Senate Energy Committee Hearing I July 2, 2026

[0:00] and it is good for the business, business, and industry industry. [0:07] How do we make the price of gasolina? [0:12] This is always the problem of the sambayanan. [0:17] How do we make the crisis happen? [0:20] We have to look at the stagnant, [0:26] the tension in the West Philippine Sea, [0:30] and the new price on the Pandel Bigang Mercado. [0:33] Iisa ang talong ng taong bayan. [0:36] Magkano na naman kaya ang gasolina bukas? [0:40] Iyan po ang hinahing ng nababahalang jeepney driver sa Quezon City, [0:45] isang mining stock sa Pagawan, [0:51] magsasaka naman sa bukid noon, isang delivery rider sa Cebu. [0:56] Ang naman po natin na pag tumas ang gasolina, pataas din po ang mga bilihin. [1:02] Mita sa mga negosyante, mataas na energy cost ang isa sa mga adlam [1:09] sa pagligha ng mga trabaho, pagpapalawak ng negosyo, [1:13] at pagpasok ng mga investors sa ating bansa. [1:16] Wala man lang bang kayang gawin ang pamahalaan na intervensyon sa mga panahon na ito. [1:23] Sa pagkakaroon ng malaking crisis supply langis, handa ba ang ating bansa? [1:30] With that objective in mind, I deem it fitting for the committee to begin its work by reviewing [1:36] the proposed amendments to the Oil Deregulation Act. [1:39] Umpisan po ng committee na ito, [1:44] usisi, pagsilig, pag-review sa Oil Deregulation Act dahil napapanahon na po, [1:52] at hiling na po ito ng sambayanan na kailangang reviewin na po ang Oil Deregulation Law, [1:59] kung ito ay nararapat pa sa mga panahon na ito. [2:03] While we recognize the law was enacted during its time to promote competition and efficiency [2:09] in the downstream oil industry, [2:12] current issues such as recurring fuel price volatility, [2:18] geopolitical tensions and global supply disruptions [2:21] warrant a careful reassessment of whether our existing legal framework [2:26] remains responsive to current realities [2:29] and continues to strike the proper balance between consumer protection, [2:34] market competition and investment. [2:37] Pero ang mas masaklak na aking nalisco-grade kamakailangan. [2:44] Malaki pala naman ang tubo o kita ng ilang oil importers [2:49] dahil sa oil smuggling. [2:52] Kadalasan ay misdeclared ang quantity ng langis [2:56] dahil pinapasok nila sa bansa. [2:58] Halimbawa na lang ang barko na may kargang 20 million liters [3:04] na petrolyo pero ang inideklara lang [3:08] kasabot na nilang customs personnel ay 5 million liters [3:12] para yun lang ang babayaran nilang buwis. [3:15] Yung hindi diniklara ang 15 million liters [3:18] ay tubo o profit na nila. [3:22] At hindi lang po yan dahil yung tax na binayaran sa customs [3:27] para sa 5 million liters ay ipinapasa pa nila sa taong bayan. [3:33] Sa pamagitan ng value-added tax at excess tax sa mga gasolinahan. [3:39] Therefore, I call the attention of the Department of Finance [3:45] or the Bureau of Customs to check the payment of taxes [3:48] by the following importers for the past several months [3:53] versus the records of the survey or LPS from the Port of Origin. [3:59] In Cagayan de Oro Port, Pelcor Petroleum and Control Holdings Inc. [4:06] At the Port of Cebu, the Petrelao Philippines and Smart Petroleum OPC [4:12] and in the Port of Patangas Powerfield. [4:15] Take note committee secretary to invite the Bureau of Customs [4:20] in our next hearing. [4:21] In addition, the committee will deliberate on measures [4:25] seeking to establishing a Philippine Strategic Petroleum Reserve [4:28] or National Strategic Fuel Reserve to strengthen the Philippines [4:33] during national emergencies and periods of extreme market volatility [4:37] or supply disruptions. [4:39] Taken together, the bills and resolutions under consideration [4:43] seek to enhance transparency in fuel pricing, [4:46] strengthen government oversight, [4:48] establishing mechanisms to mitigate the impact of sudden oil price increases, [4:53] and ensure that the Philippines is better prepared to respond to future energy crises. [4:58] Sa huli, iisa po ang ating layunin, [5:01] isang energy sector na hindi lamang matatag at mapagatiwalaan, [5:05] kundi tunay nagsisilbi at nagdipigay proteksyon sa bawat Pilipino. [5:10] Maraming salamat po at magandang umaga sa ating lalaman. [5:14] Here, if he has an opening statement, Sen. Raffi. [5:31] Yes, thank you, Mr. Chair. [5:34] Magandang umaga po sa ating Chairperson, Sen. Tupulco, [5:42] at sa lahat ng ating resource presence. [5:44] Nito mga nakarang buwan, [5:46] nalanasan na po natin, [5:47] na maharap yung Pilipinong sunod-sunod na oil price hikes. [5:51] Isang itong dominant effect. [5:54] Kapag tumaas ang presyo na nanis, [5:56] kasunod ang mas mahal na kapasahe. [5:58] Nagdag na gastos ng ating transport sector, [6:01] pagtaas ng presyo na mabilihin, [6:03] at mas mabigat sa pasanin sa bawat ng Pilipino. [6:07] During the start of the country, [6:09] ang pagtataka na ilang araw pa lang, [6:11] matapos ang sigalot sa Middle East, [6:14] ay agad nang nagtaas ng presyo [6:16] ng ilang mga oil companies. [6:18] Kahit ang kanilang binibenta noon, [6:20] ay mula pa sa lumang bumper stock, [6:22] at hindi pa bago important na supply. [6:25] Mas nakapapahala na umabot sa halos 97% [6:30] ang oil price increase sa Pilipinas. [6:34] Mas mataas kaysa sa mga kalatik bansa tulad ng [6:37] Laos, Thailand, Vietnam, [6:40] Cambodia, at Singapore. [6:43] That's an oil deregulation law. [6:46] Sa 1998, [6:50] tila nakatali ang mga kamay ng gobyerno [6:52] habang tunituloy ang pagtaas ng presyo ng nanis. [6:55] It no longer protects the Filipino people [6:58] during the times of crisis, [7:00] then it is time to amend [7:01] and restore the government's ability [7:04] to act against a justified price increase. [7:07] Ani nyo tayo maku ma natin. [7:09] Of course, I think, [7:10] as we said, President Michelang, [7:12] and then JBS, et cetera. [7:14] Mr. Chair, [7:15] na ako sa mga pang up. [7:16] Go ahead. [7:17] Briefly. [7:18] Kasi ma mga po pundang up [7:19] on the public hearing, [7:20] public services. [7:21] Na need about yung [7:24] Department of Finance and Customs. [7:27] The reason, Mr. Chair, [7:30] because back in 2019, [7:34] sa 19 Congress ba ito, [7:38] nagbigay ako ng, [7:41] na hindi ko papayagad [7:43] na mag-renew ng contract ang SGS, [7:46] na gagawa ng fuel marking, [7:49] na ito isang bullshit. [7:50] Kalawuan ito. [7:52] Ito isang inutin ng gas tusin sa ating gobyerno. [7:55] Because back then, [7:58] they were making money [8:02] from the government [8:03] of 6 billion pesos a year [8:06] for 6 years. [8:07] Excuse me, Santa Rapi. [8:08] I think we have the representative. [8:10] Okay, extend ako. [8:13] Excuse me. [8:14] One minute, Chair. [8:15] 1 billion a year [8:17] for 6 years. [8:18] Now, yung fuel marking, [8:22] of course, nakatulong yun [8:23] para mo curtail ang smuggling. [8:25] But nakita ko sa investigation ko [8:30] at that time, [8:31] it wasn't really helping that much [8:33] because singil silang singil ng pera sa gobyerno [8:37] when in fact, [8:38] they're not doing enough [8:39] para mapakita talaga [8:41] ang makarapat-dapat sinang mabayaran [8:42] ng 1 billion a year at that time. [8:44] Kasi ang mga tao, ground, [8:50] kumagawa ng fuel marking [8:54] and nuclear and costums. [8:56] Now, from 6 billion, [8:57] it was increased to 13 billion. [8:59] Na isa itong inutin at sayang [9:03] na problema nating gobyerno. [9:05] These contracts, [9:09] correct me if I'm wrong, [9:11] Bureau of Customs and Department of Finance. [9:13] At that time, [9:14] alaman ko na [9:19] by the end of the first contract [9:22] by SGS, [9:23] ito transfer yung technology [9:25] kasi yung pinabayaran natin dun yung technology [9:27] kasi yung manpower [9:28] it's being done by our people. [9:31] Nama? [9:32] And it is the technology [9:34] that's worked by the billions of pesos [9:36] ang pinabayaran natin. [9:38] Therefore, doon sa contract, nakasaan. [9:40] Pagkatapos ng contract, [9:42] ipapaseng technology [9:43] para tayo nilang ang gagawa. [9:45] Pero bakit pa rin [9:46] pinayagan ng costums [9:48] at ng finance [9:49] na magdanyo ng contract itong SGS? [9:51] Siguro na nalunggiri mo. [9:56] Pwede mo pahusapan niyo. [9:58] Thank you, Senator Raffi. [10:01] I believe the committee invited [10:04] the Department of Finance [10:05] and also your customs. [10:07] So, take note. [10:08] Thank you, Senator Raffi. [10:10] We'll get back to that. [10:12] SP, Sherman, New Zealand. [10:16] Any opening statement, sir? [10:17] Thank you very much, Chairman Irwin. [10:22] And let me also greet Senator Irwin, [10:26] Senator Raffi, [10:28] and Senator Raffi today with us. [10:30] Thank you very much for conducting [10:32] this very important timely hearing. [10:34] Lahat tayo dumaan nung gera ng Iran. [10:39] At lahat tayo ang epekto nung gera sa Iran [10:46] dito sa sariling nating bansa. [10:48] Nakita natin na napakabilis ang pagbabago [10:51] na pwedeng mangyari pagdating sa presyo ng ganit. [10:54] From $60 per barrel, [10:56] sumipa siya kaagad ng $100 per barrel [10:59] in a matter of weeks. [11:00] At dahil dependent tayo sa importation, [11:03] kaagad naramdaman natin. [11:06] So, Mr. Chairman, [11:08] timely itong hearing natin [11:10] dahil dapat matuto tayo dito sa nangyari sa Iran. [11:14] At dapat matuto tayo kung ano ba ang epekto nito [11:19] sa ating mga kababayan, [11:22] sa ating transport sector, [11:24] at higit sila sa presyo ng pagkain. [11:27] Kaya, gamitin natin itong nangyari sa Iran [11:31] as a learning process sa ating lahat. [11:34] Nakita ko na napakainaan na dapat natin ayusin. [11:39] At nagpapasalamat po ako nandito po si Secretary Garid [11:42] dahil siya talaga ang main actor or actress. [11:46] Tumaas po yung presyo ng langis. [11:48] At alam ko po ang bigat ng presyo sa kanya [11:51] dahil umabot tayo sa punto na baka wala tayong langis [11:55] sa sarili natin at sa atin. [11:58] Kaya tatong bagay ang nakikita kung dapat natin talakayin dito sa Committee on Energy. [12:03] Number one, [12:04] tunan natin na pwedeng mangyari na maputulan tayo ng supply ng lahis. [12:09] Dahil limitado rin ang ating sa inventory levels. [12:17] Dapat pag-aralakihin inventory levels natin locally. [12:22] Tingnan natin kung paano natin makipag-engage sa private sector [12:28] para palakihin ang inventory levels natin. [12:31] Pangalawa, infamous replacement cost. [12:35] Alam ko nung panahon ng langis at nagkaroon tayo ng hearing sa Protect Committee [12:42] which I shared, Mr. Chairman. [12:44] Naging issue itong replacement cost. [12:46] Dahil naramdaman natin pag mabilis ang pag-taas ang presyo ng langis sa abroad, [12:50] ang bilis ng taas ang presyo ng langis dito sa ating bansa, [12:54] ilang araw nalang tumanas. [12:56] Pero pagbaba, patagal ng pagbaba. [12:59] At naging sanig ng napakadaming reklamo at pagkadismayan ng ating mga kapababayan. [13:07] Dapat risipan at direksyon na natin sa imported oil. [13:21] Dahil ngayon, 100% po ng ating langis ay imported. [13:25] At halos 90% ganit sa isang lugar, sa Middle East. [13:30] Kung naggagera sa Middle East, agad tayo ang tinatamaan dito sa supply. [13:35] So tingnan din natin kung paano natin, paano tayo makaalis sa tinataw ko, [13:41] Addiction to Middle East oil. [13:43] At isang paraan dito ay mabilis na paggamit ng mga electric vehicles na meron na tayong batas. [13:49] At dito nga sa Senado, kung meron isang example na gumagamit ng electric vehicles, [13:55] yung po si Sen. Javier, ito. [13:57] Lahat po ng kanyang sasakyan ngayon ay electric vehicles. [14:00] At meron na tayong