [1:53:17] excise [1:53:18] tax [1:53:18] at [1:53:19] yung [1:53:19] bat [1:53:19] po [1:53:19] kung [1:53:20] hindi [1:53:20] po [1:53:20] natin [1:53:20] pwedeng [1:53:21] tanggalin [1:53:21] ng [1:53:21] totally [1:53:23] pwede [1:53:23] po [1:53:24] yung [1:53:24] bat [1:53:24] reduction [1:53:25] ako [1:53:25] po [1:53:25] ay [1:53:25] nagsuggest [1:53:26] nung [1:53:26] nakaraang [1:53:27] hearing [1:53:27] Mr. [1:53:28] Chairman [1:53:28] na [1:53:29] for [1:53:29] purposes [1:53:29] of [1:53:30] computing [1:53:30] the [1:53:31] bat [1:53:31] pwede [1:53:32] po [1:53:32] nating [1:53:32] tanggalin [1:53:33] or [1:53:33] bawasan [1:53:34] muna [1:53:34] yung [1:53:34] insurance [1:53:35] and [1:53:35] freight [1:53:36] for [1:53:36] purposes [1:53:37] of [1:53:37] computing [1:53:38] the [1:53:38] bat [1:53:38] lang [1:53:38] para [1:53:39] na [1:53:39] ibaba [1:53:44] kongreso [1:53:45] na [1:53:45] to [1:53:45] and [1:53:45] I [1:53:45] believe [1:53:46] the [1:53:47] reason [1:53:47] kung [1:53:47] bakit [1:53:47] po [1:53:48] tayo [1:53:48] nag-uusap [1:53:48] dito [1:53:49] at [1:53:49] bakit [1:53:49] tayo [1:53:49] nag-iirik [1:53:50] para [1:53:51] malaman [1:53:51] po [1:53:51] natin [1:53:52] at [1:53:52] malaman [1:53:52] din [1:53:52] nila [1:53:53] yung [1:53:54] pwede [1:53:54] nating [1:53:55] maitulong [1:53:55] at [1:53:55] magawa [1:53:56] dito [1:53:56] sa [1:53:56] gobyerno [1:53:57] na [1:53:57] to [1:53:57] pero [1:53:57] it [1:53:58] seems [1:53:58] po [1:53:58] pag [1:53:58] talikod [1:53:59] natin [1:53:59] mukhang [1:54:00] mga [1:54:00] economic [1:54:01] managers [1:54:01] lamang [1:54:02] po [1:54:02] nag-uusap [1:54:03] at [1:54:04] hanggang [1:54:04] sa [1:54:04] panahon [1:54:05] na [1:54:05] po [1:54:05] more [1:54:06] than [1:54:06] 40 [1:54:06] days [1:54:07] na [1:54:07] po [1:54:07] yung [1:54:07] war [1:54:07] and [1:54:08] still [1:54:08] wala [1:54:09] pa [1:54:09] pong [1:54:10] konkretong [1:54:10] plano [1:54:11] at [1:54:11] wala [1:54:11] pa [1:54:11] pong [1:54:12] magandang [1:54:12] nangyayaring [1:54:13] solusyon [1:54:13] dito [1:54:14] sa [1:54:14] bayad [1:54:15] dati [1:54:15] maraming [1:54:15] salamat [1:54:16] Mr. [1:54:16] Chair [1:54:16] Maraming [1:54:18] salamat [1:54:19] po [1:54:19] May we [1:54:20] now [1:54:20] call on [1:54:20] the [1:54:20] Honorable [1:54:21] Plato [1:54:22] Go ahead [1:54:32] Kong [1:54:33] Brian [1:54:33] Kong [1:54:34] Jolo [1:54:35] I would [1:54:36] like [1:54:36] first to [1:54:36] acknowledge [1:54:37] the presence [1:54:37] of our [1:54:37] Deputy [1:54:38] Majority [1:54:39] Leader [1:54:39] Anna [1:54:40] Victoria [1:54:40] Velo [1:54:40] Sotuason [1:54:41] 3rd [1:54:42] District [1:54:42] of [1:54:42] Leyte [1:54:43] and [1:54:43] Portalist [1:54:45] Juan [1:54:45] Tahanan [1:54:45] Nathaniel [1:54:47] Oducado [1:54:47] Yes [1:54:49] we'd like [1:54:50] to now [1:54:50] recognize [1:54:51] the [1:54:51] Honorable [1:54:52] Sarah [1:54:52] Ilago [1:54:54] to [1:54:55] take her [1:54:56] time [1:54:57] Yes [1:54:58] maraming [1:54:58] salamat [1:54:58] Mr. [1:54:59] Chair [1:54:59] Just one [1:54:59] clarificatory [1:55:00] question [1:55:01] kasi [1:55:01] hindi [1:55:01] lang [1:55:01] po [1:55:01] bago [1:55:02] bagong [1:55:02] informasyon [1:55:03] yung [1:55:04] napaparating [1:55:04] sa atin [1:55:05] ng DOF [1:55:05] meron [1:55:06] din [1:55:06] po [1:55:06] napabago [1:55:07] bago [1:55:07] mismo [1:55:08] halimbawa [1:55:09] po [1:55:09] nung [1:55:10] April [1:55:10] 8 [1:55:10] sabi [1:55:11] ng [1:55:11] DOF [1:55:11] initially [1:55:12] 100 [1:55:13] billion [1:55:13] pesos [1:55:13] po [1:55:14] yung [1:55:14] impact [1:55:14] kung [1:55:15] lahat [1:55:15] po [1:55:15] ng [1:55:15] fuel [1:55:16] excise [1:55:16] tax [1:55:17] ay [1:55:17] masususpindi [1:55:18] for [1:55:18] 8 [1:55:18] months [1:55:19] yung [1:55:19] remaining [1:55:19] months [1:55:20] po [1:55:20] for [1:55:20] the [1:55:21] year [1:55:21] 2026 [1:55:22] pero [1:55:22] kanina [1:55:23] ang [1:55:23] sabi [1:55:23] naman [1:55:23] nila [1:55:24] nasa [1:55:24] 150 [1:55:25] billion [1:55:25] na [1:55:26] yung [1:55:26] impact [1:55:27] kapag [1:55:27] excise [1:55:27] tax [1:55:28] lang [1:55:28] sa [1:55:28] gas [1:55:29] at [1:55:29] diesel [1:55:30] yung [1:55:30] tatanggalin [1:55:31] ano [1:55:32] ano [1:55:32] ano [1:55:32] ba [1:55:33] talaga [1:55:33] at [1:55:33] sa [1:55:34] tingin [1:55:34] po [1:55:34] natin [1:55:35] nagiging [1:55:35] highly [1:55:35] misleading [1:55:36] at [1:55:36] masyado [1:55:37] pong [1:55:37] pinapalaki [1:55:38] yung [1:55:38] revenue [1:55:38] losses [1:55:39] para [1:55:40] sa [1:55:40] panakot [1:55:40] na [1:55:41] mawawala [1:55:41] ng [1:55:41] pondo [1:55:42] yung [1:55:42] mga [1:55:43] ayuda [1:55:44] at [1:55:44] yung [1:55:44] mga [1:55:44] targeted [1:55:45] subsidies [1:55:45] na [1:55:46] nais [1:55:46] po [1:55:46] natin [1:55:46] ipahatid [1:55:48] sa [1:55:48] ating [1:55:48] mga [1:55:48] nangangailangan [1:55:49] na [1:55:49] kababayan [1:55:49] Mr. [1:55:52] Chair [1:55:53] I [1:55:53] would [1:55:53] like [1:55:53] to [1:55:54] clarify [1:55:54] yung [1:55:55] nabanggit [1:55:56] last [1:55:56] time [1:55:57] was [1:55:57] the [1:55:57] question [1:55:58] on [1:55:58] the [1:55:58] net [1:55:59] revenue [1:55:59] impact [1:56:00] for [1:56:00] eight [1:56:01] months [1:56:01] so [1:56:02] the [1:56:02] net [1:56:02] revenue [1:56:03] impact [1:56:03] which [1:56:04] include [1:56:04] the [1:56:04] losses [1:56:05] in [1:56:05] the [1:56:05] revenue [1:56:06] from [1:56:06] excise [1:56:06] and [1:56:07] VAT [1:56:07] from [1:56:07] excise [1:56:08] so [1:56:09] yung [1:56:09] negative [1:56:10] pero [1:56:10] may [1:56:10] positive [1:56:11] additional [1:56:12] VAT [1:56:12] and [1:56:12] hence [1:56:12] the [1:56:13] net [1:56:13] revenue [1:56:13] impact [1:56:13] is [1:56:14] around [1:56:14] 100 [1:56:14] billion [1:56:14] for [1:56:15] eight [1:56:15] months [1:56:15] yung [1:56:16] kanina [1:56:17] po [1:56:17] is [1:56:17] just [1:56:18] your [1:56:21] collection [1:56:22] I [1:56:23] think [1:56:23] kanina [1:56:23] nabanggit [1:56:24] is [1:56:24] just [1:56:24] the [1:56:24] net [1:56:24] revenue [1:56:25] losses [1:56:25] only [1:56:26] for [1:56:26] diesel [1:56:26] and [1:56:27] gasoline [1:56:27] I [1:56:28] think [1:56:28] yung [1:56:28] nabanggit [1:56:29] din [1:56:29] 150 [1:56:30] billion [1:56:31] more [1:56:31] or [1:56:32] less [1:56:32] is [1:56:32] the [1:56:33] collection [1:56:33] in [1:56:34] 2025 [1:56:34] only [1:56:35] for [1:56:35] diesel [1:56:35] and [1:56:35] gasoline [1:56:36] Mr. [1:56:39] Chair [1:56:39] kunin [1:56:39] po [1:56:39] natin [1:56:40] yung [1:56:40] computation [1:56:41] dito [1:56:41] ng [1:56:41] DOF [1:56:42] para [1:56:42] makatulong [1:56:43] din [1:56:43] sa [1:56:43] atin [1:56:44] yung [1:56:45] number [1:56:45] of [1:56:46] households [1:56:46] po [1:56:46] sa [1:56:46] richest [1:56:47] 30 [1:56:47] na [1:56:48] sinasabi [1:56:48] nyo [1:56:48] ilan [1:56:50] buba [1:56:50] sa [1:56:50] ngayon [1:56:50] number [1:56:54] of [1:56:54] households [1:56:55] doon [1:56:55] sa [1:56:56] richest [1:56:56] 30 [1:56:57] sa [1:56:57] top [1:56:58] 3 [1:56:58] deciles [1:56:59] natin [1:57:00] Mr. [1:57:01] Chair [1:57:01] yung [1:57:02] paghahati [1:57:03] po [1:57:03] ng [1:57:03] deciles [1:57:04] sa [1:57:04] FIES [1:57:04] per [1:57:05] decile [1:57:05] po [1:57:06] parang [1:57:06] number [1:57:07] of [1:57:07] total [1:57:07] household [1:57:08] divided [1:57:08] by [1:57:08] 10 [1:57:09] so [1:57:09] for [1:57:09] each [1:57:10] decile [1:57:10] may [1:57:11] 2.7 [1:57:12] million [1:57:13] household [1:57:13] po [1:57:14] doon [1:57:14] for [1:57:14] each [1:57:15] decile [1:57:15] Yes [1:57:16] Mr. [1:57:18] Chair [1:57:18] may [1:57:19] ikling [1:57:19] manifestation [1:57:20] na lang [1:57:20] na [1:57:21] sinusuportahan [1:57:22] po [1:57:22] natin [1:57:22] yung [1:57:22] panawagan [1:57:23] ng [1:57:23] ating [1:57:23] mga [1:57:23] kasamahan [1:57:24] sa [1:57:24] pagsususpend [1:57:25] din [1:57:25] ng [1:57:25] excise [1:57:25] tax [1:57:26] sa [1:57:26] langis [1:57:27] lahat [1:57:27] na [1:57:27] po [1:57:27] hindi [1:57:28] lang [1:57:28] sa [1:57:28] LPG [1:57:29] at [1:57:29] kerosene [1:57:29] dahil [1:57:30] ang [1:57:31] dapat [1:57:31] din [1:57:32] natin [1:57:32] na [1:57:32] kumustahin [1:57:33] yung [1:57:33] pagkonsumo [1:57:33] talaga [1:57:34] ng [1:57:34] pinakamahirap [1:57:35] na [1:57:35] napakita [1:57:35] na [1:57:36] nga [1:57:36] at [1:57:36] na [1:57:37] ibahagi [1:57:37] ng [1:57:38] ating [1:57:38] mga [1:57:38] kasamahan [1:57:39] dito [1:57:39] mula [1:57:39] dun sa [1:57:40] 10.3 [1:57:41] million [1:57:41] na [1:57:41] mga [1:57:42] magsasaka [1:57:42] mga [1:57:42] maingisda [1:57:43] mga [1:57:43] manggagawang [1:57:44] bukit [1:57:44] nandyan [1:57:45] din [1:57:45] po [1:57:45] yung [1:57:45] 1.7 [1:57:46] million [1:57:47] na [1:57:47] tricycle [1:57:47] drivers [1:57:48] 150,000 [1:57:49] na [1:57:49] delivery [1:57:50] motorcycle [1:57:50] drivers [1:57:51] over [1:57:52] 60,000 [1:57:52] na [1:57:53] TNVS [1:57:53] operators [1:57:54] and [1:57:54] drivers [1:57:55] 2.1 [1:57:55] million [1:57:56] na [1:57:57] overseas [1:57:57] Filipinos [1:57:58] na [1:57:58] nasa [1:57:59] banta [1:57:59] ngayon [1:57:59] na [1:57:59] mawala [1:58:00] ng [1:58:00] trabaho [1:58:00] at [1:58:00] kabuhayan [1:58:01] nandyan [1:58:02] din [1:58:02] po [1:58:02] yung [1:58:02] 250,000 [1:58:03] operators [1:58:04] 45,000 [1:58:06] motorcycle [1:58:06] taxi [1:58:07] drivers [1:58:08] at [1:58:08] hindi [1:58:08] po [1:58:09] yan [1:58:09] ay [1:58:09] lahat [1:58:09] covert [1:58:10] itong [1:58:10] sinasabi [1:58:11] natin [1:58:11] ng mga [1:58:12] targeted [1:58:12] subsidies [1:58:13] at [1:58:13] maski [1:58:13] yung [1:58:13] mga [1:58:14] subsidies [1:58:14] na [1:58:14] meron [1:58:15] sa [1:58:15] ngayon [1:58:15] halimbawa [1:58:15] sa [1:58:16] magsasaka [1:58:16] 15,000 [1:58:17] yung [1:58:17] dagdag [1:58:18] na [1:58:18] gastos [1:58:18] kada [1:58:19] hektarya [1:58:20] napakalaki [1:58:21] po [1:58:21] yan [1:58:21] kumpara [1:58:22] dun sa [1:58:22] 2,000 [1:58:23] to [1:58:23] 3,000 [1:58:24] na [1:58:24] available [1:58:24] sa [1:58:25] ngayon [1:58:25] na [1:58:26] balak [1:58:26] maibigay [1:58:27] ng [1:58:27] ating [1:58:27] pamahalaan [1:58:28] kaya [1:58:28] muli [1:58:29] ito [1:58:29] lang [1:58:30] yung [1:58:30] nagpapakita [1:58:30] Mr. [1:58:31] Chair [1:58:31] na [1:58:31] hindi [1:58:32] lang [1:58:32] dapat [1:58:32] yung [1:58:32] pagsuspend [1:58:33] din [1:58:33] ng [1:58:33] excise [1:58:34] tax [1:58:34] ang [1:58:34] ating [1:58:34] maikonsidera [1:58:35] kundi [1:58:36] maging [1:58:36] yung [1:58:36] pagbabawas [1:58:37] o [1:58:38] yung [1:58:38] kumpletong [1:58:39] pagtatanggal [1:58:40] kahit [1:58:40] po [1:58:40] temporarily [1:58:41] ng [1:58:41] VAT [1:58:42] hindi [1:58:42] lang [1:58:42] sa [1:58:42] langis [1:58:43] kundi [1:58:43] sa [1:58:43] pagkain [1:58:43] at [1:58:44] sa [1:58:44] kuryente [1:58:44] napakalaking [1:58:45] ginhawan [1:58:45] yan [1:58:46] na [1:58:46] maidudulot [1:58:47] at [1:58:47] maibibigay [1:58:48] sa [1:58:48] ating [1:58:48] mga [1:58:49] kababayan [1:58:49] yun [1:58:50] lang [1:58:50] sa [1:58:50] ngayon [1:58:50] Mr. [1:58:50] Chair [1:58:51] Maraming [1:58:51] salamat [1:58:51] Maraming [1:58:55] salamat [1:58:55] po [1:58:56] May we [1:58:58] now call [1:58:59] on [1:58:59] Chairman [1:58:59] Franz [1:59:00] Pumarin [1:59:02] Go ahead [1:59:02] Thank you [1:59:03] Mr. [1:59:04] Chairman [1:59:04] Yung para [1:59:05] lang sa [1:59:05] Bankers [1:59:06] Association [1:59:06] of the [1:59:07] Philippines [1:59:07] even [1:59:07] land [1:59:08] banks [1:59:08] siguro [1:59:08] As a [1:59:10] chairman [1:59:10] of [1:59:10] transportation [1:59:11] maraming [1:59:12] lumalapit [1:59:13] sa akin [1:59:13] ng mga [1:59:14] operators [1:59:14] mga bus [1:59:16] operators [1:59:16] even [1:59:17] yung [1:59:17] mga [1:59:17] jeepneys [1:59:18] na [1:59:18] nagre-request [1:59:19] na [1:59:19] baka [1:59:20] pwede [1:59:20] naman [1:59:20] natin [1:59:21] with [1:59:21] what's [1:59:21] happening [1:59:21] right [1:59:22] now [1:59:22] Baka [1:59:23] magkaroon [1:59:23] naman [1:59:23] tayo [1:59:24] ng [1:59:24] suspension [1:59:24] maritomion [1:59:25] ng [1:59:25] pagbabayad [1:59:26] ng [1:59:26] loan [1:59:28] payment [1:59:28] at [1:59:29] penalty [1:59:29] Who's [1:59:30] the [1:59:31] representative [1:59:31] of [1:59:32] Yes sir [1:59:33] Parang [1:59:34] yung [1:59:35] nangyari [1:59:35] ng [1:59:35] time [1:59:35] ng [1:59:35] pandemic [1:59:36] If I [1:59:36] can [1:59:37] recall [1:59:37] sinospend [1:59:38] ng [1:59:38] konti [1:59:38] yung [1:59:39] mga [1:59:39] loan [1:59:39] payments [1:59:40] at [1:59:40] yung [1:59:40] mga [1:59:40] penalty [1:59:41] Sir [1:59:42] baka [1:59:42] mga [1:59:42] pwede [1:59:42] lumapit [1:59:43] na [1:59:47] kung [1:59:47] pwede [1:59:47] natin [1:59:47] ma-accommodate [1:59:48] Please [1:59:50] state [1:59:52] your name [1:59:53] and your [1:59:53] position [1:59:54] and the [1:59:54] organization [1:59:55] Go ahead [1:59:55] Good morning [2:00:02] and to the [2:00:02] members [2:00:02] of [2:00:03] the [2:00:04] panel [2:00:05] I'm [2:00:06] Eden [2:00:06] Jafitana [2:00:06] I'm [2:00:07] the [2:00:07] head [2:00:07] of [2:00:08] the [2:00:08] agriculture [2:00:08] and [2:00:09] sustainable [2:00:09] development [2:00:10] group [2:00:11] We [2:00:11] handle [2:00:12] both [2:00:12] agri [2:00:13] and [2:00:13] unagri [2:00:13] loan [2:00:14] programs [2:00:15] of [2:00:15] the [2:00:15] bank [2:00:15] Yes sir [2:00:16] Tama [2:00:17] po yung [2:00:17] sinabi [2:00:18] ninyo [2:00:18] During [2:00:19] the [2:00:19] pandemic [2:00:20] we [2:00:20] made [2:00:21] some [2:00:21] deferments [2:00:22] of [2:00:22] the [2:00:22] amortizations [2:00:23] Right [2:00:24] now [2:00:24] po [2:00:24] actually [2:00:25] nakasalang [2:00:26] po [2:00:26] yung [2:00:26] ano [2:00:26] namin [2:00:26] because [2:00:27] land [2:00:28] bank [2:00:28] has [2:00:28] an [2:00:28] existing [2:00:29] facility [2:00:31] to [2:00:31] address [2:00:32] yung [2:00:33] mga [2:00:33] borrowers [2:00:34] natin [2:00:35] na [2:00:35] nasa [2:00:35] lanta [2:00:35] po [2:00:36] ng [2:00:36] bagyo [2:00:36] lindol [2:00:38] but [2:00:38] yung [2:00:40] pong [2:00:40] sa [2:00:41] ngayon [2:00:41] po [2:00:41] inaayos [2:00:42] po [2:00:42] namin [2:00:42] yung [2:00:43] aming [2:00:44] cares [2:00:44] plus [2:00:44] program [2:00:45] to [2:00:45] include [2:00:46] kagaya [2:00:47] nito [2:00:47] mga [2:00:48] crisis [2:00:48] ng [2:00:48] nangyayari [2:00:49] ngayon [2:00:50] para [2:00:50] po [2:00:51] ma-address [2:00:51] po [2:00:51] yung [2:00:52] problema [2:00:52] ng [2:00:52] aming [2:00:52] mga [2:00:52] borrowers [2:00:53] and [2:00:54] land [2:00:56] bank [2:00:56] naman [2:00:56] po [2:00:56] is [2:00:57] na-recognize [2:00:59] namin [2:00:59] yung [2:01:00] problem [2:01:00] so [2:01:00] definitely [2:01:01] we will [2:01:02] be [2:01:02] touch [2:01:02] base [2:01:03] to [2:01:04] those [2:01:05] clients [2:01:06] of the [2:01:06] bank [2:01:06] to [2:01:07] address [2:01:07] that [2:01:07] problem [2:01:08] po [2:01:08] thank [2:01:09] you very [2:01:10] much [2:01:10] yung [2:01:10] bankers [2:01:11] association [2:01:11] of the [2:01:12] philippines [2:01:12] nandito [2:01:12] ba [2:01:12] yes sir [2:01:13] baka [2:01:14] you can [2:01:14] answer [2:01:15] yung [2:01:15] request [2:01:17] kasi [2:01:18] land [2:01:19] bank [2:01:19] madaling [2:01:19] kausap [2:01:20] dito [2:01:22] dito [2:01:22] saan [2:01:22] may [2:01:23] mic [2:01:23] sir [2:01:27] if I may [2:01:28] dagdagan [2:01:28] ko [2:01:28] lang po [2:01:29] yung [2:01:29] that time [2:01:30] kasi [2:01:30] po [2:01:30] meron [2:01:30] tayo [2:01:31] during [2:01:31] the [2:01:32] pandemic [2:01:34] meron [2:01:35] po [2:01:35] nagkaroon [2:01:36] po [2:01:36] kasi [2:01:37] ng [2:01:37] dalawang [2:01:38] batas [2:01:38] na [2:01:39] yun [2:01:39] din [2:01:39] po [2:01:40] yung [2:01:40] sinunda [2:01:40] namin [2:01:41] ng [2:01:41] tawag [2:01:42] nito [2:01:43] pagkakaroon [2:01:44] ng mga [2:01:45] deferments [2:01:45] ang [2:01:46] I think [2:01:47] ang [2:01:47] kailangan [2:01:48] din lang [2:01:49] po [2:01:49] namin [2:01:49] ng [2:01:49] support [2:01:50] kasi [2:01:50] po [2:01:50] as you [2:01:52] know [2:01:52] not [2:01:53] the [2:01:53] just [2:01:53] land [2:01:54] bank [2:01:54] but [2:01:54] for [2:01:54] all [2:01:55] other [2:01:55] banks [2:01:56] po [2:01:56] meron [2:01:57] po [2:01:57] kasi [2:01:57] tayo [2:01:58] mga [2:01:58] regulatory [2:01:59] requirements [2:02:00] or [2:02:00] na [2:02:01] kailangan [2:02:02] sundan [2:02:03] ng [2:02:03] mga [2:02:03] bank [2:02:03] po [2:02:03] so [2:02:04] hopefully [2:02:04] po [2:02:05] masuportahan [2:02:05] din [2:02:05] po [2:02:06] kami [2:02:06] at [2:02:06] makover [2:02:07] din [2:02:07] po [2:02:07] yun [2:02:08] para [2:02:08] po [2:02:09] yung [2:02:10] aming [2:02:11] regulator [2:02:11] which [2:02:12] is [2:02:12] the [2:02:12] BSP [2:02:12] would [2:02:13] also [2:02:13] take a [2:02:15] look [2:02:15] kung [2:02:16] ano [2:02:16] po [2:02:16] yung [2:02:16] ginagawang [2:02:17] mga [2:02:17] remedies [2:02:18] para [2:02:19] po [2:02:19] ma-address [2:02:19] po [2:02:19] yung [2:02:20] nararanasan [2:02:21] ng [2:02:21] ating [2:02:21] mga [2:02:22] borrowers [2:02:22] thank [2:02:23] thank you [2:02:23] thank you [2:02:23] thank you very [2:02:23] much [2:02:23] sir [2:02:24] from [2:02:24] bank [2:02:25] of [2:02:25] the [2:02:25] philippines [2:02:26] i [2:02:26] yes [2:02:27] mr [2:02:27] chair [2:02:28] i'm [2:02:28] i'm [2:02:29] arnel [2:02:29] almaden [2:02:30] from [2:02:30] the [2:02:30] bankers [2:02:31] association [2:02:31] of [2:02:31] the [2:02:31] philippines [2:02:32] i [2:02:33] second [2:02:33] the [2:02:34] motion [2:02:34] what [2:02:34] has [2:02:34] been [2:02:35] manifested [2:02:35] by [2:02:36] our [2:02:36] colleague [2:02:37] from [2:02:38] the [2:02:38] land [2:02:39] bank [2:02:39] of [2:02:39] the [2:02:39] philippines [2:02:39] yes [2:02:40] we [2:02:40] remember [2:02:41] during [2:02:41] the [2:02:42] pandemic [2:02:42] we [2:02:43] have [2:02:44] several [2:02:44] initiatives [2:02:46] to [2:02:47] freeze [2:02:48] the [2:02:49] interest [2:02:51] payments [2:02:51] and [2:02:52] loan [2:02:52] payments [2:02:52] of [2:02:53] some [2:02:53] of [2:02:53] our [2:02:54] borrowers [2:02:54] we [2:02:55] gonna [2:02:55] have [2:02:55] to [2:02:56] study [2:02:56] that [2:02:56] and [2:02:57] come [2:02:58] up [2:02:58] with [2:02:58] some [2:02:58] recommendation [2:03:00] but [2:03:00] of [2:03:00] course [2:03:00] as [2:03:01] also [2:03:01] manifested [2:03:02] by [2:03:02] my [2:03:03] colleague [2:03:03] from [2:03:04] land [2:03:04] bank [2:03:04] we [2:03:04] need [2:03:05] of [2:03:06] course [2:03:06] the [2:03:06] guidance [2:03:06] from [2:03:07] our [2:03:07] regulator [2:03:07] to [2:03:09] provide [2:03:09] the [2:03:09] necessary [2:03:10] environment [2:03:10] for [2:03:11] us [2:03:11] to [2:03:11] be [2:03:11] able [2:03:11] to [2:03:11] do [2:03:12] what [2:03:12] needs [2:03:13] to [2:03:13] be [2:03:13] done [2:03:13] so [2:03:13] we [2:03:14] will [2:03:14] have [2:03:15] to [2:03:15] do [2:03:16] this [2:03:16] in [2:03:16] close [2:03:17] coordination [2:03:17] with [2:03:18] our [2:03:18] primary [2:03:19] regulator [2:03:20] de [2:03:21] Banco [2:03:21] Central [2:03:22] Lampin [2:03:22] Thank you [2:03:23] very much [2:03:23] we're [2:03:23] not only [2:03:24] talking [2:03:24] about [2:03:24] bus [2:03:25] operators [2:03:25] jeepneys [2:03:25] pati [2:03:26] yung [2:03:26] mga [2:03:26] haulers [2:03:27] yung [2:03:27] mga [2:03:27] trucks [2:03:28] may [2:03:28] mga [2:03:29] loans [2:03:29] yan [2:03:30] eh [2:03:30] ngayon [2:03:30] halos [2:03:31] wala [2:03:31] na [2:03:31] bumabiyahe [2:03:32] sa [2:03:32] mga [2:03:33] haulers [2:03:33] because [2:03:34] of [2:03:34] the [2:03:34] cost [2:03:35] of [2:03:35] fuel [2:03:35] masyadong [2:03:36] mataas [2:03:37] so [2:03:37] wala [2:03:37] so [2:03:38] at [2:03:38] least [2:03:39] it's [2:03:39] good [2:03:39] to [2:03:39] know [2:03:40] na [2:03:40] you're [2:03:41] open [2:03:41] to [2:03:41] the [2:03:41] idea [2:03:42] thank [2:03:43] you [2:03:43] can [2:03:44] you [2:03:44] from [2:03:44] the [2:03:44] bankers [2:03:45] association [2:03:45] yes [2:03:47] Mr. [2:03:47] Chair [2:03:47] how [2:03:48] is [2:03:48] are [2:03:48] you [2:03:49] what [2:03:49] is [2:03:49] your [2:03:50] observation [2:03:50] on the [2:03:51] portfolio [2:03:51] on the [2:03:52] transportation [2:03:52] portfolio [2:03:53] of your [2:03:54] member [2:03:54] banks [2:03:55] meron [2:03:56] na bang [2:03:57] initial [2:03:57] reports [2:03:58] relative [2:03:58] to [2:04:00] uh [2:04:00] hauling [2:04:01] services [2:04:02] transportation [2:04:03] services [2:04:04] who have [2:04:04] existing [2:04:05] loans [2:04:05] with your [2:04:06] bank [2:04:06] members [2:04:07] uh [2:04:08] Mr. [2:04:09] Chair [2:04:09] that [2:04:09] kind [2:04:09] of [2:04:09] information [2:04:10] and [2:04:10] data [2:04:11] we [2:04:12] regret [2:04:13] to tell [2:04:14] you [2:04:14] that [2:04:14] the [2:04:14] BAP [2:04:15] does [2:04:15] not [2:04:15] have [2:04:16] the [2:04:16] visibility [2:04:17] for [2:04:17] those [2:04:18] kind [2:04:18] of [2:04:18] data [2:04:18] but [2:04:19] all [2:04:19] our [2:04:20] member [2:04:20] banks [2:04:20] in fact [2:04:21] all [2:04:22] the [2:04:22] BSP [2:04:23] supervised [2:04:24] institutions [2:04:24] submit [2:04:25] information [2:04:26] and data [2:04:26] on a [2:04:27] regular [2:04:27] basis [2:04:27] to [2:04:28] the [2:04:29] bank [2:04:29] central [2:04:29] so [2:04:29] the [2:04:30] BSP [2:04:30] may [2:04:30] will [2:04:31] have [2:04:31] that [2:04:31] kind [2:04:32] of [2:04:32] view [2:04:33] of [2:04:34] the [2:04:34] data [2:04:34] but [2:04:35] even [2:04:35] if [2:04:35] it's [2:04:36] even [2:04:36] anecdotal [2:04:37] what [2:04:38] would [2:04:38] you [2:04:38] hear [2:04:38] from [2:04:39] the [2:04:39] industry [2:04:39] we [2:04:43] don't [2:04:46] really [2:04:46] have [2:04:46] that [2:04:46] visibility [2:04:47] Mr. [2:04:47] Chair [2:04:48] on the [2:04:49] actual [2:04:50] information [2:04:50] the [2:04:51] Comsecs [2:04:53] are advised [2:04:54] to invite [2:04:54] the [2:04:55] BSP [2:04:55] so we [2:04:56] can get [2:04:56] a [2:04:56] specific [2:04:58] glimpse [2:04:58] of how [2:04:59] financially [2:05:01] are they [2:05:01] doing [2:05:02] relative to [2:05:03] the [2:05:03] transportation [2:05:04] industry [2:05:05] or [2:05:05] industries [2:05:05] that are [2:05:06] heavily [2:05:06] affected [2:05:06] by the [2:05:07] oil price [2:05:08] surge [2:05:09] but you're [2:05:10] open [2:05:11] to [2:05:12] moratorium [2:05:13] amortization [2:05:15] slide [2:05:16] deferment [2:05:17] what [2:05:19] we're [2:05:20] saying [2:05:20] is that [2:05:20] we have [2:05:21] done [2:05:21] this [2:05:21] before [2:05:22] we have [2:05:22] done [2:05:22] this [2:05:22] during [2:05:23] the [2:05:23] pandemic [2:05:23] and close [2:05:25] coordination [2:05:25] with the [2:05:26] bank of [2:05:26] central [2:05:26] we will [2:05:27] consider [2:05:28] all [2:05:28] we want [2:05:29] you to [2:05:30] come [2:05:30] up [2:05:30] with [2:05:30] this [2:05:30] very [2:05:30] specific [2:05:31] suggestion [2:05:32] taking [2:05:33] into [2:05:33] consideration [2:05:33] your [2:05:34] previous [2:05:34] experience [2:05:35] because [2:05:36] while [2:05:36] the [2:05:36] intention [2:05:37] of [2:05:38] the [2:05:39] Bayanihan [2:05:39] 1 and [2:05:40] Bayanihan [2:05:40] 2 was [2:05:41] good [2:05:41] there were [2:05:42] some [2:05:43] banks [2:05:43] that felt [2:05:44] like it [2:05:44] was [2:05:44] unnecessary [2:05:45] or in [2:05:45] fact [2:05:46] the [2:05:46] purpose [2:05:47] was not [2:05:48] being [2:05:48] met [2:05:48] so [2:05:49] we'd [2:05:50] like to [2:05:50] really [2:05:50] hear [2:05:51] from [2:05:51] you [2:05:51] you know [2:05:52] what [2:05:52] the [2:05:52] objectives [2:05:53] are [2:05:53] will [2:05:54] the [2:05:54] objectives [2:05:55] be [2:05:56] met [2:05:56] by [2:05:56] policy [2:05:57] on [2:05:57] deferment [2:05:58] or [2:05:59] postponement [2:05:59] of [2:06:00] amortization [2:06:00] or [2:06:01] suspension [2:06:02] of [2:06:02] payments [2:06:03] yes [2:06:06] Mr. Chair [2:06:07] in fact [2:06:07] we are [2:06:07] also [2:06:08] in receipt [2:06:08] of [2:06:09] Senate [2:06:09] Bill [2:06:10] number [2:06:10] 2020 [2:06:11] with [2:06:13] similar [2:06:14] provisions [2:06:15] and we [2:06:17] have [2:06:17] it [2:06:18] exposed [2:06:19] to our [2:06:19] members [2:06:20] for their [2:06:20] feedback [2:06:21] I think [2:06:22] that bill [2:06:23] in the [2:06:23] Senate [2:06:23] is being [2:06:24] authored [2:06:24] by [2:06:25] Senator [2:06:26] Ligarda [2:06:26] so [2:06:27] basically [2:06:29] the same [2:06:29] the same [2:06:30] banks [2:06:32] are not [2:06:33] interested [2:06:33] in acquiring [2:06:34] buses [2:06:35] or [2:06:35] trucks [2:06:36] you're [2:06:37] interested [2:06:37] in [2:06:37] repayment [2:06:41] yes [2:06:42] Mr. Chair [2:06:42] may we now [2:06:45] call on [2:06:45] Ador Plato [2:06:48] who is [2:06:48] back [2:06:49] he just [2:06:50] took a [2:06:50] transportation [2:06:51] break [2:06:52] sorry [2:06:52] sorry [2:06:53] go ahead [2:06:54] thank you [2:06:55] Mr. Chair [2:06:56] kaya [2:06:57] katanungan lang [2:06:58] po [2:06:58] kasi po [2:06:59] hindi [2:07:00] natin [2:07:00] makontrol [2:07:01] ang [2:07:01] pagtaas [2:07:03] ng [2:07:03] presion [2:07:03] ng [2:07:03] petrolyo [2:07:04] umangal na rin [2:07:04] po kasi [2:07:05] ang [2:07:05] nasa [2:07:06] construction [2:07:06] industry [2:07:07] pinag-usapan [2:07:08] natin [2:07:08] po [2:07:08] transport [2:07:09] construction [2:07:10] industry [2:07:11] dahil [2:07:11] sa [2:07:12] karamihan [2:07:12] po [2:07:12] mga [2:07:13] heavy [2:07:13] equipments [2:07:14] na [2:07:14] ginagamit [2:07:15] ay [2:07:15] diesel [2:07:16] field [2:07:16] gaya [2:07:17] ng [2:07:17] mga [2:07:17] bulldozer [2:07:18] dam [2:07:19] tracks [2:07:19] escalator [2:07:20] wheel [2:07:22] loader [2:07:23] load [2:07:23] backhole [2:07:24] loader [2:07:24] gamit [2:07:24] ng mga [2:07:25] pag-asphalt [2:07:25] po [2:07:25] yung [2:07:26] asphalt [2:07:27] paper [2:07:27] yung [2:07:27] compactor [2:07:29] paano [2:07:29] po [2:07:30] ang [2:07:30] adjustment [2:07:30] sa [2:07:31] kanilang [2:07:31] operation [2:07:32] cost [2:07:32] secure [2:07:32] anybody [2:07:38] from [2:07:38] dpwh [2:07:40] have [2:07:40] been [2:07:40] invited [2:07:40] dpwh [2:07:41] or dpwh [2:07:42] here [2:07:42] go ahead [2:07:55] who do you [2:07:58] want to [2:07:59] who do you [2:07:59] want to [2:08:00] answer your [2:08:00] question [2:08:01] anybody [2:08:01] from the [2:08:02] we have [2:08:03] the dpwh [2:08:04] here [2:08:04] or dpwh [2:08:05] sino manong [2:08:10] dpwh or dpwh [2:08:15] well we have [2:08:15] a dpwh [2:08:16] representative [2:08:17] but in [2:08:17] fairness [2:08:17] to the [2:08:18] secretary [2:08:18] he will [2:08:19] be here [2:08:20] for the [2:08:20] transportation [2:08:21] but go [2:08:21] ahead [2:08:21] and please [2:08:23] identify [2:08:23] yourself [2:08:24] for our [2:08:25] stenographers [2:08:25] pakipindot [2:08:30] lang manong [2:08:30] assistant secretary [2:08:33] joskoro reyes [2:08:33] sir [2:08:34] representing [2:08:34] the otr [2:08:35] ano pong [2:08:38] sagot nyo [2:08:38] dun sa [2:08:39] katanungan [2:08:41] paano [2:08:41] ang adjustment [2:08:41] sa kanilang [2:08:42] mga [2:08:42] sige [2:08:42] pakiulit [2:08:43] mo manong [2:08:44] don't worry [2:08:45] your time [2:08:46] will keep [2:08:46] running [2:08:47] go ahead [2:08:47] kasi po [2:08:49] hindi makontrol [2:08:50] pagtaas [2:08:50] ng presyo [2:08:51] kong [2:08:51] petroleum [2:08:51] umangal ako [2:08:52] ang mga [2:08:52] nasa [2:08:53] construction [2:08:55] industry [2:08:56] dahil [2:08:57] karamihan po [2:08:57] ng mga [2:08:58] heavy [2:08:58] equipments [2:08:58] diesel [2:09:00] feed [2:09:00] dito [2:09:00] gaya [2:09:01] ng mga [2:09:02] bulldozers [2:09:02] heavy [2:09:03] equipments [2:09:03] mga [2:09:03] loaders [2:09:04] dump [2:09:04] trucks [2:09:05] pati asphalt [2:09:06] favor [2:09:06] o kaya [2:09:07] yung mga [2:09:07] compactors [2:09:09] paano [2:09:09] ang adjustment [2:09:10] sa kanilang [2:09:11] mga [2:09:11] operation [2:09:11] costs [2:09:12] yun tayo [2:09:13] kasing [2:09:13] association [2:09:13] ng [2:09:14] equipment [2:09:17] operators [2:09:17] yung [2:09:17] tinatawag [2:09:18] natin [2:09:18] ASEL [2:09:19] association [2:09:21] of [2:09:21] carriers [2:09:21] and [2:09:22] equipment [2:09:22] lessors [2:09:23] incorporated [2:09:23] na nagpaparenta [2:09:25] ng mga [2:09:25] malaking [2:09:25] construction [2:09:26] equipment [2:09:26] this [2:09:27] industry [2:09:28] will be [2:09:28] also [2:09:28] affected [2:09:29] due to [2:09:29] rising [2:09:30] diesel [2:09:31] prices [2:09:31] which [2:09:32] directly [2:09:33] impacts [2:09:33] the [2:09:34] holding [2:09:35] costs [2:09:35] and [2:09:35] equipment [2:09:36] operations [2:09:36] kaya [2:09:37] sila [2:09:38] rin [2:09:38] po [2:09:38] ay [2:09:39] directly [2:09:39] affected [2:09:39] by [2:09:40] POL [2:09:40] supply [2:09:41] chain [2:09:41] and [2:09:42] construction [2:09:42] activities [2:09:43] meron [2:09:44] ba [2:09:44] bang [2:09:44] solusyon [2:09:46] sa ganito [2:09:47] mga [2:09:47] issue [2:09:47] to be [2:09:54] honest [2:09:54] sir [2:09:54] I'm [2:09:55] sorry [2:09:55] to tell [2:09:56] you [2:09:56] as of [2:09:56] now [2:09:56] wala [2:09:57] po [2:09:57] but [2:09:57] I [2:09:57] will [2:09:57] bring [2:09:58] it [2:09:58] up [2:09:58] to [2:09:59] the [2:09:59] secretary [2:10:01] for [2:10:01] our [2:10:02] study [2:10:04] and [2:10:04] action [2:10:05] after [2:10:06] your [2:10:06] question [2:10:07] sir [2:10:07] are you [2:10:12] done [2:10:12] manong [2:10:13] isa [2:10:14] na lang [2:10:14] po [2:10:15] para [2:10:17] may [2:10:17] wasa [2:10:17] ng [2:10:17] pagtas [2:10:18] ng [2:10:18] construction [2:10:18] materials [2:10:19] like [2:10:19] cement [2:10:20] steel [2:10:21] asphalt [2:10:21] aggregates [2:10:22] una po [2:10:23] dahil [2:10:23] sa [2:10:23] hauling [2:10:24] costs [2:10:24] pangalawa [2:10:25] yung [2:10:26] asphalt [2:10:26] is a [2:10:27] byproduct [2:10:28] of [2:10:28] crude [2:10:29] oil [2:10:30] hindi [2:10:30] po [2:10:30] ba [2:10:30] kaya [2:10:31] ang [2:10:32] asphalt [2:10:32] cost [2:10:33] is [2:10:33] likely [2:10:33] to [2:10:34] increase [2:10:34] soon [2:10:35] or [2:10:36] two [2:10:36] magkakaroon [2:10:37] din ba [2:10:37] ang shortage [2:10:38] ng asphalt [2:10:38] or [2:10:40] supply [2:10:40] disruptions [2:10:41] paano [2:10:42] natin [2:10:42] tinutugunan [2:10:43] ito [2:10:43] Mr. [2:10:44] Chair [2:10:44] siguro [2:10:45] masasagot [2:10:46] mo na [2:10:46] ito [2:10:51] are you [2:10:51] with the [2:10:52] DOTR [2:10:52] yes [2:10:53] po [2:10:53] sa [2:10:55] ngayon po [2:10:56] sir [2:10:56] kasi [2:10:56] limited [2:10:57] po [2:10:57] yung [2:10:57] aming [2:10:58] budget [2:10:59] at [2:10:59] limang [2:11:00] project [2:11:00] lang [2:11:01] po [2:11:01] ang [2:11:01] aming [2:11:01] na [2:11:01] address [2:11:02] unfortunately [2:11:03] as I [2:11:03] have [2:11:04] said [2:11:04] earlier [2:11:04] hindi [2:11:05] po [2:11:05] namin [2:11:05] na [2:11:06] include [2:11:06] ang [2:11:06] construction [2:11:08] concern [2:11:10] mga [2:11:11] construction [2:11:11] group [2:11:12] kasi [2:11:12] po [2:11:12] nakatutok [2:11:13] po [2:11:13] kami [2:11:13] ang [2:11:14] departamento [2:11:15] sa [2:11:15] mga [2:11:16] drivers [2:11:16] operators [2:11:17] at [2:11:17] commuters [2:11:18] po [2:11:18] sa [2:11:19] ngayon [2:11:19] po [2:11:19] yan [2:11:20] po [2:11:21] ay [2:11:21] sa [2:11:22] lahat [2:11:22] ng [2:11:22] means [2:11:23] of [2:11:23] transportation [2:11:24] air [2:11:25] land [2:11:25] and [2:11:25] sea [2:11:25] pero [2:11:27] bibigay [2:11:29] alam [2:11:29] ko [2:11:29] sa [2:11:30] departamento [2:11:30] at [2:11:31] nang [2:11:31] aming [2:11:32] makonsidera [2:11:33] kung [2:11:33] sakali [2:11:33] po [2:11:34] na [2:11:34] pwede [2:11:34] po [2:11:35] namin [2:11:35] ma [2:11:35] extend [2:11:36] sa [2:11:36] This [2:11:38] is [2:11:38] different [2:11:39] from [2:11:39] transport [2:11:40] operators [2:11:41] drivers [2:11:42] ito [2:11:43] po [2:11:43] yung [2:11:43] construction [2:11:44] industry [2:11:45] yung [2:11:45] mga [2:11:45] paggamit [2:11:46] na [2:11:46] pagparinda [2:11:46] ng [2:11:47] heavy [2:11:47] equipments [2:11:48] are using [2:11:49] diesel [2:11:50] itong gamit [2:11:51] nila [2:11:52] at [2:11:53] paano [2:11:54] ang adjustment [2:11:55] sa kanilang [2:11:55] operating [2:11:55] costs [2:11:56] di ba [2:11:57] niyo [2:11:57] napag-aralan [2:11:58] pa ito [2:11:58] hanggang [2:11:58] ngayon [2:11:59] sa [2:12:02] ngayon [2:12:02] po [2:12:02] kasi [2:12:02] wala [2:12:03] po [2:12:03] kaming [2:12:03] pondo [2:12:04] na [2:12:04] nakalaan [2:12:05] para [2:12:05] dun [2:12:05] po [2:12:05] sa [2:12:06] industriya [2:12:06] na [2:12:07] nabanggit [2:12:07] sir [2:12:07] kaya [2:12:08] po [2:12:08] Mr. [2:12:09] Chair [2:12:09] nabanggit [2:12:12] ko [2:12:12] na ipagbibigay [2:12:13] alam [2:12:13] kong [2:12:13] mga [2:12:13] mga [2:12:14] susunod [2:12:15] na [2:12:15] lang [2:12:15] siguro [2:12:15] baka [2:12:17] kaya [2:12:17] ni [2:12:17] At [2:12:18] but [2:12:19] is [2:12:19] there [2:12:22] are [2:12:22] around [2:12:23] 55,000 [2:12:24] trucks [2:12:25] for hire [2:12:26] pero [2:12:26] iba-ibahong [2:12:27] sizes [2:12:27] of [2:12:27] trucks [2:12:28] sa [2:12:29] buong [2:12:29] Pilipinas [2:12:30] but [2:12:32] I think [2:12:32] pag-uusapan [2:12:33] ngayong [2:12:33] hapon [2:12:34] yung [2:12:34] whatever [2:12:35] assistance [2:12:35] we can [2:12:36] give [2:12:36] sa [2:12:36] heavy [2:12:37] trucks [2:12:38] at [2:12:38] saka [2:12:39] yung [2:12:39] buses [2:12:40] in [2:12:41] particular [2:12:41] especially [2:12:43] in the [2:12:43] granting [2:12:44] of [2:12:44] fuel [2:12:44] discounts [2:12:45] ipagbibigay [2:12:46] alam [2:12:47] ko [2:12:47] sa [2:12:47] meeting [2:12:48] po [2:12:48] mami [2:12:48] ang [2:12:48] hapon [2:12:49] sa [2:12:49] at [2:12:49] at [2:12:49] sekretaryo [2:12:50] po [2:12:51] we'll [2:12:51] get [2:12:51] back [2:12:51] to [2:12:52] congressman [2:12:53] Mr. [2:12:53] Chair [2:12:53] on [2:12:54] whatever [2:12:54] outcome [2:12:55] that [2:12:55] meeting [2:12:55] has [2:12:56] Thank [2:12:57] you [2:12:57] Tony [2:12:58] Mendoza [2:12:58] Thank [2:12:58] you [2:12:58] Mr. [2:12:59] Chair [2:12:59] Maraming [2:13:03] salamat [2:13:04] po [2:13:04] May [2:13:05] we [2:13:05] call on [2:13:06] the [2:13:06] Development [2:13:07] Bank [2:13:08] of the [2:13:08] Philippines [2:13:08] Is [2:13:09] the [2:13:10] representative [2:13:10] of [2:13:11] DBP [2:13:11] here [2:13:12] Yes [2:13:13] Mr. [2:13:13] Chair [2:13:14] Yes [2:13:15] Ginong [2:13:16] Resmundo [2:13:17] para [2:13:17] sagutin [2:13:18] yung [2:13:18] katanungan [2:13:19] tungkol [2:13:19] dun [2:13:19] sa [2:13:20] ano [2:13:20] ba [2:13:21] ang [2:13:21] pwedeng [2:13:21] magawa [2:13:22] ng [2:13:23] ating [2:13:24] banking [2:13:24] industry [2:13:25] relative [2:13:25] to [2:13:25] ating [2:13:27] mga [2:13:27] transportation [2:13:27] sector [2:13:29] Go ahead [2:13:29] Last [2:13:30] March [2:13:31] 19 [2:13:32] the [2:13:33] DBP [2:13:33] responded [2:13:34] to [2:13:34] the [2:13:34] request [2:13:35] of [2:13:35] LTFRB [2:13:36] for [2:13:37] the [2:13:37] grant [2:13:38] of [2:13:38] temporary [2:13:39] or [2:13:39] suspension [2:13:40] of [2:13:40] penalties [2:13:42] on [2:13:43] outstanding [2:13:43] loan [2:13:44] obligations [2:13:44] of [2:13:45] the [2:13:45] bank [2:13:46] clients [2:13:46] in [2:13:47] the [2:13:47] transport [2:13:48] sector [2:13:48] so [2:13:49] ito [2:13:49] ito [2:13:49] ito [2:13:49] yung [2:13:49] modern [2:13:50] jeepneys [2:13:50] tama [2:13:50] ba [2:13:51] yes [2:13:52] sir [2:13:52] yes [2:13:53] sir [2:13:53] so [2:13:54] anong [2:13:54] ginawa [2:13:54] ninyong [2:13:55] policy [2:13:55] dyan [2:13:56] pinahinto [2:13:58] nyo [2:13:58] muna [2:13:58] ang [2:13:58] pag [2:13:59] imposition [2:13:59] ng [2:13:59] penalties [2:14:00] tama [2:14:00] ba [2:14:00] yung [2:14:01] penalties [2:14:02] Mr. [2:14:02] Chair [2:14:02] yes [2:14:03] Anong [2:14:04] iba [2:14:04] pang [2:14:04] pwede [2:14:05] ninyong [2:14:05] gawin [2:14:05] yung [2:14:07] installment [2:14:08] sa [2:14:08] interest [2:14:08] and [2:14:08] principal [2:14:10] since [2:14:11] most [2:14:11] of [2:14:12] our [2:14:12] clients [2:14:13] in [2:14:13] the [2:14:13] transport [2:14:14] sector [2:14:14] especially [2:14:15] for [2:14:15] the [2:14:15] cooperative [2:14:16] sector [2:14:17] since [2:14:18] they are [2:14:19] still [2:14:19] recovering [2:14:19] from [2:14:20] the [2:14:20] effects [2:14:21] of [2:14:21] the [2:14:21] pandemic [2:14:22] and [2:14:23] it [2:14:23] takes [2:14:23] a lot [2:14:24] of [2:14:24] a [2:14:25] number [2:14:25] of [2:14:25] years [2:14:25] to [2:14:26] recover [2:14:26] from [2:14:27] that [2:14:27] pandemic [2:14:28] we [2:14:29] are [2:14:29] considering [2:14:30] on a [2:14:30] case [2:14:31] by [2:14:31] case [2:14:31] basis [2:14:32] the [2:14:32] restructuring [2:14:33] and other [2:14:34] types [2:14:34] of [2:14:34] interventions [2:14:35] that [2:14:36] would [2:14:36] be [2:14:36] appropriate [2:14:37] per [2:14:37] client [2:14:39] Mr. [2:14:39] Chair [2:14:40] Ano [2:14:41] nagiging [2:14:41] behavior [2:14:42] ngayon [2:14:42] sa [2:14:42] banko [2:14:42] nung [2:14:43] marami [2:14:44] bang [2:14:45] nagde-default [2:14:45] in [2:14:46] the [2:14:46] last [2:14:47] five [2:14:48] weeks [2:14:48] six [2:14:48] weeks [2:14:48] Yes [2:14:50] Mr. [2:14:50] Chair [2:14:51] but [2:14:52] we [2:14:53] will [2:14:53] provide [2:14:53] the [2:14:53] information [2:14:54] possibly [2:14:55] in [2:14:56] maybe [2:14:57] through [2:14:57] the [2:14:57] Secretary [2:14:58] To [2:14:58] be [2:14:59] able [2:14:59] to [2:14:59] pass [2:14:59] a [2:15:00] policy [2:15:00] to [2:15:01] para [2:15:02] wag [2:15:02] kayong [2:15:02] mang [2:15:02] electa [2:15:03] ng [2:15:03] interest [2:15:03] at [2:15:04] saka [2:15:04] principal [2:15:05] pati [2:15:06] penalties [2:15:06] or [2:15:07] isuspend [2:15:08] muna [2:15:08] yung [2:15:08] pangungulekta [2:15:09] let's [2:15:09] say [2:15:09] tatlong [2:15:09] buwan [2:15:10] anong [2:15:10] kailangan [2:15:11] para [2:15:11] magawa [2:15:12] nyo [2:15:12] yan [2:15:12] kaya [2:15:12] ba [2:15:12] ng [2:15:12] board [2:15:13] nyo [2:15:13] yan [2:15:13] o [2:15:13] kailangan [2:15:14] ng [2:15:14] batas [2:15:14] dyan [2:15:14] we [2:15:16] we [2:15:17] we [2:15:17] can [2:15:17] negotiate [2:15:17] depending [2:15:18] po [2:15:18] sa [2:15:18] isang [2:15:19] cooperative [2:15:20] or [2:15:20] at [2:15:21] sa [2:15:22] yes [2:15:23] kung [2:15:24] i-request [2:15:24] pa nila [2:15:25] we [2:15:25] can [2:15:25] consider [2:15:25] that [2:15:26] without [2:15:27] the [2:15:27] enabling [2:15:28] law [2:15:28] or [2:15:29] allowed [2:15:29] to that [2:15:29] effect [2:15:30] so [2:15:31] you [2:15:31] would [2:15:31] rather [2:15:32] you [2:15:33] do [2:15:33] the [2:15:33] remediation [2:15:34] on [2:15:34] your [2:15:34] own [2:15:35] without [2:15:35] the [2:15:36] benefit [2:15:37] of [2:15:37] a [2:15:37] law [2:15:37] mandating [2:15:38] you [2:15:38] tama [2:15:39] ba [2:15:39] yes [2:15:41] mr. [2:15:41] chair [2:15:41] we're [2:15:42] able [2:15:42] to [2:15:42] do [2:15:42] that [2:15:43] okay [2:15:44] sige [2:15:45] maraming [2:15:45] salamat [2:15:46] before [2:15:47] we [2:15:48] before [2:15:50] we [2:15:50] go on [2:15:51] a break [2:15:51] manong [2:15:52] surge [2:15:52] quickly [2:15:53] please [2:15:54] ha [2:15:54] pag [2:15:55] sinabi [2:15:55] kong [2:15:56] quick [2:15:56] mr. [2:15:57] chair [2:15:57] kita [2:15:58] mo naman [2:15:59] talagang [2:15:59] quick [2:16:00] as in [2:16:01] quick [2:16:01] thank [2:16:03] you [2:16:03] mr. [2:16:04] chair [2:16:04] good [2:16:05] known [2:16:06] everyone [2:16:06] you [2:16:07] si [2:16:07] carlo [2:16:08] gusto [2:16:11] ko [2:16:11] sana [2:16:11] ipare [2:16:12] reimburse [2:16:12] yung [2:16:12] mga [2:16:13] plane [2:16:13] tickets [2:16:13] ko [2:16:14] dahil [2:16:14] lang [2:16:14] sa [2:16:14] mga [2:16:14] hearing [2:16:15] pero [2:16:16] mukhang [2:16:16] nadamay [2:16:17] ang [2:16:18] kongreso [2:16:18] doon [2:16:18] sa [2:16:19] decision [2:16:21] ng [2:16:21] executive [2:16:22] with all [2:16:23] your [2:16:23] respect [2:16:23] kaya [2:16:24] natin [2:16:24] pinaspasan [2:16:25] dito [2:16:25] nagahabol [2:16:27] ako [2:16:27] sa [2:16:27] airport [2:16:28] tagatin [2:16:28] dito [2:16:29] lalong [2:16:30] lalo [2:16:30] na yung [2:16:31] excise [2:16:33] tax [2:16:33] na yun [2:16:34] so [2:16:35] ganito [2:16:36] na [2:16:36] lang [2:16:36] ano [2:16:37] po [2:16:37] yung [2:16:38] for [2:16:38] purposes [2:16:39] of [2:16:39] transparency [2:16:40] ano [2:16:41] po [2:16:41] yung [2:16:41] official [2:16:43] recommendation [2:16:44] ninyo [2:16:44] sa [2:16:45] Malacan [2:16:45] yang [2:16:45] nung [2:16:46] sinertify [2:16:47] na [2:16:48] nag-trigger [2:16:49] na [2:16:49] i-certify [2:16:50] yun [2:16:50] as [2:16:50] urgent [2:16:50] I'm [2:16:54] talking [2:16:55] of [2:16:55] I'm [2:16:56] repairing [2:16:56] to [2:16:57] yung [2:16:58] excise [2:17:00] na [2:17:01] suspension [2:17:02] gusto lang [2:17:13] namin [2:17:13] malaman [2:17:14] para [2:17:14] magkaroon [2:17:17] kami ng [2:17:17] adjustment [2:17:18] dito [2:17:18] sa [2:17:19] Asparas [2:17:20] personally [2:17:20] kasi [2:17:23] nag-uusap [2:17:24] tayo [2:17:24] dito [2:17:24] ang [2:17:25] sabi [2:17:26] ng [2:17:26] taong [2:17:27] bayan [2:17:28] kaya [2:17:29] ako [2:17:29] kumakain [2:17:30] na lang [2:17:30] ako [2:17:30] sa [2:17:30] opisina [2:17:31] kahit [2:17:31] tingnan [2:17:32] natin [2:17:32] ngayon [2:17:32] nagsarilinas [2:17:33] na lang [2:17:33] ako [2:17:33] hindi [2:17:33] ako [2:17:33] pumapasok [2:17:34] yan [2:17:34] dahil [2:17:35] nakikita [2:17:36] ko [2:17:37] sa [2:17:37] social [2:17:37] media [2:17:37] yung [2:17:37] mga [2:17:38] hearing [2:17:38] hearing [2:17:38] na yan [2:17:39] gastos [2:17:39] lang [2:17:40] yan [2:17:40] so [2:17:40] ano [2:17:41] ba [2:17:41] talaga [2:17:42] ang [2:17:42] recommendation [2:17:42] ninyo [2:17:43] can [2:17:43] can [2:17:43] we [2:17:44] have [2:17:44] that [2:17:44] ano [2:17:45] yung [2:17:45] nag-trigger [2:17:46] na [2:17:46] i-certify [2:17:47] yun [2:17:48] or [2:17:48] gent [2:17:48] ms [2:17:51] chair [2:17:51] i will [2:17:52] defer [2:17:52] to [2:17:52] the [2:17:53] dbcc [2:17:53] which [2:17:55] is [2:17:55] the [2:17:55] dbcc [2:17:55] secretary [2:17:56] ms [2:17:57] chair [2:17:57] okay [2:17:58] so [2:17:59] when we [2:17:59] went [2:17:59] to [2:18:00] malacanang [2:18:00] we [2:18:00] have [2:18:00] a [2:18:01] dbcc [2:18:01] resolution [2:18:02] approving [2:18:03] the [2:18:04] suspension [2:18:04] of [2:18:06] the [2:18:06] of [2:18:07] course [2:18:07] yung [2:18:07] lpg [2:18:08] and [2:18:09] of [2:18:09] course [2:18:09] for [2:18:10] the [2:18:11] suspension [2:18:12] the [2:18:12] imposition [2:18:13] of [2:18:13] the [2:18:13] exact [2:18:15] okay [2:18:16] the [2:18:17] dbcc [2:18:17] resolve [2:18:18] as it [2:18:18] hereby [2:18:19] resolve [2:18:19] to [2:18:20] recommend [2:18:20] to [2:18:21] fully [2:18:22] suspend [2:18:23] the [2:18:23] imposition [2:18:23] of [2:18:23] excise [2:18:24] tax [2:18:24] on [2:18:24] lpg [2:18:25] okay [2:18:26] and [2:18:27] of [2:18:31] course [2:18:31] kerosene [2:18:32] and [2:18:33] number [2:18:34] two [2:18:34] is [2:18:34] grant [2:18:35] of [2:18:35] 10 [2:18:35] pesos [2:18:36] subsidy [2:18:36] per [2:18:37] liter [2:18:37] of [2:18:37] diesel [2:18:38] for [2:18:38] targeted [2:18:39] beneficiaries [2:18:40] so [2:18:40] that's [2:18:40] the [2:18:40] recommendation [2:18:41] of [2:18:41] the [2:18:42] dbcc [2:18:42] Mr. [2:18:42] Chair [2:18:42] hindi [2:18:43] po [2:18:43] yun [2:18:43] ang [2:18:43] tinatanong [2:18:44] ko [2:18:44] ang [2:18:45] tinatanong [2:18:45] ko [2:18:45] ano [2:18:46] yung [2:18:47] recommendation [2:18:47] ninyo [2:18:48] ngayon [2:18:49] na yan [2:18:49] eh [2:18:49] na [2:18:50] nagtrigger [2:18:50] noon [2:18:51] na [2:18:52] i-certify [2:18:52] urgent [2:18:53] yung [2:18:54] bago [2:18:54] kami [2:18:55] nag-break [2:18:55] ipasa [2:18:56] yung [2:18:57] excise [2:18:58] tax [2:18:59] suspension [2:18:59] anong [2:19:00] nag-trigger [2:19:00] kagayan yan [2:19:01] kung mayroon [2:19:02] kayo [2:19:03] can we [2:19:03] have [2:19:03] also [2:19:04] that [2:19:04] recommendation [2:19:05] kasi [2:19:06] kasi [2:19:06] kayo [2:19:06] kayo [2:19:06] kayo [2:19:06] kayo [2:19:06] nalang [2:19:07] kung [2:19:07] para [2:19:09] sa akin [2:19:10] kung [2:19:10] kayo [2:19:10] kayo [2:19:11] lang [2:19:11] din [2:19:11] naman [2:19:11] pala [2:19:12] ang [2:19:12] pinakinggan [2:19:12] ng [2:19:12] presidente [2:19:13] ba't [2:19:14] nandito [2:19:14] pa [2:19:14] tayo [2:19:15] pwede [2:19:21] pwede [2:19:22] bang [2:19:22] pakisagot [2:19:22] na lang [2:19:22] yun [2:19:23] Yusek [2:19:23] Adriano [2:19:24] ano [2:19:24] ba [2:19:24] naging [2:19:25] dahilan [2:19:25] dyan [2:19:25] bakit [2:19:26] yan [2:19:26] napunta [2:19:27] rito [2:19:27] at [2:19:28] sinertify [2:19:29] na [2:19:29] urgent [2:19:29] di ba [2:19:30] saan ba [2:19:31] nanggagaling [2:19:32] yan [2:19:32] so [2:19:33] in [2:19:34] reality [2:19:35] sige [2:19:36] I'm [2:19:37] gonna [2:19:37] hold [2:19:37] my [2:19:37] comments [2:19:38] to [2:19:38] myself [2:19:38] Mona [2:19:39] what [2:19:42] was [2:19:42] the [2:19:42] trigger [2:19:43] go [2:19:56] ahead [2:19:56] go [2:19:57] ahead [2:19:57] Mr. [2:20:04] Chair [2:20:04] the [2:20:05] context [2:20:08] beyond [2:20:08] can you [2:20:08] speak [2:20:09] closer [2:20:09] to [2:20:09] the [2:20:09] context [2:20:11] behind [2:20:11] the [2:20:12] proposal [2:20:12] of [2:20:12] the [2:20:12] executive [2:20:13] to [2:20:13] reduce [2:20:14] or [2:20:14] suspend [2:20:15] excise [2:20:15] is [2:20:16] due [2:20:16] to [2:20:16] a [2:20:16] meeting [2:20:17] of [2:20:17] different [2:20:18] agencies [2:20:18] and [2:20:19] it [2:20:20] was [2:20:20] agreed [2:20:20] upon [2:20:21] that [2:20:21] this [2:20:22] should [2:20:23] be [2:20:23] part [2:20:24] of [2:20:24] our [2:20:25] form [2:20:26] part [2:20:26] of [2:20:27] our [2:20:27] solution [2:20:27] and [2:20:28] as [2:20:28] response [2:20:29] to [2:20:29] the [2:20:29] crisis [2:20:31] now [2:20:32] as [2:20:33] translated [2:20:35] into [2:20:35] the [2:20:36] law [2:20:36] the [2:20:36] DBCC [2:20:37] will [2:20:37] recommend [2:20:38] to [2:20:38] the [2:20:38] president [2:20:39] what [2:20:40] will [2:20:40] be [2:20:40] the [2:20:40] coverage [2:20:41] and [2:20:42] the [2:20:42] specific [2:20:42] reduction [2:20:43] for [2:20:44] the [2:20:44] excise [2:20:46] tax [2:20:46] so [2:20:47] yun [2:20:47] po [2:20:47] yung [2:20:47] ginawang [2:20:48] proseso [2:20:49] ng [2:20:49] DBCC [2:20:50] nagrecommend [2:20:50] po kami [2:20:51] based [2:20:51] on [2:20:51] our [2:20:52] review [2:20:53] and [2:20:53] analysis [2:20:54] at [2:20:55] ang [2:20:55] naging [2:20:56] recommendation [2:20:56] nga po [2:20:57] ay [2:20:57] suspension [2:20:58] ng [2:20:58] LPGN [2:20:59] kerosene [2:20:59] and [2:21:00] a [2:21:00] fuel [2:21:01] discount [2:21:01] for [2:21:02] at [2:21:02] of [2:21:02] 10 [2:21:03] pesos [2:21:03] Mr. [2:21:03] Chair [2:21:04] hindi pa rin [2:21:04] niyo [2:21:04] nasagot [2:21:05] ang [2:21:06] tinatanong [2:21:07] ko po [2:21:08] ano [2:21:10] yung [2:21:10] triggering [2:21:11] reason [2:21:13] bago [2:21:14] kami [2:21:15] nag-break [2:21:15] na [2:21:16] sinertify [2:21:17] ni [2:21:18] presidente [2:21:19] na [2:21:20] urgent [2:21:20] yun [2:21:21] kaya [2:21:21] nag-overtime [2:21:22] kami [2:21:22] dito [2:21:23] tayo [2:21:23] mismo [2:21:23] nag-earing [2:21:24] tayo [2:21:24] sa [2:21:24] wisdom [2:21:25] yan [2:21:26] yung [2:21:26] unang [2:21:26] katanongan [2:21:27] ko [2:21:27] kasi [2:21:27] may [2:21:27] kasunod [2:21:28] pa [2:21:28] na [2:21:28] katanongan [2:21:29] dalawa [2:21:29] lang [2:21:30] nangalaman [2:21:30] yung [2:21:30] tanong [2:21:30] ko [2:21:31] transparency [2:21:31] ito [2:21:32] ano [2:21:33] yung [2:21:33] nag-trigger [2:21:35] na sinertify [2:21:36] yun [2:21:36] Mr. [2:21:37] Chair [2:21:38] just [2:21:38] to [2:21:38] clarify [2:21:39] it's [2:21:39] basically [2:21:40] one [2:21:40] of [2:21:40] the [2:21:41] options [2:21:41] that [2:21:41] executive [2:21:42] deemed [2:21:43] necessary [2:21:44] to be [2:21:46] able [2:21:47] to [2:21:47] respond [2:21:47] to [2:21:48] this [2:21:48] crisis [2:21:49] so [2:21:49] iso [2:21:49] po [2:21:49] yung [2:21:50] isa [2:21:50] okay [2:21:50] alam [2:21:51] na [2:21:51] namin [2:21:51] na [2:21:51] option [2:21:52] yun [2:21:52] sino [2:21:52] po [2:21:53] anong [2:21:55] grupo [2:21:55] sinong [2:21:56] cabinet [2:21:57] secretarian [2:21:58] or [2:21:58] secretaries [2:21:59] or [2:21:59] government [2:22:00] agency [2:22:01] ang [2:22:02] nag-recommend [2:22:03] na [2:22:03] i-certify [2:22:04] yun [2:22:04] as [2:22:05] urgent [2:22:05] I [2:22:05] don't [2:22:05] want [2:22:06] to [2:22:06] ask [2:22:07] you [2:22:07] what [2:22:07] is [2:22:07] the [2:22:08] definition [2:22:08] of [2:22:08] urgent [2:22:09] kasi [2:22:09] alam [2:22:10] natin [2:22:10] lahat [2:22:10] yan [2:22:10] sino [2:22:11] po [2:22:11] kasi [2:22:12] we [2:22:12] want [2:22:12] that [2:22:14] document [2:22:14] to [2:22:15] be [2:22:15] submitted [2:22:15] to [2:22:15] congress [2:22:16] kung [2:22:17] minutes [2:22:17] yan [2:22:17] ng [2:22:17] meeting [2:22:18] sinong [2:22:18] mga [2:22:19] proponent [2:22:20] kaya [2:22:21] nagkaroon tayo [2:22:21] ng [2:22:22] overtime [2:22:22] bago [2:22:23] nag-break [2:22:23] na [2:22:23] may [2:22:23] pasayon [2:22:24] yan [2:22:25] muna [2:22:26] ang [2:22:26] katanongan [2:22:27] gusto [2:22:27] lang [2:22:27] namin [2:22:27] malaman [2:22:28] can you [2:22:29] answer [2:22:29] please [2:22:30] Mr. [2:22:36] Chair [2:22:36] dagdag [2:22:36] ko [2:22:37] lang [2:22:37] kagaya [2:22:37] nga [2:22:38] nung [2:22:38] sinabi [2:22:38] ko [2:22:38] kanina [2:22:38] nung [2:22:39] hiningi [2:22:39] at [2:22:39] sinertify [2:22:40] ng [2:22:40] urgent [2:22:41] ng [2:22:41] Pangulo [2:22:41] both [2:22:43] houses [2:22:43] acted [2:22:44] up [2:22:44] right [2:22:44] away [2:22:45] ginawa [2:22:46] hindi [2:22:46] nagdalawang [2:22:46] isip [2:22:47] dahil [2:22:47] alam [2:22:47] natin [2:22:47] na [2:22:48] makikinabang [2:22:48] lahat [2:22:49] ng [2:22:49] mga [2:22:49] kababayan [2:22:49] natin [2:22:50] mapamahirap [2:22:52] mapamiddle [2:22:52] class [2:22:53] lahat [2:22:54] makikinabang [2:22:54] Mr. [2:22:59] Cadriano [2:22:59] please [2:23:00] to your [2:23:04] recollection [2:23:05] you're not [2:23:06] we're not [2:23:07] indicting [2:23:07] anyone [2:23:07] here [2:23:08] just tell [2:23:09] us to [2:23:09] your [2:23:09] factual [2:23:09] recollection [2:23:10] what [2:23:11] brought [2:23:11] that [2:23:12] bill [2:23:12] into [2:23:12] our [2:23:13] house [2:23:13] Mr. [2:23:15] Chair [2:23:16] we will [2:23:16] find out [2:23:17] but as [2:23:17] far as [2:23:18] I know [2:23:18] there were [2:23:19] several [2:23:19] meetings [2:23:20] with [2:23:21] different [2:23:21] agencies [2:23:22] and [2:23:23] then [2:23:23] ang [2:23:24] naging [2:23:24] instruction [2:23:25] sa amin [2:23:25] is that [2:23:25] we need [2:23:27] to push [2:23:27] for this [2:23:27] as an [2:23:28] option [2:23:28] that [2:23:30] we can [2:23:30] use [2:23:31] to [2:23:31] respond [2:23:31] to [2:23:31] the [2:23:32] crisis [2:23:32] okay [2:23:34] we'll [2:23:35] leave it [2:23:36] at that [2:23:36] kasi [2:23:38] gutom na [2:23:39] yung [2:23:39] iba ako [2:23:40] kaya [2:23:40] ko [2:23:40] hanggang [2:23:41] alas [2:23:41] 3 [2:23:41] kasi [2:23:41] line [2:23:42] man [2:23:42] ako [2:23:42] so [2:23:43] ang [2:23:45] inaano [2:23:45] ko [2:23:45] lang [2:23:45] for the [2:23:47] record [2:23:48] Mr. [2:23:48] Chair [2:23:48] and [2:23:49] this [2:23:49] is [2:23:50] this [2:23:51] is a [2:23:52] motion [2:23:52] this [2:23:55] is a [2:23:55] committee [2:23:56] hearing [2:23:56] so [2:23:57] I [2:23:58] want [2:23:58] to [2:23:58] move [2:23:59] requiring [2:24:01] DBCC [2:24:03] or any [2:24:03] government [2:24:04] agency [2:24:04] definitely [2:24:05] yung [2:24:06] finance [2:24:06] to [2:24:07] submit [2:24:08] the [2:24:08] document [2:24:08] that [2:24:10] is [2:24:10] being [2:24:11] that [2:24:12] becomes [2:24:13] the [2:24:13] basis [2:24:13] of [2:24:14] the [2:24:14] president [2:24:15] to [2:24:16] certify [2:24:17] that [2:24:18] bill [2:24:18] as [2:24:18] urgent [2:24:19] before [2:24:19] the [2:24:20] break [2:24:20] of [2:24:20] Congress [2:24:21] now [2:24:22] pangalawang [2:24:22] katanungan [2:24:23] wag ko [2:24:24] na kayong [2:24:24] pilitin [2:24:25] basta [2:24:25] i-submit [2:24:26] na yan [2:24:26] gusto [2:24:28] ko [2:24:28] lang [2:24:28] malaman [2:24:29] ano [2:24:29] yun [2:24:29] ang [2:24:30] pangalawa [2:24:30] kong [2:24:30] katarungan [2:24:31] Mr. [2:24:31] Chair [2:24:31] anong [2:24:34] yung [2:24:36] nag [2:24:36] trigger [2:24:37] ngayon [2:24:37] no [2:24:39] DBCC [2:24:40] ba [2:24:41] DOF [2:24:42] ba [2:24:42] kasi [2:24:42] kanina [2:24:42] may [2:24:43] narinig [2:24:44] ako [2:24:44] si [2:24:45] Secretary [2:24:45] Ricto [2:24:47] ang [2:24:47] nag [2:24:48] recommend [2:24:48] so [2:24:49] gusto [2:24:49] kong [2:24:49] malaman [2:24:50] ngayon [2:24:50] ano [2:24:51] na [2:24:51] naman [2:24:51] ang trigger [2:24:52] mechanism [2:24:53] ng [2:24:54] Malacanang [2:24:55] galing [2:24:55] sa inyo [2:24:56] na [2:24:59] nag [2:25:00] issue [2:25:00] si [2:25:00] Presidente [2:25:01] na [2:25:03] kerosene [2:25:04] lang [2:25:04] muna [2:25:05] at [2:25:05] LPJ [2:25:06] kasi [2:25:06] definitely [2:25:07] there is [2:25:08] a [2:25:08] basis [2:25:09] of [2:25:09] the [2:25:10] President [2:25:10] that [2:25:12] triggers [2:25:12] all [2:25:13] of [2:25:13] the [2:25:13] decisions [2:25:14] of [2:25:14] the [2:25:15] President [2:25:16] at [2:25:16] kayo [2:25:17] yun [2:25:17] sa [2:25:17] sa [2:25:18] sa [2:25:19] sa [2:25:22] finance [2:25:23] can you [2:25:26] submit [2:25:26] that [2:25:26] yung [2:25:27] recommendation [2:25:27] ninyo [2:25:28] may [2:25:37] kasagutan [2:25:38] ba [2:25:38] Mr. [2:25:51] Chair [2:25:51] just to [2:25:52] clarify [2:25:52] while [2:25:53] we're [2:25:53] waiting [2:25:53] for [2:25:54] from [2:25:55] our [2:25:55] DBCC [2:26:00] principles [2:26:01] recommended [2:26:02] to the [2:26:02] President [2:26:03] the [2:26:03] suspension [2:26:03] of [2:26:04] LPG [2:26:04] and [2:26:04] kerosene [2:26:05] and yun [2:26:06] po yung [2:26:06] naging [2:26:07] basis [2:26:07] po [2:26:07] ng [2:26:08] desisyon [2:26:08] ni [2:26:08] Presidente [2:26:09] So [2:26:10] hindi [2:26:12] naman [2:26:12] po [2:26:12] siguro [2:26:13] labag [2:26:13] sa [2:26:13] batas [2:26:14] kung [2:26:14] ang [2:26:15] kongresong [2:26:16] ito [2:26:16] ay [2:26:17] hihingi [2:26:17] ng [2:26:17] minutes [2:26:18] nung [2:26:19] meeting [2:26:20] ng [2:26:21] DBCC [2:26:21] so [2:26:22] lahat [2:26:23] po [2:26:23] ng [2:26:23] minutes [2:26:24] or [2:26:25] any [2:26:25] other [2:26:25] documents [2:26:26] may be [2:26:27] a [2:26:27] resolution [2:26:28] that [2:26:29] becomes [2:26:30] the [2:26:30] basis [2:26:31] of [2:26:31] the [2:26:31] President [2:26:32] in [2:26:32] all [2:26:32] his [2:26:33] decisions [2:26:33] from [2:26:35] the [2:26:35] beginning [2:26:35] nai-certify [2:26:37] na [2:26:37] urgent [2:26:38] yun [2:26:38] bago [2:26:38] kami [2:26:39] mag-break [2:26:39] at [2:26:40] saka [2:26:40] yung [2:26:40] ngayon [2:26:41] na [2:26:41] kerosene [2:26:42] lang [2:26:42] at [2:26:43] LPG [2:26:43] that [2:26:44] is [2:26:44] again [2:26:45] a [2:26:45] motion [2:26:45] Mr. [2:26:46] Chair [2:26:46] na [2:26:47] kailangan [2:26:47] nilang [2:26:47] isubmit [2:26:48] para [2:26:49] malaman [2:26:49] namin [2:26:49] yung [2:26:50] kabuoan [2:26:50] para [2:26:51] ako [2:26:52] personally [2:26:52] mapagtanto [2:26:53] ko [2:26:53] kung [2:26:54] ganito [2:26:55] rin [2:26:55] lang [2:26:55] pala [2:26:55] bakit [2:26:56] kailangan [2:26:57] ko [2:26:57] pang [2:26:57] gagastos [2:26:58] ng [2:26:58] 17,000 [2:26:59] round [2:27:00] trip [2:27:00] ticket [2:27:00] para [2:27:01] mag-atin [2:27:01] kayo-kayo [2:27:02] lang din [2:27:03] naman pala [2:27:04] ang magdedesisyon [2:27:05] moro-muro [2:27:06] lang din [2:27:07] naman pala [2:27:07] yung ginagawa [2:27:08] natin [2:27:08] dito [2:27:09] alas 12.24 [2:27:10] wala pa tayong [2:27:11] pananghalian [2:27:12] tapos [2:27:13] alas 9.00 [2:27:14] ng gabi [2:27:14] alas 10.00 [2:27:16] ng gabi [2:27:17] pagkatapos [2:27:18] ilan lang din [2:27:19] naman pala [2:27:20] ang [2:27:20] nag-uusap [2:27:22] para [2:27:23] makabuo [2:27:23] ng [2:27:24] desisyon [2:27:24] hindi na tayong [2:27:26] magsayang [2:27:26] ng panahon [2:27:27] hindi kami [2:27:28] madamay [2:27:28] naituro [2:27:29] pa kami [2:27:30] na [2:27:31] meeting [2:27:33] ng meeting [2:27:33] kayo [2:27:34] dyan [2:27:34] gumagastos [2:27:35] tayo [2:27:35] ng pagkain [2:27:36] kung ano [2:27:37] dyan [2:27:37] kaya [2:27:38] nakita [2:27:38] nyo [2:27:38] tubig [2:27:39] lang [2:27:39] ang [2:27:39] iniinom [2:27:40] ko [2:27:40] hindi [2:27:40] ako [2:27:40] ma-inom [2:27:40] ng [2:27:41] kapi [2:27:41] kasi [2:27:41] nahihiya [2:27:42] ako [2:27:42] wala namang [2:27:43] output [2:27:43] so [2:27:44] kami [2:27:45] mga [2:27:46] lineman [2:27:46] may output [2:27:47] kami [2:27:47] pagbaba [2:27:48] namin [2:27:48] sa puste [2:27:48] tapos [2:27:49] yung [2:27:49] structure [2:27:50] pero [2:27:50] ngayon [2:27:51] dito [2:27:51] sa [2:27:51] kongreso [2:27:52] na [2:27:52] kailang [2:27:52] balik [2:27:53] ako [2:27:53] sa [2:27:53] Maynila [2:27:53] pa [2:27:53] uwi [2:27:54] uwi [2:27:54] walang [2:27:54] output [2:27:55] kaya [2:27:55] natanong [2:27:56] ko [2:27:56] yan [2:27:56] kindly [2:27:57] submit [2:27:57] that [2:27:57] para [2:27:58] malaman [2:27:58] namin [2:27:58] yung [2:27:58] pinakusapan [2:27:59] ninyo [2:28:00] kasi [2:28:00] parang [2:28:01] nangyari [2:28:02] dito [2:28:02] parang [2:28:02] ginawa [2:28:03] lang [2:28:03] kaming [2:28:03] props [2:28:04] dito [2:28:04] thank [2:28:05] you [2:28:05] mr [2:28:05] chef [2:28:05] thank [2:28:05] you [2:28:06] very [2:28:06] much [2:28:06] congressman [2:28:07] dago [2:28:07] i'd like [2:28:10] to remind [2:28:10] the [2:28:11] dbcc [2:28:11] the [2:28:12] dof [2:28:12] and [2:28:13] the [2:28:13] dbm [2:28:14] those [2:28:14] who [2:28:14] are here [2:28:15] present [2:28:15] today [2:28:15] that [2:28:16] under [2:28:17] the [2:28:17] republic [2:28:17] act [2:28:18] that [2:28:18] we [2:28:18] approved [2:28:19] on [2:28:19] the [2:28:19] suspension [2:28:20] or [2:28:20] empowering [2:28:21] you [2:28:21] you [2:28:22] are [2:28:22] supposed [2:28:22] to [2:28:22] submit [2:28:23] to [2:28:23] us [2:28:23] a [2:28:23] report [2:28:24] 15 [2:28:25] days [2:28:25] from [2:28:25] the [2:28:26] approval [2:28:26] of [2:28:27] said [2:28:27] or [2:28:29] the [2:28:29] order [2:28:29] of [2:28:29] the [2:28:29] suspension [2:28:30] relative [2:28:31] to [2:28:31] the [2:28:31] basis [2:28:32] what [2:28:33] is [2:28:33] the [2:28:33] financial [2:28:34] impact [2:28:35] what [2:28:35] is [2:28:36] the [2:28:36] foregone [2:28:36] revenue [2:28:37] so [2:28:38] we [2:28:38] look [2:28:38] forward [2:28:38] i think [2:28:39] many [2:28:39] of [2:28:39] the [2:28:39] questions [2:28:40] being [2:28:40] raised [2:28:40] by [2:28:40] congressman [2:28:41] dago [2:28:41] should [2:28:42] be [2:28:42] answered [2:28:43] by [2:28:44] that [2:28:44] report [2:28:45] but [2:28:47] honestly [2:28:48] and more [2:28:48] importantly [2:28:49] you know [2:28:51] congress [2:28:52] feels [2:28:52] like [2:28:53] you know [2:28:53] there's [2:28:53] a certain [2:28:54] degree [2:28:54] of [2:28:55] disappointment [2:28:55] or even [2:28:57] deception [2:28:57] because [2:28:59] we were [2:28:59] of the [2:29:00] distinct [2:29:00] impression [2:29:00] that [2:29:01] the [2:29:02] power [2:29:02] was being [2:29:03] sought [2:29:03] very [2:29:04] urgently [2:29:05] and [2:29:06] that [2:29:06] we [2:29:06] were [2:29:06] also [2:29:06] being [2:29:07] hard [2:29:07] pressed [2:29:07] because [2:29:07] we [2:29:08] were [2:29:08] also [2:29:08] seeing [2:29:08] it [2:29:08] among [2:29:09] our [2:29:09] constituents [2:29:10] so [2:29:12] having [2:29:12] said [2:29:12] that [2:29:13] like [2:29:14] to [2:29:14] recognize [2:29:15] a [2:29:15] member [2:29:15] of [2:29:16] our [2:29:16] the [2:29:17] independence [2:29:17] you [2:29:19] may [2:29:19] make [2:29:21] your [2:29:21] manifestation [2:29:22] congressman [2:29:23] lian [2:29:24] to [2:29:25] have [2:29:25] to [2:29:26] Thank you very much. [2:29:57] Thank you very much. [2:30:30] Thank you very much. [2:30:32] Thank you very much. [2:30:34] Thank you very much. [2:30:36] Thank you very much. [2:30:38] Thank you very much. [2:30:40] Thank you very much. [2:31:11] Thank you very much. [2:31:42] Thank you very much. [2:31:44] Thank you very much. [2:31:47] Thank you very much. [2:31:49] Thank you very much. [2:31:51] Thank you very much. [2:31:53] Thank you. [2:32:22] Thank you very much. [2:32:24] Thank you. [2:32:26] Thank you. [2:32:29] Thank you very much. [2:32:31] Thank you very much. [2:32:33] Thank you very much. [2:32:35] Thank you very much. [2:32:37] Thank you very much. [2:32:39] Thank you very much. [2:32:42] Thank you very much. [2:32:44] Thank you very much. [2:32:46] Thank you very much. [2:32:48] Thank you very much. [2:32:50] Thank you very much. [2:32:52] Thank you very much. [2:32:55] Thank you very much. [2:32:57] Thank you very much. [2:32:59] Thank you. [2:33:03] Thank you very much. [2:33:05] Tahimik po muna tayo, tahimik po muna sa tamang panahon po. [2:33:09] Maraming salamat at sumasang-ayon tayo sa mga mungkahi, [2:33:14] hindi lang ni Kong Leandro, kundi na ating iba't iba mga kasama dito [2:33:18] na humanap talaga ng tamang solusyon na tingin natin akma at kinakailangan ng ating mga mamamayan. [2:33:25] So, hindi rin tayo papayag na tayo ay maging palamuti [2:33:32] dahil pinakita na ng Kongreso at pinakita ni Speaker Bojidi [2:33:36] na tayo ay magdi-desisyon base sa kung anong tingin natin kinakailangan ng mamamayan [2:33:41] despite and whatever the executive or the judiciary might say, [2:33:47] we make decisions based on the mandate that is given to us individually [2:33:51] by our respective districts and by the sectors that we represent. [2:33:55] So, that is the assurance of everybody who is here. [2:33:59] Everyone here is mature enough to make that decision. [2:34:03] So, maraming salamat sa observation po na yun. [2:34:05] Mr. Chair, kami po ay pumapalakpak dahil akala namin ang ibig niyong sabihin [2:34:13] magkakabotohan na at least by May 4 para sa pagbaba ng VAT. [2:34:17] Hindi pwede magkabotohan ngayon kasi hindi naman tayo [2:34:20] sa May 4 po pagbalik sa Kongreso. [2:34:22] So, aantay natin yung consolidation ng lahat po nito. [2:34:26] So, tiyak po tayo na yan po ay prioridad pagdating sa atin. [2:34:31] Pero tulad ng kahit anong bagay, sisiguraduin natin na hindi ka tulad ng pagpasa ng excise tax [2:34:37] magiging malinaw, may basihan, pakikinggan natin ang iba't ibang sektor [2:34:43] para maging tama ang ating desisyon dito at hindi natin pagsisisihan [2:34:47] because whatever decision we make should never be short term [2:34:51] but should always be long term for our people. [2:34:54] Kung maaari ko palang linawin, Mr. Chair, [2:34:56] hindi na tayo magiging hostage sa position paper [2:35:00] o sa rekomendasyon ng Ehekutibo. [2:35:03] Kahit tutol ang kabinete sa pumuno ni Secretary Recto [2:35:07] papaboran ng leadership ng House [2:35:10] ang boto ng mayorya ng Kongreso [2:35:14] na sumusuporta sa pagbaba ng VAT. [2:35:16] Kaya maaasahan ng ating mga kababayan [2:35:18] na pagbukas ng Kongreso muli sa May 4 [2:35:21] pagbabotohan na natin ang pagbaba ng value-added tax. [2:35:24] Tama po, Mr. Chair? [2:35:27] Maraming salamat po. [2:35:28] Hindi, pwede o. Pwede kayo po malakpak. [2:35:30] Sige po. Opo, opo. [2:35:31] Para express po natin ang ating sentimiento. [2:35:35] Pero tulad po na sabi natin is [2:35:36] sisiguraduhin natin na baba lang kasi natin [2:35:40] at huwag di-desisyonan yan. [2:35:43] So, maraming salamat, Congressman Leandro, [2:35:46] sa iyong mongkahi at sa ating mga kasamang na andito. [2:35:50] Magandang umaga po sa inyong lahat. [2:35:53] Panghuli, Mr. Chair, nais ko lang sabihin na [2:35:56] ayoko naman po kasi na maghintay po kami [2:35:59] ng ilang linggo na walang mangyayari. [2:36:02] Kaya kung maaari natin malaman [2:36:05] sino ang kailangan kumbinsihin [2:36:07] para tiyakin na maaaprubahan [2:36:09] ang pagbaba ng VAT by May 4, [2:36:12] yan po ay makakatulong, [2:36:14] hindi po ito personalan. [2:36:16] Ito po ay lahat para lang [2:36:18] maaaprubahan ang panungkalang makakatulong [2:36:21] sa maraming Pilipino. [2:36:22] Kaya sa pananaw ng iba sa atin dito din, [2:36:25] si Secretary Recto [2:36:26] ang pumerma na sa position paper [2:36:29] tutol sa pagbaba ng VAT. [2:36:30] Sinabi ko po, [2:36:31] ito po ay sinabi sa akin, [2:36:33] hindi lang po ni Chair, [2:36:34] pati po ibang mga senior members ng House [2:36:36] nagsabi sa akin ito [2:36:37] at ayoko na po ang buksan itong lahat [2:36:40] muli sa congressional hearing [2:36:41] pero naayos ko lang [2:36:43] linawin sa taong bayan [2:36:46] na para tiyakin na [2:36:48] aprobahan ng pagbaba ng VAT, [2:36:50] dapat siguro talhin natin [2:36:52] ang ating mga panawagan [2:36:54] sa mga tunay na nagdesisyon [2:36:56] para sa pagbaba ng VAT. [2:36:58] At ito po ay sana magiging useful [2:37:01] dahil sa mga susunod na mga araw [2:37:04] doon sa mga tila nagdesisyon [2:37:07] para sa pagbaba ng VAT, [2:37:08] tayo manawagan na huwag na nilang harangan [2:37:11] at pagbigyan nila ang kongreso [2:37:12] na ibaba ang VAT. [2:37:13] Salamat po, Mr. Chair. [2:37:15] Maraming salamat. [2:37:19] Makikiusap po tayo sa mga kasama natin. [2:37:21] So we are wrapping up on the DBCC. [2:37:25] It is already 12.35. [2:37:27] So pakiusap po natin. [2:37:28] Humingi na rin po kami ng dispensa. [2:37:30] Dito sa ating second topic on transportation, [2:37:33] napaka-importante. [2:37:34] Napakaraming gusto magtanong. [2:37:36] At ito talaga yung board [2:37:37] at nandito yung mga ating mga representante [2:37:40] ng ating mga manggagawa. [2:37:42] Hindi lang isa, hindi lang dalawa, [2:37:43] hindi lang tatlong mga representante [2:37:45] na nais natin pakinggan. [2:37:47] But in the meantime, [2:37:48] tayo po muna ay mag-la-lunch break. [2:37:51] Lahat po kayo ay inaanyahan po namin [2:37:55] na meron po tayo dito, [2:37:58] salo-salo. [2:37:59] Payak lang po, [2:38:02] pero pagpasensyan po din nyo. [2:38:04] But we will resume by 1.20. [2:38:09] Okay po? [2:38:11] Resume po tayo ng 1.20 [2:38:12] para sa ating after lunch break [2:38:14] sa pakiusap na rin po na ating mga kasama. [2:38:18] So maraming maraming salamat po. [2:38:19] Magandang umaga sa inyong lahat. [2:38:22] See you this afternoon. [2:38:23] Let's see you this afternoon.