batas. [14:02] Di yung hirin nagpapatapad ng batas na iyon. [14:05] Kaya gusto rin mo namin malaman na saan na tayo sa pagpapatubad ng batas na iyon [14:09] at paano pa natin pabilisin yung adaption ng electric vehicles sa ating batas. [14:14] So, ulit, Mr. Chairman, maraming maraming salamat dito sa napaka-importante ang time na hirin. [14:20] Maraming salamat po, Sen. President Gechelyan. [14:25] Si SP Win Gechelyan po ay ang author ng Senate Bill No. 641 [14:31] o ang Act Institutionalizing Transparency in Philippine Downstream Oil Industry Amending Republic Act No. 8479. [14:40] We also have here with us today, Sen. Javier, ito ang Vice-Chair President Volk ng Committee on Energy. [14:47] Sen. Javier. [14:48] Thank you, Sen. Rafi. [14:50] Morning, Sen. President Johnson. [14:53] Sen. Erwin. [14:54] Sorry. [14:55] Ati, kayo okay lang magkapalit. [15:00] Huwag lang kami. [15:01] Anyway, magandang maga po sa yung lahat. [15:04] First of all, thank you very much, Chair Erwin, for prioritizing this hearing. [15:12] As I mentioned by our Sen. President, nakitaan po natin ang mga problema, lalong-lalong na nung kasangsaganong [15:20] nung oil crisis sa Middle East, which makes this hearing much more significant. [15:28] So, I'm very happy also that at least the Senate is now back working and focusing on the important issues, [15:39] important problems and challenges that our nation has to face, lalong-lalong na po itong oil crisis. [15:48] And I'd like to thank also our Energy Secretary here. [15:54] I know that she was very much stressed during the recent months. [16:00] She's the, sabi nga niya, siya po ang star, sabi niya, hindi, bilid po ako. [16:04] But because of her effort also, at least we were kept, kept, no, no? [16:12] Hindi tayo nawalan nung supply. [16:14] Kasi nga, during the hearing, I remember when our Sen. President was cheering, [16:18] yun ang worry natin, bumaba na ng halos 40 na lang yung 40 days na lang. [16:24] Ang ating pong supply. [16:26] So, those were pointed out already by our Chair, by our Senate President. [16:31] And I'm hoping that our, of course, our new Chair of the Committee of Energy will take the cudgels now [16:38] and really push for the important measures that we have seen that leads much attention. [16:47] So, lalong-lalong itong Middle East Crisis, marami po ang, marami po ang nakita natin na may mga kailangan talagang prioridad. [16:57] Lalo na po itong coin deregulation law, the need to review. [17:00] And also, siguro, next book will be the Epira. [17:03] No? [17:04] I think it's already about time that we amend these laws so that we can already adapt to the changing times, [17:13] especially to the challenging times. [17:15] Wala naman kung nakapagpredict ang mga ganitong problema. [17:18] So, with that, Mr. Chair, I will just be here to listen and propound some questions later. [17:25] And again, I'd like to thank Senator Irwin for prioritizing this measure that really needs to be repealed at the moment. [17:37] Thank you, Mr. Chair. [17:38] I mean, salamat. [17:40] Thank you, Senator JV. [17:42] But we will conduct a separate theory on the Epira probably next week. [17:47] Thank you. [17:48] For everyone's guidance, the rules of the Senate and the rules of procedure, [17:53] governing inquiries and native legislation shall continue to apply. [17:57] May we now request the Committee's Secretary, Attorney Grace Ann Selesha [18:01] to acknowledge your resource presence and guests present today. [18:05] Namaste. [18:06] Good morning, Mr. Chair. [18:07] Good morning, everyone. [18:08] Allow me to acknowledge your guests and resource persons for today's public hearing. [18:12] From the Department of Energy, we have Secretary Sharon Garin, [18:16] Yusek Yolita Ilusensio, [18:19] Attorney Beatriz Ann Upendan, [18:21] Attorney Monique Buk-Nosen, [18:24] Attorney Paulo Angelo Kimming, [18:27] and also Attorney Rino Abad, Director Rino Abad. [18:32] From the Philippine National Oil Company, we have Attorney Antonio Buen Viaje, [18:38] and Attorney Janice Velasco. [18:41] From the PNOC Exploration Corporation, [18:45] Attorney Adrian Ferdinand Sugay. [18:48] From the Department of Trade and Industry, we have Attorney Marvin Tandayu, [18:55] and Ms. Jessica May Dela Cruz. [18:58] From the Department of Economy Planning and Development, Deb Deb, [19:03] we have Ms. Kathleen Manglungune, [19:06] Mr. Bernie Magtalas, [19:09] and Mr. John Marvin Surio. [19:12] From the Philippine Competition Commission, [19:16] we have Ms. Franzine Poronda, [19:18] Mr. Emanuel Garcia, [19:20] and Mr. Carlos Tolentino. [19:23] From the Department of Finance, [19:25] we have Attorney John Paul Alfred Cruz, [19:30] Camille Ilao, [19:32] and Jericho Cardona. [19:34] From the Bureau of Customs, [19:36] we have Attorney John Paul Cruz. [19:38] From Petron Corporation, [19:40] we have Ms. Karen Domingo. [19:42] From the Filipinas Shell Corporation, [19:44] we have Timothy James Laurel. [19:46] From the Philippine Institute of Petroleum, [19:49] we have Ms. Nympha Villamayor. [19:52] From the United Filipino Consumers and Commuters, [19:55] we have Mr. Rodolfo Javeliana, [19:58] together with Marcelo Texon, [20:00] and also Francis Bob Alpas and Ryan Tanaman. [20:05] Everyone has been acknowledged, Mr. Chair. [20:08] Thank you, Committee Secretary. [20:10] Para napancing ko, [20:12] may invitations with us as the Department of Finance, [20:14] will have from Representative and Department of Finance itself, [20:16] the office, not from the Bureau of Customs. [20:18] May we know, Committee Secretary, [20:22] if we did invite separately the Department of Finance, [20:25] what was the reason why they're not here? [20:30] Well, can you, Committee Secretary, [20:45] inform me that I want to find, [20:47] and I want to know, [20:48] bakit wala po sila dito? [20:50] Please do follow up, [20:52] because kung akala nila biro-biro itong hearing na ito, [20:55] a lot of people are waiting, [20:59] and we're trying to find a solution here [21:02] pertaining to this problem about oil prices. [21:06] And I hope this hearing today, [21:09] we'll be able to find answers. [21:11] Answers like questions sa mga kabahay natin for a very, very long time. [21:18] Bakit pagtaas po ng presyo sa pandahidigang kalakalan ng langis? [21:25] For example, today, e bukas automatic sa mga gasolinahan po natin, [21:31] e pataas na rin. [21:34] E when in fact yung nasa gasolinahan, e inimport niya po yun last week or last month pa. [21:40] Bakit apintado ka agad sa pagtaas ng presyo sa pandahidigang kalakalan yung nasa gasolinahan? [21:48] Yung po yung tanong ng mga kabahay natin. [21:50] Bakit po? E hindi po ba matagal na po yung stock ito? [21:54] Bakit kailangan tumaas ka agad? [21:56] Napakabilis. Tama po si Senate President Gatchelian. [22:00] Ayan, pag tumaas ang presyo sa pandahidigang kalakalan ngayong araw, bukas sa gasolinahan, [22:06] sa lahat ng lalawigan, e mataas na rin. [22:09] And when in fact that was imported several weeks or months ago, [22:13] is-stock na po yun. Dapat hindi po tumataas yung refill po nila noon ng gasolinahan, [22:18] doon pa lang dapat mataas o isusunod the shipment. [22:23] Yan po ang gusto po natin sagutin ngayong araw. [22:26] And I want answers from the Department of Energy and from the different oil companies. [22:31] Ikalawa. [22:32] Pag bumaba naman po ang presyo, e mabuti sana kung pag bumaba ang presyo ngayong araw, [22:38] inanunsyo sa world market sa atin next week pa, next month pa. [22:43] At saka yung itinaas na 125, 150, ay bababa 25 centimos. [22:50] Anong nangyari doon sa 125? [22:52] Hindi na may rollback. May rollback na, sabi ng media. [22:57] Rollback. Pero talo pa. [22:59] Dahil ang increase na 150 per liter, ang rollback 50, naiwan yung piso. [23:05] At hindi po natin napapansin. [23:07] Natutuwa tayo din, ang press release may rollback 50 centimos, e ang tinaas 150. [23:13] Next week na naman may tataas na naman, piso na naman, rollback siya. [23:18] 25, 75 lang. E nakatris pesos na siya. [23:22] This is what we want to find out in this hearing today. [23:25] And I want answers. [23:27] To facilitate an orderly and focused discussion, the committee will first hear from the concerned government agencies, [23:34] followed by representatives from the petroleum industry, the business sector and our consumer groups. [23:40] We shall begin with the Department of Energy, or Energy being the lead agency responsible for implementing downstream oil industry deregulation act and formulating the country's energy policies. [23:52] We respectfully request the DOE to limit this presentation to ten minutes. [23:56] Thereafter, we shall hear from the Philippine National Oil Company, the PNLC Exploration Corporation, each with five minutes. [24:04] Then they will be followed by the Department of Trade and Industry, Department of Economic Planning and Development, [24:09] the Philippine Competition Commission, Department of Finance, and the Department of Transportation in that order. [24:16] Each agency is respectfully requested to limit their presentation with three minutes. [24:22] Following the presentation of the government agency, the committee will recognize the various representatives of the petroleum industry, [24:28] the business sector and our invited consumer organizations. [24:32] We likewise request all non-government resource persons to give their presentation within three minutes. [24:38] To maximize our time, may I respectfully request my esteemed colleagues to reserve their questions until all presentations have been completed, [24:46] to allow each resource person the opportunity to fully present their position. [24:50] However, should any member wish to seek clarification or raise a matter that requires immediate attention, [24:55] the Chair will be pleased to recognize such questions as the need arises. [25:00] I encourage our resource persons to be candid, straightforward, more than conducting a hearing or investigation. [25:06] Our common objective is to find practical solutions that will benefit the public. [25:12] Let us begin with a presentation of the government agencies with the DOE. [25:17] Mr. Chair. [25:20] Good morning, Senator . [25:24] Good morning, Mr. Chair, Senate President, Senator Jay Lee, and to all the resource speakers that are here. [25:36] Undersecretary, you will present our proposals for the amendments. [25:43] But before she present, Mr. Chair, the crisis that we underwent in the last hundred days [25:51] has actually emphasized what we need to amend in the oil deregulation law, [25:56] like the lack of regulatory powers of DOE over the industry, [26:03] because it's basically a liberalized, market-driven industry, [26:08] kind of pressure versus stocking, and even inventory levels. [26:12] There's a limitation there, pati yung enforcement nato in Mr. Chair. [26:15] So, Rio will discuss that. [26:17] And the second part, Mr. Chair, is the Strategic Oil Reserve, the National Reserve, Mr. Chair. [26:26] We're happy to report to you, Mr. Chair, that PNOC, together with DOE, [26:30] has been talking to MIC and exploring the project. [26:35] And fortunately, we're making good progress on this, because PNOC has the property, MIC is the source of funding, [26:50] and PNOC actually has about, I think, PNOC mother has about 10 billion as corporate funds that we cannot access. [27:02] We're hoping we can access that through the next budget season. [27:06] Para yung nalang gamitin, Mr. Chair, because to build a reserve for 1 million barrels is about 5 billion pesos. [27:15] So, let me, before I continue, Secretary, if I may, I was talking to the government of the United Arab Emirates, [27:26] particularly their ambassador. [27:28] I know, because when the last time I spoke with them, they were volunteering. [27:34] As a matter of fact, even the President was informed about it, that they're volunteering to build us a facility [27:42] where we can store our research, whatever happened to that proposal. [27:46] Mr. Chair, we're continuing the conversations. [27:49] Whether it's Aramco, whose other company, Aramco, and in the Saudi, I don't know. [27:57] And even the Japanese, Mr. Chair, we're talking to them. [28:00] There could be several parts of this project. [28:04] I think one thing for sure, we need our own proper tanks also. [28:10] And we can also develop more tanks and rent it out to Aramco, or Aramco can build it for us. [28:16] There are several iterations of the business model, Mr. Chair. [28:20] But one thing is I think we need to make sure that we have to have our own, just for national security, Mr. Chair. [28:28] But a second phase of that could be agreement with these companies. [28:33] Not only Aramco, there are several companies actually from all parts of the world since they heard about our interest in embarking on the project. [28:41] Marami pong proposals tayo. [28:43] Do you think we can realize this, Secretary? [28:46] Kasi these people or these agencies or this government are very willing and interested in helping us out. [28:53] So, kung nandiyan na yan, may mga proposals po sila, kailan po kaya marirealize? [29:01] Kailan po kaya mauumpisa yung construction nito? [29:04] Para kung sakasakaling magkagulo na naman po sa Middle East dahil tayo po'y dependent talaga dyan, [29:09] eh meron na po tayong paghuhugutan. [29:11] Hindi na po tayo nangangamba. [29:13] Kagaya po kayo, para kayong hilong-talilong nung takbo rito, takbo doon. [29:18] Para kayo nagpapalimus po kanikanino. [29:20] At least kung meron tayong reserve na ilang million, wala tayong nakabakaba. [29:24] Kailan kayo ako marirealize it? [29:26] Actually, it gives us a sense of confidence also na we can, in fact, even yung presyo din, mamamonitor natin [29:37] kasi marisarili tayong paribenda sa Marika. [29:39] But how long will it take to construct? [29:43] More or less, Mr. Chair, if we're talking only about one million barrels, [29:48] we can scale it up over time naman, mga one year siguro, Mr. Chair. [29:52] So within this administration, one year construction plus the permitting and everything that we have to do with BNR, [29:59] mga importation, mga ganon siguro within this administration, Mr. Chair. [30:05] Are you saying before 2028, makakapagawa na tayo ng ating oil reserves storage? [30:12] Yes, sir, that's the plan. [30:14] We're actually doing the calendars na hopefully last quarter of 27 or first quarter of 28, Mr. Chair. [30:23] Okay, thank you, Secretary. [30:25] Sir, if you allow you, Secretary, you will explain our proposals and the oil deregulation. [30:31] Please, please, you, Secretary. [30:35] Please. [30:36] Mr. Chair, I'd like to present our proposed amendments to the Oil Deregulation Act. [30:43] Next slide, please. [30:45] Under this proposal, the DOE is authorized to impose calibrated time-bound oversight measures [30:52] to safeguard adequacy of the country's energy supply and mitigate the adverse effect of supply disruption [30:58] or price volatility during an energy emergency. [31:01] An energy emergency is declared by the President upon recommendation of the DOE. [31:07] These measures are the following. [31:09] Prescribe allowable range of price adjustments on all petroleum products based on prevailing [31:15] international market conditions, supply dynamics, and public interest considerations. [31:20] Implement appropriate energy conservation and efficiency measures. [31:24] Direct government agencies and GOC systems to assist in ensuring stability and adequacy [31:31] of the domestic fuel and energy supply. [31:34] Temporarily take over or direct the operation of any person or entity engaged in the downstream oil industry [31:41] and such other urgent measures necessary as may be authorized under existing laws. [31:46] Slide three, please. [31:52] Under this proposal, also, the Department of Energy may require all participants in the oil industry [31:59] to report on the unbounded price of their petroleum products and such other annual special reports. [32:07] The DOE can also deny, suspend, or revoke certificates, clearances, and permits. [32:12] This authority includes issuing preventive suspension orders during dependency of administrative cases [32:20] or until the violation is corrected. [32:22] The DTI, on the other hand, can serve as a primary safeguard agency in protecting consumers [32:28] against unfair trade practices, hoarding, and profiteering. [32:31] Excuse me, you second essential. [32:34] Are you saying, under the oil regulation law that we have, [32:39] pag may hoarding ng petroleum ang mga traders, wala kayong magawa? [32:45] You do not have the powers to take control, to arrest, to seize those products? [32:51] Yes, Mr. Chair. [32:52] Under the regulation, as it is the current draft, we can, in coordination with the Department of Justice, [33:02] but we have to be a declaration of emergency. [33:05] So are you saying, what if it's not an emergency, Secretary Garin? [33:11] Can you answer this? [33:12] I mean, dito palang agad may problema na ho tayo. [33:16] In plain view, alam mo, meron kang information, kayo sa DOA may magre-report, [33:21] na meron nag-ho-hoard po doon na tangki-tangki ng gasolina, petrolyo, [33:26] hin-ho-hoard niya, at pagkataas nakarating sa kalaman ninyo. [33:29] Kailangan pa pong ng mga court order, hindi ka pwedeng pumasok, [33:33] wala kang kapangyarihan, to seize those items? [33:36] Yes, sir, that's the problem in the oil regulation. [33:39] So that's why, when we issued show cost order, we had to use other laws, Mr. Chair. [33:44] Ito hindi based on all the regulations. [33:47] Kaya yan dapat, kasi we had to go through PNP, DPI, DOJ, [33:54] kung anong ibang patas na anti-hoarding, yung ginamit po namin. [33:58] But under oil regulation, hindi nakastate niya. [34:01] Okay. [34:02] Kasi po ito, hindi alam naman ang kababayan natin, [34:04] na pag clearly, pag yung isang grupo o isang kumpanya [34:08] nag-hoard na ng mga petrolyo para ikaw nga makontrol niya, [34:12] eh wala tayo magawa. [34:14] Kailangan pa natin idaan sa korte. [34:16] I mean, we do not have the authority. [34:18] Anong klaseng batas itong order regulation do? [34:21] Kaya tawag kami pinanganap, Mr. JB, nung pinasa ito, eh. [34:26] Nawalang kakwenta-kwentang batas. [34:28] Go ahead, Yusek Inocentia. [34:30] Yes, sir. [34:31] In reply to that, sir, we are proposing that there are two kinds of hoarding. [34:35] One is by the petroleum traders and one is by the consumer. [34:39] And then for the petroleum traders, there will be a prima facie evidence of hoarding [34:44] if there is an intentional withholding of petroleum products, including closure of bulk facilities [34:49] without justifiable costs, posting of out-of-stack notices despite fuel availability, [34:55] or the closure of retail outlets and or dispensing pumps despite available stocks. [35:02] Also, there will be a hoarding if there is unreasonable delay in the scheduled deliveries or in the release of petroleum products. [35:09] And such other assets may constitute worthy. [35:12] On the other hand, hoarding for consumers, there will be a prima facie evidence if there is a bought purchase [35:18] that significantly exceed normal consumption requirements without valid operational justification, [35:23] repeated or multiple purchases by the same buyer within a short period of time without apparent lawful purpose, [35:30] purchase or accumulation of petroleum products through multiple containers or transactions [35:35] in a manner indicative of stockpiling beyond normal consumption. [35:39] Slide four, please. [35:41] We also included in our proposal regulation, although we included the Philippine Strategic Petroleum Reserve, [35:50] but there is also a separate bill on this, Mr. Chair. [35:54] But under the regulation, we included it and we proposed that there would be a requirement that the government [36:04] will have a 60-day supply, but DOE may gradually adjust this volume reserve based on energy security requirements [36:11] and available resources. [36:13] Slide five, we also proposed the amendments to include new set of violations and their corresponding non-compliances. [36:23] For example, for non-compliance of the minimum inventory requirement, [36:29] it will be a fine of $250,000 to $500,000, and in case the violation is committed during the energy emergency, [36:37] the fine will be increased from $500,000 to $1 million. [36:41] Hoarding by traders, there will be a fine of $250,000 to $500,000, or imprisonment of six months to two years. [36:48] And then hoarding by consumers, a fine of $10,000 to $100,000, and imprisonment of six months. [36:55] And if it's done during state of emergency, the fine will range from $500,000 to $1 million. [37:03] Because we have a 10-minute limit, Mr. Chair, can you go to the next slide? [37:08] I wanted to emphasize... [37:10] No, the 10 minutes, Secretary, what I meant was like... [37:14] Yes, sir. [37:15] But if we ask questions... [37:17] I just wanted to make emphasis on the Philippine Strategic Petroleum Reserve. [37:25] Why do we need the law? [37:29] It's more to institutionalize. [37:31] Because it can be a project of PNOC, even without the law, Mr. Chair. [37:36] But having the law, we consider one of the most essential, Mr. Chair, is if we go to the next slide, [37:49] the fiscal incentives, Mr. Chair, if you have a strategic reserve, you can use the Philippines as an oil hub, [37:59] which means all companies that are sources, pwede sila mag-store dito sa Philippines, [38:05] and they can sell it to other countries. [38:08] They don't come here, even though we have coastal, and we have our... [38:15] May mga tanki tayo dito sa Subic, but there are taxes involved. [38:21] So pag nag-charge ka ng excise, papasok palabas, but na naman, hindi sila pupunta dito. [38:28] They'd rather, that's why Japan and all the other countries have like 200 days of reserve, [38:35] kasi may fiscal incentive na magpataguhan ng petroleum dun, [38:41] whether it's a crude oil, petroleum product. [38:48] Pero kung government yun, government importation dahil bumper stock natin, [38:53] will it still be taxed dito sa inyong proposal, or hindi na lalagyan ito ng path or excise pagpasok ng ating bayan? [39:03] Mr. Chair, I think it will still be charged just for parity with the other, with the private, [39:11] kasi baka maluki yung private, but it can be proposed by... [39:14] It would be the Senate's decision if we want special treatment for government importation, Mr. Chair, [39:21] because nung piano siya nag-import nang papayad na lang. [39:24] But I think the main... [39:28] One of the main, ano talaga na, let's make this country attractive as a storage facility [39:34] para etong mga rangko, mga ganun na lumalapit sa atin. [39:39] They'd be willing to put it up here. We can pay as rent. [39:43] And in fact, it might be possible that they can build another refinery somewhere else also in the Philippines, Mr. Chair. [39:49] Sa panggit mo niya ng reserves na yan, mga ilang company ba yan na who are you're dealing with or in conversation [40:00] na magtayo ng mga storage facilities dito sa ating bayan? [40:04] Mr. Chair, two, three weeks ago, METI was here, the Japanese delegation was here to discuss this also. [40:14] They were so willing to help us set up a regional reserve. [40:18] Sa pang, ano na, pang-Asia na siya. [40:21] And we're actually doing, we have a PWG with them already. [40:25] At the same time, they brought in the Middle Eastern countries. [40:28] But it's not just others. [40:31] Different Middle Eastern countries have approached PNOC. [40:34] Even Russian companies also, Mr. Chair. [40:37] Marami yan, all over the world. [40:39] Kasi, Mr. Chair, ang, ang, ang, ang, ang, ang logic niyan. [40:43] Magkukrudo oil ka, production ka dun, nalimbawa sa Qatar or wherever. [40:46] So dadaan ka ng Ormose, no? [40:48] And then, ah, ah, lalagay mo dito sa Kailan, for example, for refinery. [40:53] Ang problema niyan kasi pag, kailangan lumabas siya dun sa Ormose eh. [40:57] So that's what they're, that's why they look for stockpiling somewhere else outside Ormose [41:02] para kahit anong mangyari dun, makabenta na sila. [41:06] Nandito na sa labis ng Ormose eh. [41:08] Why the Philippines? [41:10] I mean, parang napansin ko siya, you're talking now, three, four companies are talking to us. [41:15] Anong meron sa atin? [41:17] I'm just curious na parang ikang, ah, is it strategic location? [41:23] Is it because tingin lang mura yung magiging rent natin? [41:28] Why do you think they're interesting? [41:30] I think sir, they're also spreading it out. [41:33] Mayroon sila niyan sa iba't ibang bansa din. [41:35] So they're also willing here. [41:37] Kasi maganda rin ang location natin. [41:39] We're practically in the middle of. [41:41] Ang logistics niya, pagkulang naman magdi-deliver niya. [41:45] So the logistics naman madali eh. [41:47] And also I think because we publicly announced it. [41:52] And ah, kusang lumalapit sila when they heard that Philippines is interested in putting this up sir. [41:58] I think, I think they're on the lookout consistently naman. [42:01] Ah, para lang mailabas yung produkto nila sa region nila. [42:05] Before I forget, ah, Secretary Garin. [42:10] Kung saan nabanggit ninyo ang mga amendments na proposals po ninyo for the order regulation. [42:18] Para wala kayo nabanggit na pwede kayong makialam o magtanong. [42:24] Kasi correct me if I'm wrong. [42:26] Tama po bang pagkaintindi ko sa order regulation law. [42:28] Na ang gobyerno hindi pwedeng magtanong sa mga oil companies kung magkano ang profit nila. [42:34] Magkano ang kinikita nila. [42:36] For every peso na increase sa gasolinahan natin, parang wala kong ganun dito sa amendment ninyo. [42:45] Sir Meron pa, we have included the power to require them to make the reports on their unbounded costs. [42:52] But even prior to, the DOE has already issued, ah, two years ago, a circular already required them. [43:00] But it took a while for us to implement it because it was questioned. [43:04] But now they're already reporting. [43:06] Who questioned it? [43:07] The participants, sir. [43:08] But it has been resolved that they're already reporting. [43:11] That's why we were able to make some, ah, the, ah, very long, ah, the, we were able to already impose the, the range of increases and uh, decreases in the, during the, during this emergency. [43:25] Pero for now, pag may increase sila, hindi natin pwedeng pakialaman kung magkano. [43:30] coconutty 90% you can a lama a comma Tita or two more or profit you need [43:39] where we don't have control come a kind on who still like a profit is that what [43:44] you're saying yes sir yes sir that's basically the order is that it's in the [43:50] order regulation law it does not authorize or empower DOE to regulate the [43:56] price not allowing the government to interfere 90% now 100% [44:17] no no Tita or profit hindi pwedeng makilang ha kayaan lang yes sir it's [44:24] ridiculous yes sir mr. chair that's why welcome in declaration ng president [44:30] and energy emergency because we could use the emergency powers [44:33] kaya tsaka na lang kami nakatictate on the increases or adjustments no but [44:39] before that mr. chair in ulit ulit namin itong all the regulation it was the [44:44] spirit of the law at that time I think during its time of 1998 but a union [44:50] kailangan para i-liberize your market but types are changing and I think your [44:54] committee is the right track na i-review na ito [44:56] hindi naman malaki ang pera ng tao ng mga consumer malaki ang sweldo pero I mean [45:05] allowing this company's discovery I'm sorry ha but I know this is business is [45:09] business pero kung we cannot the government cannot already control how much [45:13] profit go 100% the profit you know sobra sobra may profit a per liter [45:19] because we have found by and we also have to take a look at the other [45:23] consumers I don't know how this loss was passed that's this law was fast [45:29] seguro it's really high time and I don't know if my colleagues you will agree [45:33] with me it's really high time if we don't have to become a review this law [45:39] the way I'm looking at looking at it right now anyway that's all for me SP [45:50] do you have any further question or send in thank you Mr. Chairman I think [45:55] marami tayong natutunan dito sa Iran crisis is to weaknesses and the law [46:11] necessary we actually learn from those because that's to the deregulation [46:21] regulation law was precisely because we want to attract private capital to go into [46:30] to the oil distribution with portation distribution business so that [46:35] government can already get away from that that because si gobyerno lahat eh [46:40] PNOC lahat petron pero may private ah para sa akin okay to attract [46:50] capital as long as hindi naaabuso rin yung art kasi kung unabated especially [46:59] wala tayong visibility on the pricing wala tayong visibility doon sa kanilang cost [47:04] component talagang kung anong gusto nila i-charge sa consumer natin it's a [47:09] charge lang nila especially right now that almost 100% of our oil important [47:17] other words dependent talaga tayo sa private and so ang aking nakikita is we [47:25] cannot completely give that power to the private companies because oil is such an [47:32] important basic component of our economy and also of our livelihoods kumbaga ipinibigay nilang [47:41] natin sa kanila hundred percent na walang walang kinalaman ng gobyerno [47:46] walang visibility ng gobyerno at magre rely na lang tayo on on whatever they say or [47:53] whatever they disclose ang nagiging mas malaking problema dyan pag nagkakaroon tayo ng [47:58] crisis kasi pag nagkakaroon tayo ng crisis tapos ang gobyerno eh inutil kawawa tayo [48:06] kawawa tayo lahat so so ang aking punto naman dito is government should have certain [48:13] amount of power to regulate prices even though it's in a deregulated environment and at the [48:21] same time assure the public that the prices are reasonable monitored and within a reasonable range [48:29] so yun ang nakikita ko yung important learnings natin from this iran crisis at the same time we can also encourage them to stock up some more [48:45] government government incentivize entities to give credit where credit is true [49:01] secretary at that time talagang everyday sin assure na yung public mayroon tayong 40 of course gusto natin mas maraming inventory pero at that time agawan talaga eh but umabot to give credit to secretary galing na hindi tayo umabot na [49:15] na nawalan tayo ng langis there was a time talaga akala ko mawawalan tayo ng langis eh no pag mag-ararasyon no ba't hindi nangyari yun sa atin [49:25] the learnings there is we need to increase our inventory levels whether onshore offshore whether um it's a physical inventory we need to have some mechanism to assure the public that in times of crisis meron tayong supply na po [49:41] so those are the two things that we need to work on and we need to work on fast any crisis can happen again next month [49:52] ah mr. sheriff king lang ah ah sa mga power kasi sa electricity kami yung policy making pero merong erc that determines the price sa oil wala po sir ah there's no ah [50:13] a regulator on the price it was left for competition no meron tayong pcc ngayon na nag mapan tayo if you remember sir kasi konti lang naman yung [50:24] competitors dati ngayon we have very good local companies that are in the industry already kaya i think [50:31] there's that's a gap it i um may ah senate can look at it ganon yung trajectory na gusto natin na a certain degree of [50:40] regulation and the price right now we live in competition the situation [50:47] it's a delicate balance because on the other side we want the private companies to invest and we want them to [50:54] make reasonable profit because when they invest obviously the expectations and then that's that's [51:02] that's normal we will allow them to do but we cannot also allow them to make abated from a certain [51:11] especially during crisis the public that point companies or the private sector is not abusing the [51:28] situation because the situation is right for abuse and we have to assure the public that government [51:34] is on top of things and that's where i'm coming from whether during times of crisis or whether [51:39] ah the entire year or even outside of the crisis ah yun ang dapat natin hindi lang during crisis kasi may mga times rin ah [51:49] hindi naman crisis meron ang fluctuation masyadong malaro eh so the point i'm trying to make [51:56] government should have a certain degree of invisibility so that meron tayong confidence hindi tayo inaabuso [52:06] um before i uh pass this uh to uh uh senator jv kung uh meron siya mga questions ah [52:15] ah tama po yun ah for for for everyone here to know na hindi mo po kami konta sa negosyo of course [52:25] tama po yun namin investors pero yung without limit po na nakikita na po ng taong bayan na walang magawa ang gobyerno [52:34] sa walang habas na pagtaas walang habas control na sobra sobra po yung profit huwag naman po ganun [52:41] I mean then you mentioned kanina yung ERC isa pa po yan siguro sa next hearing po natin about power naman [52:48] na siguro kailangan it's high time for the ERC to also check siguro kung tama pa ba yung ah [52:56] yung ah yung electricity rates po natin kasi may alam po ako doon po sa amin sa Palawa na yung ah [53:03] ah yung ah power ah cooperative po ito ay taas po ng taas brown off taman ng brown off [53:08] eh okay lang mo yung magbayad ka na mataas na kuryente eh tuloy tuloy yung servisyo pero kung [53:14] tuloy tuloy din naman ang brown off pero taas pa ng taas yung parang hindi naman nakakahiya naman di uba [53:19] so we really have to really review this yung ah ethereal law siguro [53:23] senator jv if you have any questions [53:25] thank you mr chair it was pointed out by our self president earlier and ah the chair that ah [53:32] ah one of the things that really came out ah during the crisis yung pong fuel reserves no ah [53:39] ah it was mentioned by our good secretary that there really is a need to increase no [53:45] kasi hindi naman atin iniisip ito eh no until this ah crisis came about no [53:53] um japan has a 250 day um fuel reserve tayo po nasa 60 lang i understand [53:58] i understand so secretary tanong po lang um doon po sa plano din nyong ah to build um [54:04] um this ah reservoirs our uh pure reserves um how how many days po yung ano [54:09] makilang days po yung um target natin para po ano tayo at least ah we feel secure [54:18] um mr chair the current proposal is 60 days that can be increased also eventually kasi we have to consider ang presyo din ano [54:29] no because construction palangin yung 5 billion ng tanke [54:34] wala pa yung goods dyan so and then currently the total available storage of the country ah of the private is up to 60 days lang siya [54:46] so ang plano sana madagdagan natin ang 60 pa with the [54:49] so like from the private companies who have about 60 days we will have our own another 60 so mga 120 days total [54:59] so yung 5 billion po the cost ah that's for how many liters that's for how many days po [55:06] uh one one one uh one million barrels is good enough for about five days [55:15] kaya maraming billion yun [55:18] so that's about 12 uh 12 uh million barrels na kailangan natin for 60 days [55:26] so ilang ano kasi pag marami na siro na nahihilo na ako eh pero ilang total na [55:32] so the idea is let's just have the companies ah store it here instead na tayo magbabayad ng [55:43] ng inventory facilities lang atin as much as possible so we would we can have our own minimum [55:50] na ilang days pero we can also have other companies store it here and have a condition [55:55] that in case of emergency dapat may money retain dito sa banda sir mr. chair [56:01] how long to ano how long to build um for example itong mga one million barrels capacity kasi [56:08] kailangan na po natin to no um i i uh we've been talking about it with mic uh pnoc and the oil companies [56:18] siguro yung isang million na yun mga one year of construction the rest will follow kasi ang importante may [56:25] may may may may my port ka tapos may may may may mga linya na para mag ang ahכ [56:32] uh uh para i-connect ang mga tanki sa support mo so that that i think we can do in one year the [56:38] the initial direct i think the private companies would do this better pero the rest can just follow [56:43] year on year that the little time and and mr. chair [56:46] it's a good thing it's a good thing that you mentioned uh uh uh mr. chair um [56:50] um i mentioned that it's not just me i've been near building the reserves and [56:55] kailangan natin yung boards and the other resort facility in the other support [56:59] facilities being also the chair of the chair committee of finance and also the [57:06] the one that would defend the budget of the DOTR which includes support [57:13] siguro po kailangan by this time we have to have a coordinated and already a [57:18] plan for this if we have to if we have to take this into consideration during [57:25] this next budget hearing so that we can have this already [57:30] tapatom makapag takeoff niyan this year given the the importance no because [57:39] nakita na po natin importansya po niyan itong nanyaring crisis ang tanong and what [57:44] what's up what's music to my ears I mean sir check ahi ka po sa pinaproblema [57:48] namin yung ng ating senate president yung ating pong because of our economic [57:54] growth this year na medyo babagal our very limited fiscal space um [58:00] kalawa kasi medyo ay definitely this will cost pero maganda sinabi ni [58:05] sekretary ka rin hindi po sila mangingi ng budget no to build this because she [58:11] will have to source up she has already she has already seen where to source no [58:17] like um sa pnoc meron po tayong 10 billion that can beat up and be used here and [58:23] probably mr. chair i'm said president is a very present you for acting um my [58:30] harlika fund no these are ito naman ito mga to wala nang wala talo ito eh no um it [58:36] can be used here probably doon sa siguro tanong ko na rin po mr. chair with your indulgence [58:42] so po sa ng city i mean from what i know yung shares dapat although another topic um one one of the [58:51] intentions of them harlika funds was to acquire the uh shares of uh ano yung yung uh [58:59] yung entity owned by uh the chinese uh state corporation so are we still pursuing that um [59:07] um saka gusto rin na na tumalama kung paano nagamit itong wealth fund na ito itong maharlika fund [59:12] because i think mr. chair with the energy itong sa energy sector do po sa reservoir pwedeng gamitin yan [59:19] um with the ngcp wala naman silang talo and that would uh be advantageous to the government [59:26] kung magagamit ang ating pong uh maharlika fund for this [59:29] mr. chair um there's the pnoc uh corporate funds that can be made available kailangan lang ng [59:37] uh uh instructions yan na pwede siyang gamitin there's the mic at yung private companies in fact [59:45] some of these companies would be interested actually in joining this uh uh uh venture um [59:52] lahat naman nag-express ng interest because this is ano this is much needed in the country so hopefully [59:58] with what we're designing we won't get it from the uh mr. chair but uh uh government can use it in [1:00:06] more basic services mr chair just uh just uh this chair committee finance uh the the secretary [1:00:15] mentioned that it needs to be allowed you know uh during the general appropriations act uh being the [1:00:23] chair of the committee in finance please let us know so that we write us so that we can include this [1:00:28] already as one of the provisions that so that we can talk already the 10 billion fund of the pnoc that [1:00:35] can be used to construct um this reserve uh fuel tanks thank you mr jerry thank you [1:00:42] mr chairman with your permission of course actually dina pala bago itong 2001 the doee [1:00:54] issues department circular 2001-09-0028 establishing the philippine strategic controlling reserve program so it's [1:01:05] that uh a new idea and uh during those times there were uh talks on embarking on a feasibility study [1:01:17] as well comprehensive uh research and um status no feasibility study and comprehensive research i know [1:01:25] uh so it's not it's not a new idea but what we want to understand is uh what is the feasibility [1:01:40] aspect of this idea this is uh at that time uh uh international energy agency requirement [1:01:50] minimum requirement is for have a 90 day crude oil so at that time i'm gonna be approach no no job me uh [1:02:00] uh uh uh uh applied by methi's uh cooperative arm [1:02:19] at that time is to give us uh idea um [1:02:22] the cost of building a 90-day crude oil storage capacity and the product at that time. [1:02:31] Parang dalawang component pa lang. [1:02:33] The idea of that is just to give us an overview muna, [1:02:39] and then later on, if the DOE and the government will decide, [1:02:44] we can calibrate kung direkso ba tayo ng 90 days or we can do it by pacing. [1:02:50] Yun ang idea nun. [1:02:51] So the next step would have been the in-depth study. [1:02:55] Kasi nga ang consideration at that time, at yun pa rin ang consideration ngayon, [1:02:59] is for PNUC to study the specific area of Bataan. [1:03:05] Yun din po ang idea. [1:03:06] Kaya lang po, at that time, for some, kasi nawala, [1:03:14] because of the change in the administration, so naputol po yan. [1:03:19] And it's only during this leadership now of our current secretary, [1:03:24] na ito, pinag-usapan ko lang. [1:03:27] So now, the approach now, as discussed by the secretary, [1:03:33] nagkaroon ng nexus na ngayon. [1:03:34] In-advance na ni secretary namin yung discussion with METI, [1:03:39] at nabuo na. [1:03:40] This time, it's more comprehensive participation, [1:03:44] kasi nandiyan na yung METI, nandiyan yung area, which is the research arm ng METI, [1:03:50] and dyan yung JOGME, which is the technical consultant, [1:03:54] at pumasok na rin ang JICA, [1:03:57] which is very interested in financing for free muna yung study. [1:04:02] At, of course, pumasok din po. [1:04:06] Na-invite po nila yung ADNOC, at saka yung Saudi Aramco. [1:04:11] Because, ang interest ng dalawa is to use us as a hub. [1:04:16] At ang kanilang proposal is, [1:04:21] for crisis situation, may priority rights tayo dun sa naka-invite nila. [1:04:25] But, for normal circumstance, [1:04:29] they will be allowed to be the hub for the Asia-Pacific region. [1:04:34] As part, kasi mayroon na rin sila sa China, [1:04:37] mayroon din na rin sila sa Japan, [1:04:38] parang an additional hub na hub dito sa Philippines. [1:04:42] So, with the instruction of our secretary, [1:04:44] nasundan na ho yung meeting na yun just this week. [1:04:48] Kaya lang, ang pinapauna ho, [1:04:49] and we remember it always, [1:04:51] Mr. Chair, [1:04:53] yung palaging guidance ni Senator Winsham, [1:04:56] is the committee chair of the energy secretary, [1:05:00] give us the study, [1:05:01] don't ask for funds without the study. [1:05:04] So, kaya sinusundan na ho namin, [1:05:07] ang gustong matapos ngayon, [1:05:09] ni secretary at ng side ni METI, [1:05:13] is unahin yung study. [1:05:15] And this meeting, the second meeting, [1:05:19] at is si METI nag-decide na kung sino yung itatapin niya. [1:05:23] Which is, na-decide nga yung meeting ngayon this week, [1:05:25] na si Ria and Jaica will partner with each other, [1:05:29] including Jogme, [1:05:31] to conduct the study. [1:05:33] But this time, iba ho ang study. [1:05:36] Talagang nakasentro na ho doon sa Bataan, [1:05:38] at saka sa Pividing in Mindanao. [1:05:42] Kakaiba na, hindi na overview, [1:05:43] because we dissuade them to still go to the overview. [1:05:50] Kasi in the end, [1:05:51] hindi naman overview nilalapit namin sa Congress eh. [1:05:53] Yung talagang proyekto doon sa Bataan, [1:05:57] at proyekto doon sa Pividing, just in case. [1:06:00] So yun na yung tinapasentro ngayon. [1:06:02] At masusundan na po ito nung scoping. [1:06:05] Yun na ho ang ilalapit next week na meeting, [1:06:08] yung scoping ng schedule ng team, [1:06:11] ng SPR team. [1:06:12] Kasi may kiring-kiring si secretary na [1:06:15] Strategic Petroleum Reserve Team, [1:06:17] counterpart na ng Philippine team, [1:06:20] doon sa METI team ng Japan. [1:06:23] So, nakapay-try na ho to say, [1:06:26] Mr. Chair, [1:06:27] ang pray lang namin, [1:06:29] even if there will be a change in administration, [1:06:32] we hope sana na makontinue. [1:06:34] This can only be done if we have to. [1:06:37] Pag wala mo yung lo, [1:06:39] puro lang tayo circular. [1:06:40] Well, chicken or the egg, [1:06:43] Director Reno, [1:06:44] dahil itong Strategic Petroleum Reserve, [1:06:49] it's not gonna come for free. [1:06:51] There's a cost to this. [1:06:53] In fact, yung mga estimates, [1:06:55] ito benchmark lang, [1:06:57] for $80 per barrel. [1:07:00] For every 30 days, [1:07:01] it's about $30 to $35 billion. [1:07:03] More or less lang. [1:07:04] More or less. [1:07:05] For, obviously, [1:07:07] pag 60 days, [1:07:07] doblehin mo yun, [1:07:08] it's $170 billion. [1:07:09] Pag 90 days, [1:07:10] it's $106 billion. [1:07:12] So, we're talking about $106 billion [1:07:14] worth of inventory [1:07:15] inside the country. [1:07:17] So, hindi siya maliit na pera. [1:07:20] In fact, [1:07:21] pag PNOC will be the one [1:07:23] undertaking this. [1:07:25] Pagdating ng budget season, [1:07:26] nalapit yan kay Finance Chair J.P. Hercito, [1:07:30] he has to defend. [1:07:31] PNOC needs to defend [1:07:32] why they need [1:07:33] $100 billion pesos. [1:07:34] Kung meron man $100 billion sila [1:07:36] in order to store petroleum. [1:07:39] So, in other words, [1:07:41] we will need to see [1:07:42] the economics and the financials. [1:07:44] In the best case scenario, [1:07:46] sana kumita siya. [1:07:48] Sana kumita siya. [1:07:49] Meaning, [1:07:50] we build the tanks, [1:07:51] put the inventory, [1:07:52] or somebody else [1:07:53] will put in the inventory, [1:07:54] and we make money. [1:07:57] But this is also [1:07:58] a strategic policy direction. [1:08:02] So, meaning, [1:08:03] we ought to weigh [1:08:04] the strategic value. [1:08:06] Kaya ang pinakamagandang [1:08:10] mangyari [1:08:11] moving forward [1:08:13] is to have that [1:08:14] feasibility [1:08:14] and financial study [1:08:16] as soon as possible. [1:08:18] We're very supportive [1:08:19] on this concept, [1:08:21] but we also need to see [1:08:23] how much the government [1:08:24] will spend, [1:08:25] and if ever government [1:08:26] will make money, [1:08:28] or government [1:08:28] will break even, [1:08:30] or government [1:08:31] will not make money, [1:08:32] but we will have [1:08:34] that assurance [1:08:34] of having a petroleum reserve. [1:08:36] So, all of these things [1:08:37] should be carefully studied [1:08:39] and the sooner [1:08:40] we have that, [1:08:42] the better. [1:08:42] Mr. President [1:08:43] and Secretary [1:08:45] and Attorney Reno, [1:08:48] I believe in my last [1:08:49] conversation [1:08:50] with the Ambassador [1:08:51] of the United Arab Emirates. [1:08:53] I don't know [1:08:54] correctly if I'm wrong, [1:08:55] and I think [1:08:55] you have to [1:08:56] consult with them [1:08:58] on this [1:08:59] kung tamay pa narinig ko. [1:09:00] Because he was saying [1:09:01] they will really, [1:09:02] they will build this [1:09:03] for free. [1:09:06] Sila na gatosos? [1:09:07] That's what he was saying. [1:09:09] Yung maghanap tayo ng lupa. [1:09:13] So, that's just, [1:09:14] but with the other, [1:09:16] our secretary, [1:09:18] with the other companies [1:09:19] you're talking about, [1:09:19] METI, [1:09:20] may money out tayo dito. [1:09:23] I just wanted [1:09:24] to distinguish first, [1:09:25] yung Aten, [1:09:26] yung national reserve natin, [1:09:28] and we're also selling [1:09:29] our area [1:09:30] to be the regional hub. [1:09:32] That's why [1:09:32] there's interest [1:09:33] from METI [1:09:34] and also from the ASEAN. [1:09:35] I think [1:09:36] ginagawa ng METI [1:09:37] na yan na [1:09:37] they're doing all the, [1:09:39] sila na gumagasos [1:09:40] pag-study, [1:09:41] bringing all the experts. [1:09:43] Funding ng project, [1:09:45] that's, [1:09:46] I guess, [1:09:47] that would be part [1:09:47] of the results [1:09:49] of their study. [1:09:50] But that's why [1:09:51] also they brought in [1:09:52] itong mga [1:09:52] Middle Eastern companies [1:09:53] kasi ito yung [1:09:54] moiling mag-kumasos din. [1:09:56] There are, [1:09:58] again, [1:09:58] there are different [1:09:59] types of setups [1:10:01] na palin natin gawin [1:10:02] na tayo mag-build [1:10:03] sa kanila yung inventory [1:10:04] o sila mag-build [1:10:05] ng lahat [1:10:06] sa kanila rin yung inventory [1:10:08] or it can be [1:10:09] a mix of any of those. [1:10:12] But that's why [1:10:13] I'm trying to distinguish [1:10:14] from our [1:10:15] Philippine Reserve [1:10:16] and then the [1:10:17] regional hub reserve [1:10:18] kasi Philippine Reserve, [1:10:20] I think we need [1:10:21] to really have [1:10:22] some of that [1:10:23] just to make sure [1:10:24] na meron tayo [1:10:25] under our control. [1:10:28] And then there's [1:10:29] the strategic hub [1:10:30] which can be [1:10:31] the lucrative business [1:10:33] for the Philippines. [1:10:34] One thing [1:10:36] is why we need [1:10:37] the government [1:10:38] has to have [1:10:38] its own tax. [1:10:40] Now PNOC [1:10:41] is about [1:10:41] 1.6 million [1:10:44] barrels [1:10:45] times 159 [1:10:49] liters [1:10:50] per barrel. [1:10:51] We're paying [1:10:52] for rent. [1:10:53] We don't want [1:10:55] to unload [1:10:56] hanggang [1:10:57] the emergency [1:10:59] is not lifted. [1:11:00] Pero [1:11:00] gastos din yan. [1:11:01] but instead [1:11:02] of paying [1:11:03] hundreds of millions [1:11:04] for the storage, [1:11:07] pwede naman na [1:11:08] atin na pala [1:11:09] yung storage. [1:11:09] That's the idea, sir. [1:11:11] Let's keep it. [1:11:12] We have our own area. [1:11:14] And then [1:11:15] the extra, [1:11:15] our local companies [1:11:16] will be willing [1:11:17] to use that. [1:11:18] I'd like to thank [1:11:23] our secretary [1:11:24] for prioritizing this. [1:11:26] It's a good [1:11:26] welcome development [1:11:27] that she's already [1:11:28] exploring, [1:11:30] talking to [1:11:31] these big [1:11:32] oil companies [1:11:33] that they will [1:11:35] spend [1:11:35] for these [1:11:36] oilers, [1:11:38] oil and fuel [1:11:38] reserves, [1:11:39] yung ma-depot. [1:11:41] Alam nyo, [1:11:42] during this time, [1:11:43] yung palapit [1:11:44] ng budget, [1:11:44] si so, [1:11:45] kaming mga budget, [1:11:46] kaming chair [1:11:47] ng Finans, [1:11:47] allergic, [1:11:48] kaming dumigit [1:11:48] sa mga sekretary. [1:11:50] Kasi ito yung panahon [1:11:51] na humihingi [1:11:52] natin. [1:11:53] But at this time, [1:11:54] sabi nga ni sekretary [1:11:55] nga rin, [1:11:55] hindi kamihingi. [1:11:56] And I'd like [1:11:57] to recommend [1:11:59] them for [1:11:59] at least [1:12:00] for [1:12:00] ito, [1:12:02] gumagawa siya [1:12:03] ng paraan, [1:12:03] na [1:12:04] at least kinausap [1:12:05] yung mga [1:12:06] oil companies [1:12:06] for them to build [1:12:08] or for them [1:12:09] to come in [1:12:10] and build [1:12:11] this oil reserve. [1:12:12] So, [1:12:12] valaking bagay [1:12:12] po yun. [1:12:13] Thank you, [1:12:13] Mr. Chef. [1:12:14] Thank you, [1:12:15] Sr. JV. [1:12:16] Comsec, [1:12:16] who's next [1:12:17] presenter? [1:12:18] Thank you, [1:12:29] Comsec. [1:12:30] Philippine National [1:12:30] Oil Companies. [1:12:31] Good morning, [1:12:35] Mr. Chair. [1:12:36] We have no [1:12:37] separate presentation [1:12:38] and the DOE [1:12:39] has already [1:12:39] comprehensively [1:12:40] discussed [1:12:41] the PNOC's [1:12:42] role in [1:12:42] these activities [1:12:44] and also [1:12:44] we support [1:12:45] whatever the DOE [1:12:46] is positioned [1:12:48] in these fields. [1:12:49] Just an update [1:12:50] on regarding [1:12:51] the strategic [1:12:54] petrolyopies [1:12:55] activities [1:12:56] of PNOC. [1:12:57] We are [1:12:58] free coordination [1:12:59] with the METI [1:13:00] as discussed [1:13:00] by the DOE [1:13:01] and we are [1:13:01] expecting [1:13:03] to have [1:13:03] a disability [1:13:04] study [1:13:04] for a 15 [1:13:05] million barrel [1:13:06] reserve [1:13:07] in Bataan [1:13:08] by the end [1:13:09] of 2026 [1:13:10] and another [1:13:11] study [1:13:11] will be [1:13:12] conducted [1:13:12] after that [1:13:13] for a [1:13:15] establishment [1:13:15] also [1:13:16] of a 15 [1:13:16] million barrel [1:13:17] reserve [1:13:18] or somewhere [1:13:19] in Mindanao [1:13:19] and most [1:13:20] likely [1:13:20] in the [1:13:21] pay-by-day [1:13:21] carriers. [1:13:23] So the DOE [1:13:25] is just talking [1:13:26] to one company [1:13:27] right now, [1:13:28] METI, [1:13:28] or we will [1:13:29] also start [1:13:30] talking to [1:13:31] with other [1:13:31] companies, [1:13:32] attorney, [1:13:33] BUNBI, [1:13:33] or secretary. [1:13:34] Mr. [1:13:35] Chair, [1:13:35] we are also [1:13:35] in talks [1:13:36] with the [1:13:37] Middle Eastern [1:13:38] companies [1:13:38] and one [1:13:40] of their [1:13:40] concerns [1:13:41] whether the [1:13:41] oil that [1:13:42] they will [1:13:42] bring in [1:13:43] and intended [1:13:44] to be taken [1:13:45] up also [1:13:45] will be taxed. [1:13:47] And talks [1:13:47] with PESA [1:13:49] is ongoing [1:13:50] and our [1:13:51] facility [1:13:52] in Bataan [1:13:53] fortunately [1:13:53] is already [1:13:54] PESA [1:13:54] registered [1:13:55] and there [1:13:56] will be [1:13:56] some incentives [1:13:57] for these [1:13:57] companies [1:13:57] to locate them. [1:13:58] Thank you. [1:14:01] All right. [1:14:03] Department of [1:14:03] Trade and [1:14:04] Industry, [1:14:05] you're next. [1:14:07] Good morning, [1:14:07] Mr. Chair. [1:14:09] I'm [1:14:09] Dari Tanayu [1:14:10] from [1:14:11] DDI, [1:14:12] consumer [1:14:12] meditation [1:14:13] and doctor. [1:14:14] May I be [1:14:15] allowed to [1:14:15] read a portion [1:14:16] of our [1:14:17] acquisition paper [1:14:17] but we'll [1:14:19] submit our [1:14:20] official position [1:14:21] paper to [1:14:21] the committee [1:14:22] secretary. [1:14:22] Please. [1:14:24] So while [1:14:24] all the [1:14:25] regulation [1:14:25] laws [1:14:26] enacted [1:14:26] to promote [1:14:27] competition [1:14:27] and animate [1:14:28] supply [1:14:28] in the [1:14:29] downstream [1:14:29] industry [1:14:30] more than [1:14:31] two decades [1:14:31] of implementation [1:14:32] have revealed [1:14:33] structural [1:14:33] and institutional [1:14:35] ambivities [1:14:35] that have [1:14:36] constrained [1:14:36] the government's [1:14:37] ability [1:14:37] to protect [1:14:38] consumers [1:14:39] and first [1:14:40] competition [1:14:40] policy [1:14:41] and respond [1:14:41] decisively [1:14:42] of normal [1:14:42] fuel [1:14:43] price [1:14:43] movements. [1:14:45] These gaps [1:14:46] have fueled [1:14:46] public [1:14:47] distrust [1:14:47] and fuel [1:14:48] price [1:14:48] permission [1:14:49] and have [1:14:50] limited [1:14:50] effectiveness [1:14:50] of existing [1:14:51] regulatory [1:14:52] and [1:14:52] investigatory [1:14:53] mechanisms. [1:14:54] As such [1:14:55] as our [1:14:55] position [1:14:56] that these [1:14:56] gaps [1:14:56] demand [1:14:57] comprehensive [1:14:57] review [1:14:58] if not [1:14:58] repeal [1:14:59] of the [1:14:59] OTAF. [1:15:02] As such [1:15:02] also ETAI [1:15:04] believes [1:15:04] stronger [1:15:05] state [1:15:05] in that [1:15:05] with [1:15:06] reference [1:15:06] to the [1:15:06] Department [1:15:07] of Energy [1:15:07] specifically [1:15:09] recommends [1:15:09] to first [1:15:10] expressly [1:15:11] affirmed [1:15:11] authority [1:15:12] in the [1:15:12] DOE [1:15:12] secretary [1:15:13] to require [1:15:14] this [1:15:14] admission [1:15:14] of [1:15:15] disaggregated [1:15:16] fuel [1:15:17] price [1:15:17] data [1:15:18] clarifying [1:15:19] that such [1:15:19] authorities [1:15:20] for [1:15:20] monitoring [1:15:21] investigation [1:15:21] and [1:15:22] force [1:15:22] methods [1:15:23] and [1:15:23] what was [1:15:24] mentioned [1:15:24] earlier [1:15:25] to prescribe [1:15:25] the [1:15:26] allowable [1:15:27] price [1:15:27] range [1:15:27] on all [1:15:28] petroleum [1:15:28] products. [1:15:29] ETAI [1:15:30] also [1:15:30] recommends [1:15:30] to require [1:15:31] all [1:15:31] companies [1:15:32] to submit [1:15:32] regular [1:15:33] confidential [1:15:33] costs [1:15:34] and [1:15:34] pricing [1:15:35] data [1:15:35] to the [1:15:35] DOE [1:15:36] for [1:15:36] monitoring [1:15:36] and inventory [1:15:37] purposes. [1:15:38] In the [1:15:38] view of [1:15:39] strict compliance, [1:15:40] the [1:15:40] division also [1:15:41] provides [1:15:41] stricter [1:15:42] and heavier [1:15:42] penalties [1:15:43] for [1:15:43] misleading [1:15:44] price [1:15:45] announcements [1:15:45] and [1:15:46] non-compliance [1:15:47] with reporting [1:15:47] requirements. [1:15:48] Moreover, [1:15:49] administrative [1:15:49] and criminal [1:15:50] penalties [1:15:50] for [1:15:51] hoarding, [1:15:51] cartelization [1:15:52] and price [1:15:53] manipulation [1:15:53] including [1:15:54] higher [1:15:55] fines [1:15:55] and [1:15:56] license [1:15:56] suspension [1:15:57] or [1:15:57] revocation [1:15:58] for [1:15:58] repeat [1:15:59] offenders [1:15:59] should [1:16:00] be [1:16:00] strengthened. [1:16:01] While [1:16:02] the law [1:16:02] authorizes [1:16:02] investigations [1:16:03] into [1:16:04] unreasonable [1:16:05] price [1:16:05] increases, [1:16:06] it provides [1:16:07] no objective [1:16:08] standards [1:16:09] for determining [1:16:10] when price [1:16:10] movement [1:16:11] crosses the [1:16:11] threshold. [1:16:12] It does [1:16:13] not provide [1:16:13] a standard [1:16:14] for unreasonableness [1:16:15] of the [1:16:16] increase [1:16:17] of the [1:16:17] pricing. [1:16:18] This [1:16:18] vagueness [1:16:18] has weakened [1:16:19] enforcement, [1:16:20] discouraged [1:16:21] consumer [1:16:21] participation [1:16:22] and exposed [1:16:23] regulatory [1:16:23] action [1:16:24] to claims [1:16:25] of [1:16:25] arbitrariness. [1:16:27] EDI proposes [1:16:28] that there [1:16:28] be reasonable [1:16:29] parameters [1:16:29] such as [1:16:30] disproportionate [1:16:31] price increases [1:16:32] relative to [1:16:33] global oil [1:16:33] prices, [1:16:34] exchange rate [1:16:35] movements, [1:16:36] tax adjustments [1:16:36] and margin [1:16:37] behavior. [1:16:39] Lastly, [1:16:39] we believe [1:16:40] that the [1:16:41] pricing failure [1:16:42] of oil [1:16:42] deregulation [1:16:43] is not [1:16:43] inherent [1:16:44] in deregulation [1:16:44] itself, [1:16:45] but in [1:16:46] the failure [1:16:46] to clarify [1:16:47] and operationalize [1:16:48] the states [1:16:48] retained [1:16:49] oversight [1:16:49] powers. [1:16:51] EDI [1:16:51] believes [1:16:51] that by [1:16:52] addressing [1:16:52] the identified [1:16:53] obdivities [1:16:53] through [1:16:54] amendments [1:16:55] and [1:16:55] well-defined [1:16:55] regulatory [1:16:56] standards, [1:16:57] the government [1:16:57] has tried [1:16:58] constitutionally [1:16:59] sound [1:16:59] bottoms [1:16:59] between [1:17:00] market [1:17:00] freedom [1:17:01] and [1:17:01] consumer [1:17:01] conditions. [1:17:02] Thank you, [1:17:02] Attorney [1:17:04] Marvin Dandayo. [1:17:05] But do you [1:17:06] agree [1:17:07] that it's [1:17:08] high time [1:17:09] that may [1:17:10] say [1:17:10] the government [1:17:11] pertaining [1:17:13] to the profits [1:17:14] companies [1:17:16] the government [1:17:19] can also [1:17:19] have [1:17:21] control [1:17:22] because [1:17:23] right now [1:17:23] you're [1:17:27] standing [1:17:27] here, [1:17:28] you're [1:17:29] agreeing [1:17:29] to this [1:17:30] review [1:17:31] of this [1:17:32] regulation. [1:17:34] Thank you, [1:17:35] Thank you. [1:18:05] Secretary, [1:18:06] but I [1:18:07] assure you [1:18:08] that from [1:18:09] here on [1:18:09] forward [1:18:10] during this [1:18:11] administration, [1:18:12] we will do [1:18:13] something about [1:18:14] it. [1:18:15] And then [1:18:15] ito pong [1:18:16] pricing [1:18:16] na [1:18:17] pwede na pong [1:18:18] makialam [1:18:19] ang pamahalaan. [1:18:21] Anyway, [1:18:22] Deb, [1:18:22] do you have [1:18:22] any presentation? [1:18:24] Good morning, [1:18:28] Mr. Chair [1:18:28] and [1:18:29] members of [1:18:29] the committee. [1:18:30] We will [1:18:32] have an [1:18:32] official position, [1:18:33] but let [1:18:34] me just [1:18:35] read some [1:18:36] of what [1:18:37] excerpts [1:18:37] from our [1:18:39] draft [1:18:39] position. [1:18:40] Go ahead, [1:18:40] please. [1:18:40] On behalf [1:18:45] of [1:18:45] Deb, [1:18:46] we express [1:18:47] support [1:18:47] in the [1:18:48] overall [1:18:48] intent [1:18:49] of the [1:18:49] proposed [1:18:49] measures [1:18:50] to protect [1:18:51] consumers [1:18:51] from fuel [1:18:52] price [1:18:53] volatility, [1:18:54] improve [1:18:54] transparency [1:18:55] in the [1:18:56] downstream [1:18:57] oil [1:18:57] industry, [1:18:58] and strengthen [1:18:59] the country's [1:18:59] energy [1:19:00] security [1:19:00] and [1:19:01] external [1:19:02] petroleum [1:19:03] shocks. [1:19:04] Nonetheless, [1:19:06] we believe [1:19:06] that repealing [1:19:07] R8479 [1:19:09] will not [1:19:10] by itself [1:19:10] address the [1:19:11] main drivers [1:19:12] of domestic [1:19:12] pump prices, [1:19:13] which are [1:19:14] largely [1:19:14] influenced [1:19:15] by international [1:19:17] crude oil [1:19:17] prices, [1:19:18] foreign exchange [1:19:19] movements, [1:19:20] global supply [1:19:21] disruptions, [1:19:23] among others. [1:19:24] Instead of [1:19:25] repeal, [1:19:26] Deb recommends [1:19:27] strengthening [1:19:27] the existing [1:19:28] framework. [1:19:29] This includes [1:19:30] stronger price [1:19:30] transparency, [1:19:32] disclosure [1:19:33] of or [1:19:34] unbundling [1:19:35] of fuel [1:19:35] price [1:19:36] components, [1:19:36] strengthening [1:19:37] the DOE [1:19:37] to improve [1:19:38] market [1:19:38] monitoring, [1:19:40] closer [1:19:40] coordination [1:19:41] with the [1:19:41] Philippine [1:19:42] Competition [1:19:43] Commission [1:19:43] and better [1:19:44] consumer [1:19:44] protection [1:19:45] against [1:19:45] unfair [1:19:46] practices. [1:19:47] On the [1:19:48] proposed [1:19:48] strategic [1:19:49] fuel [1:19:49] or petroleum [1:19:50] reserves, [1:19:51] we support [1:19:52] the objective [1:19:52] of strengthening [1:19:53] national [1:19:54] energy [1:19:54] resilience, [1:19:55] especially [1:19:56] given the [1:19:56] country's [1:19:57] exposure [1:19:57] to [1:19:58] external [1:19:59] supply [1:19:59] shocks, [1:20:00] geopolitical [1:20:01] risks, [1:20:01] and [1:20:02] volatility [1:20:02] in global [1:20:03] oil [1:20:04] markets. [1:20:05] We agree [1:20:06] with the [1:20:06] Senate [1:20:06] President [1:20:07] that any [1:20:07] strategic [1:20:08] reserve [1:20:09] be based [1:20:10] on some [1:20:10] economic [1:20:11] and financial [1:20:12] studies [1:20:13] and designed [1:20:13] under a [1:20:14] risk-based, [1:20:15] sustainable, [1:20:16] and well-governed [1:20:17] framework. [1:20:18] A state-led [1:20:19] reserve would [1:20:20] require significant [1:20:21] capital investment, [1:20:23] recurring [1:20:24] operation and [1:20:25] maintenance [1:20:25] costs, [1:20:27] inventory [1:20:27] financing, [1:20:28] stock [1:20:28] rotation, [1:20:30] specialized [1:20:30] procurement, [1:20:31] and strict [1:20:32] governance [1:20:32] arrangements. [1:20:34] So in [1:20:35] summary, [1:20:36] that supports [1:20:37] the objectives [1:20:37] of consumer [1:20:38] protection, [1:20:39] fuel price, [1:20:40] transparency, [1:20:41] and energy [1:20:41] security. [1:20:44] And [1:20:44] additionally, [1:20:48] we again [1:20:49] support the [1:20:52] creation of [1:20:53] the petroleum [1:20:54] reserves [1:20:55] facility, [1:20:56] subject to [1:20:57] further studies [1:20:58] on the [1:20:59] economics [1:21:00] and [1:21:00] financial [1:21:01] projects. [1:21:03] Thank you, [1:21:04] Representative [1:21:04] from [1:21:05] DepTEP. [1:21:07] Philippine [1:21:08] Competition [1:21:08] Commission, [1:21:09] do you have [1:21:09] any [1:21:10] presentation [1:21:10] or any [1:21:11] statement? [1:21:12] Good morning, [1:21:16] Mr. [1:21:16] Chen. [1:21:17] I'm [1:21:17] from [1:21:18] the [1:21:18] Philippine [1:21:18] Competition [1:21:19] Commission. [1:21:19] We do [1:21:20] not have [1:21:20] a [1:21:20] presentation, [1:21:21] although we [1:21:22] will be [1:21:23] formalizing [1:21:24] our position [1:21:24] to a position [1:21:25] paper, [1:21:26] but I may [1:21:26] be allowed. [1:21:27] Mr. Chen, [1:21:28] may I read an [1:21:28] excerpt from [1:21:29] our period [1:21:29] here? [1:21:30] Please. [1:21:31] Thank you. [1:21:31] The Philippine [1:21:32] Competition [1:21:32] Commission [1:21:33] recognizes the [1:21:34] overall objective [1:21:35] of the proposed [1:21:36] bills seeking [1:21:37] to amend [1:21:37] Republic Act [1:21:38] No. 8479 [1:21:39] for the [1:21:39] Downstream Oil [1:21:41] Industry [1:21:41] Deregulation [1:21:42] Act of [1:21:42] 1988 to [1:21:43] promote [1:21:44] a competitive [1:21:45] environment [1:21:46] in the [1:21:46] downstream [1:21:47] oil industry [1:21:47] and respond [1:21:48] to the [1:21:49] effects of [1:21:49] the energy [1:21:50] crisis brought [1:21:51] by the [1:21:51] Middle East [1:21:52] tensions. [1:21:53] Furthermore, [1:21:53] the Commission [1:21:54] recognizes the [1:21:55] need to [1:21:55] implement [1:21:56] long-term [1:21:56] measures to [1:21:57] maintain [1:21:57] reasonable [1:21:58] fuel prices [1:21:59] and respond [1:22:00] to energy [1:22:00] shocks or [1:22:01] supply chain [1:22:02] disruptions, [1:22:03] which trigger [1:22:03] volatility of [1:22:04] prices in [1:22:05] the global [1:22:06] oil markets. [1:22:07] The Commission [1:22:07] notes that [1:22:08] the proposals [1:22:09] for a permanent [1:22:09] strategic [1:22:10] emergency energy [1:22:11] stockpile is a [1:22:12] forward-looking [1:22:13] response to [1:22:14] the ongoing [1:22:14] crisis and [1:22:15] will protect [1:22:16] consumers and [1:22:17] question the [1:22:17] economy against [1:22:18] severe [1:22:18] supply chains. [1:22:20] Thank you, [1:22:20] Mr. Chair. [1:22:23] Thank you very [1:22:25] much, [1:22:27] Philippine [1:22:27] Competition [1:22:28] Commission. [1:22:29] Since we, [1:22:30] comes like, [1:22:31] whatever happened [1:22:32] to the [1:22:33] Department of [1:22:34] Finance, [1:22:34] because they're [1:22:35] supposedly next [1:22:36] to percent, [1:22:37] where are we? [1:22:38] They need that [1:22:41] center representative, [1:22:42] their contact. [1:22:46] All right. [1:22:46] I guess they're [1:22:48] very special [1:22:49] agents, [1:22:51] you know, [1:22:52] so therefore, [1:22:53] we might want [1:22:56] to send them [1:22:58] a subpoena [1:22:58] so that they [1:23:01] will be forced [1:23:01] to attend [1:23:02] in our next [1:23:02] meeting or [1:23:03] next hearing. [1:23:04] They're not [1:23:04] invitation because [1:23:10] they're important. [1:23:11] We want to [1:23:11] find out [1:23:12] revenues, [1:23:13] we can talk [1:23:13] about revenues, [1:23:14] how much money [1:23:15] is the government [1:23:16] making or [1:23:16] losing from [1:23:18] what is happening [1:23:20] right now. [1:23:21] So I want you [1:23:22] to, I guess, [1:23:23] issue subpoena [1:23:24] to the Department [1:23:27] of Finance. [1:23:28] And they [1:23:29] should come here. [1:23:29] They refuse [1:23:30] then, [1:23:31] so be it. [1:23:32] Thank you. [1:23:33] Next to [1:23:33] percent, [1:23:34] the Department [1:23:34] of Transportation, [1:23:44] representatives [1:23:44] from the Department [1:23:45] of Transportation, [1:23:46] COMSEC. [1:23:47] Were they [1:23:52] invited though? [1:23:52] Yes. [1:23:53] Were they [1:23:54] given enough [1:23:54] time? [1:23:56] Same thing, [1:23:56] send us a subpoena [1:23:57] to the Department [1:23:59] of Transportation. [1:24:04] Who's next [1:24:05] to present [1:24:05] COMSEC? [1:24:08] Okay. [1:24:09] Tron, [1:24:10] let's hear. [1:24:10] Do you have [1:24:10] any presentation? [1:24:11] You're allowed [1:24:12] three minutes [1:24:13] for your presentation, [1:24:14] please. [1:24:14] Good morning, [1:24:15] sir. [1:24:15] Good morning, [1:24:16] everyone. [1:24:16] We don't have [1:24:17] a PowerPoint presentation [1:24:18] and we will [1:24:19] manifest that we [1:24:20] will be submitting [1:24:20] an official position [1:24:22] paper [1:24:23] on the matter. [1:24:24] We received [1:24:24] around seven [1:24:25] to eight bills [1:24:26] last Monday [1:24:27] and the topics [1:24:28] were mainly [1:24:29] on the amendments [1:24:29] to the oil [1:24:30] deregulation law [1:24:31] and the establishment [1:24:32] of the Strategic [1:24:33] Petroleum Reserve. [1:24:35] So while we don't [1:24:36] have a very detailed [1:24:37] position paper yet, [1:24:38] kindly allow us [1:24:39] to give our general [1:24:40] comments on the bills [1:24:41] that were sent to us. [1:24:43] So for the establishment [1:24:44] of the Strategic [1:24:45] Petroleum Reserve, [1:24:46] there were three bills [1:24:47] that were filed [1:24:49] by the good senators [1:24:50] and upon initial review, [1:24:52] we are supportive [1:24:53] of the current version [1:24:54] of the Senate bills [1:24:55] on the establishment [1:24:56] of a Strategic Petroleum Reserve. [1:24:59] The bills emphasize [1:25:00] that the proposal [1:25:01] is a primarily [1:25:02] spatelate, [1:25:03] government-managed [1:25:04] Strategic Reserve framework [1:25:06] to ensure [1:25:07] the continuous supply [1:25:07] of fuel, [1:25:08] especially during times [1:25:09] of global supply [1:25:10] disruptions. [1:25:12] And as the Secretary [1:25:13] mentioned, [1:25:13] they envision [1:25:14] that the Strategic Petroleum Reserve [1:25:16] will serve [1:25:17] as a complement [1:25:17] to the existing inventories [1:25:19] of the oil companies. [1:25:22] On the bills proposing [1:25:23] amendments [1:25:24] to the oil deregulation law, [1:25:26] we note that the DOE [1:25:27] has already established [1:25:28] the requirements [1:25:28] for the unbundled price [1:25:29] adjustments [1:25:30] as explained [1:25:31] a while ago. [1:25:32] And there was a bill [1:25:33] on the establishment [1:25:34] of an emergency oil price [1:25:36] stabilization fund. [1:25:37] We note that what [1:25:38] is critical there [1:25:39] is the government's [1:25:40] capability [1:25:41] and the readiness [1:25:42] to implement [1:25:42] and sustain [1:25:43] the said fund [1:25:44] without compromising [1:25:45] the viability [1:25:46] of the business [1:25:47] operations [1:25:48] of the oil companies. [1:25:49] Those were the bills [1:25:50] that were sent to us [1:25:51] for initial comments [1:25:52] and we will submit [1:25:53] more details to the session [1:25:54] thereafter. [1:25:55] Thank you. [1:25:57] Thank you, [1:25:58] Petron. [1:25:59] Comsec, [1:26:01] I stand corrected. [1:26:03] Can you send them [1:26:03] a notice to explain [1:26:05] why they were not able [1:26:07] to show up today [1:26:08] both the Department of Finance [1:26:09] and the Department of Transportation? [1:26:11] Please do so. [1:26:12] Thank you. [1:26:13] Next to present [1:26:14] is Filipina Shell Corporation. [1:26:17] Do you have any [1:26:18] presentation, sir? [1:26:20] Good morning, Mr. Chair. [1:26:20] We do not have a presentation [1:26:22] but I do have a statement. [1:26:24] Please go ahead. [1:26:24] Thank you, Mr. Chair. [1:26:25] And first and foremost, [1:26:27] thank you very much [1:26:27] for inviting us [1:26:28] to this particular hearing. [1:26:30] So firstly, [1:26:31] as Shell, [1:26:32] we support the government's trust [1:26:34] on securing [1:26:35] the supply of the country. [1:26:38] Second is that [1:26:38] we also support [1:26:39] the efforts to ensure [1:26:40] that public good [1:26:42] is well served. [1:26:43] In view of this, [1:26:45] Shell will ensure [1:26:46] its active participation [1:26:47] in providing its inputs [1:26:50] and crafting [1:26:50] of this particular law [1:26:52] and participating [1:26:53] as well in the [1:26:54] technical working group [1:26:55] as and when needed [1:26:56] or when it is established. [1:26:57] Second is that [1:26:58] in view of the [1:27:00] upcoming draft [1:27:01] of the laws [1:27:02] and its implementation. [1:27:04] We pray for an assurance [1:27:07] of a level playing field [1:27:08] when it comes to [1:27:09] the implementation [1:27:10] of these laws [1:27:11] that it will cut across [1:27:12] fairly in the industry. [1:27:16] It is critical [1:27:18] that in the spirit [1:27:19] of open, fair, [1:27:21] and robust competition [1:27:22] driven by the [1:27:23] oil deregulation principles [1:27:24] that it should be taken [1:27:26] into consideration [1:27:27] as well [1:27:28] in the drafting [1:27:28] of whether it's [1:27:31] an amendment [1:27:31] of the oil deregulation law. [1:27:34] As further mentioned [1:27:35] by Senate President [1:27:36] Gachalian earlier, [1:27:38] there is indeed [1:27:39] a need [1:27:39] to ensure [1:27:40] that there is a balance [1:27:41] between [1:27:43] what will be drafted [1:27:47] in order to ensure [1:27:49] also that investor [1:27:50] confidence [1:27:50] which is heavily [1:27:51] influenced by that balance [1:27:53] continues to remain [1:27:54] in the country. [1:27:56] That's it for now, [1:27:57] Mr. Chair, [1:27:58] and thank you very much. [1:27:59] Thank you, Mr. Laurel. [1:28:02] Noted on that [1:28:03] and just want to make [1:28:05] to assure you [1:28:06] that of course [1:28:07] all of you [1:28:08] will be part [1:28:09] of our technical [1:28:09] working group [1:28:10] so you can put [1:28:12] your inputs there [1:28:12] if there are things [1:28:14] that you don't like [1:28:15] then we can discuss it. [1:28:17] Siyempre, [1:28:18] definitely [1:28:18] we're crafting laws [1:28:19] isa kayo [1:28:20] sa mga stakeholders [1:28:22] don't do it [1:28:23] so we really need [1:28:24] your inputs [1:28:25] definitely. [1:28:26] That's 100% [1:28:27] positive, [1:28:28] it's sure. [1:28:29] We will listen [1:28:30] to your position [1:28:31] definitely [1:28:31] all the way. [1:28:33] Thank you. [1:28:34] Let's hear now [1:28:35] from Chevron Philippines. [1:28:40] Good morning, everyone. [1:28:44] So, sir, [1:28:44] for Chevron Philippines [1:28:46] and so [1:28:47] our position [1:28:49] on the [1:28:50] amendment [1:28:51] or the repeal [1:28:52] so we still [1:28:53] support the market [1:28:54] based downstream [1:28:55] oil industry [1:28:55] framework [1:28:56] complemented [1:28:57] by strong [1:28:58] competition [1:28:59] law enforcement [1:29:00] and then [1:29:01] targeted [1:29:02] time-bound [1:29:03] government [1:29:04] interventions [1:29:04] and then [1:29:05] enhanced [1:29:06] transparency [1:29:06] mechanisms [1:29:07] that do not [1:29:08] distort supply [1:29:09] incentives. [1:29:10] And then [1:29:12] for the [1:29:13] Strategic Petroleum [1:29:15] Preserve [1:29:16] proposal [1:29:17] we are also [1:29:19] supportive [1:29:20] of the government [1:29:21] initiative [1:29:22] we are also [1:29:23] part of the [1:29:24] technical working [1:29:26] group from [1:29:27] the lower [1:29:27] houses [1:29:28] coming up [1:29:28] with the [1:29:29] ESPR [1:29:32] housemen. [1:29:33] All right. [1:29:37] Thank you, [1:29:38] Mr. [1:29:38] Joel Gabiola. [1:29:40] Next, [1:29:40] to present [1:29:42] or [1:29:42] Phoenix Petroleum [1:29:45] are you here? [1:29:47] Phoenix? [1:29:50] All right. [1:29:53] The Philippine Institute [1:29:54] of Petroleum [1:29:55] are you here? [1:29:59] Yes, [1:30:00] good morning, [1:30:00] Mr. Chair. [1:30:01] Mr. Chair, [1:30:02] I would just like [1:30:04] to manifest [1:30:05] our general [1:30:06] support [1:30:06] to the [1:30:08] eight proposed [1:30:10] bills [1:30:10] which are [1:30:11] the subject [1:30:12] for the [1:30:12] hearing [1:30:12] this morning [1:30:13] but we will [1:30:14] be submitting [1:30:15] our position [1:30:16] paper [1:30:17] to your office [1:30:19] maybe within [1:30:20] the week [1:30:21] or early [1:30:22] next week. [1:30:24] And then [1:30:24] we would like [1:30:25] to generally [1:30:26] we support [1:30:27] the intention [1:30:28] of the bills [1:30:29] especially [1:30:30] on the [1:30:30] establishment [1:30:31] of the [1:30:31] Strategic Petroleum [1:30:32] Reserve. [1:30:33] We believe [1:30:33] it's about [1:30:34] time [1:30:34] and we [1:30:36] commend [1:30:36] the [1:30:37] authorities [1:30:37] of those [1:30:38] bills [1:30:38] and the [1:30:39] strong push [1:30:40] of our [1:30:40] department [1:30:41] secretary [1:30:42] to make [1:30:44] it realistic [1:30:45] now [1:30:46] or realized [1:30:47] now [1:30:47] because [1:30:48] it will [1:30:49] really strengthen [1:30:50] our energy [1:30:50] security [1:30:51] and make [1:30:52] us more [1:30:53] prepared [1:30:53] in any [1:30:54] fuel supply [1:30:55] disruptions. [1:30:57] We also [1:30:58] support [1:30:58] the [1:30:58] generally [1:30:59] we support [1:31:00] the amendment [1:31:00] of the [1:31:01] oil regulation [1:31:02] law. [1:31:02] It's about [1:31:03] time to [1:31:04] review the [1:31:04] law as well [1:31:05] especially [1:31:06] on the [1:31:06] things that [1:31:07] the PIP [1:31:08] has advocated [1:31:09] in the past [1:31:10] level playing [1:31:11] bill as [1:31:11] mentioned [1:31:12] by Mr. [1:31:13] Dorel [1:31:13] and fair trade [1:31:14] practices. [1:31:16] We are [1:31:16] willing to sit [1:31:17] down with [1:31:18] the committee [1:31:18] as a member [1:31:19] of the [1:31:19] TWG [1:31:20] to help [1:31:20] especially [1:31:22] the office [1:31:23] of the [1:31:23] Department [1:31:24] of Energy [1:31:24] in providing [1:31:25] our inputs [1:31:26] on how [1:31:27] the strategic [1:31:28] petroleum reserve [1:31:29] will be [1:31:29] commercially [1:31:30] or operationally [1:31:31] feasible [1:31:32] because it's [1:31:32] not really [1:31:33] easy to [1:31:34] manage or [1:31:35] operate [1:31:35] a terminal [1:31:36] or a [1:31:37] terminal [1:31:38] or a [1:31:38] people [1:31:38] for that [1:31:39] matter. [1:31:41] We also [1:31:42] support [1:31:42] the price [1:31:43] transparency [1:31:43] and the [1:31:46] fair trade [1:31:46] practices [1:31:47] and we [1:31:49] hope we [1:31:49] could continue [1:31:50] to work [1:31:50] together [1:31:50] with the [1:31:51] Senate [1:31:51] Committee [1:31:52] on Energy [1:31:52] especially [1:31:53] on other [1:31:53] issues and [1:31:55] concerns [1:31:55] of the [1:31:56] downstream [1:31:57] oil [1:31:57] industry. [1:31:58] Thank you [1:31:58] Mr. [1:31:58] Chair. [1:31:59] Thank you [1:32:00] Ms. [1:32:02] William Moore [1:32:02] knowing that [1:32:03] you're [1:32:04] supporting [1:32:04] most of [1:32:05] these [1:32:05] bills [1:32:06] we do [1:32:06] appreciate. [1:32:08] Come [1:32:08] to us [1:32:09] next [1:32:09] to [1:32:09] present [1:32:10] Independent [1:32:13] Philippine [1:32:13] Petroleum [1:32:14] Company [1:32:14] Association [1:32:15] are you [1:32:15] here [1:32:15] sir? [1:32:21] Thank [1:32:21] you sir [1:32:22] for your [1:32:22] invitation. [1:32:23] The [1:32:23] Inca [1:32:24] members [1:32:24] are in [1:32:26] full [1:32:26] support [1:32:26] of the [1:32:27] establishment [1:32:28] of the [1:32:28] Philippine [1:32:29] Petroleum [1:32:29] Reserve [1:32:30] as it [1:32:31] ensures [1:32:31] the stable [1:32:32] supply [1:32:32] for the [1:32:33] country [1:32:33] due to [1:32:35] the [1:32:36] oil [1:32:36] deregulation [1:32:36] act [1:32:37] because [1:32:38] of the [1:32:38] oil [1:32:38] deregulation [1:32:39] act [1:32:39] our [1:32:40] association [1:32:40] was [1:32:41] created [1:32:41] because [1:32:42] we are [1:32:43] composed [1:32:43] of the [1:32:44] local [1:32:44] oil [1:32:44] companies [1:32:45] but [1:32:46] when it [1:32:48] comes [1:32:48] to [1:32:49] the [1:32:50] amendments [1:32:50] for the [1:32:51] oil [1:32:51] deregulation [1:32:52] it's [1:32:52] also [1:32:52] a welcome [1:32:54] achievement [1:32:55] for us [1:32:56] because [1:32:56] effective [1:32:57] regulations [1:32:58] has to [1:32:59] be [1:32:59] organic [1:33:00] and [1:33:01] reflective [1:33:01] of the [1:33:02] current [1:33:02] situation [1:33:03] I think [1:33:04] it's [1:33:04] also [1:33:04] high [1:33:05] time [1:33:05] that [1:33:05] the [1:33:06] amendment [1:33:06] has [1:33:06] to be [1:33:07] considered [1:33:07] Thank you [1:33:11] Comsec [1:33:13] United [1:33:16] Filipina [1:33:17] Consumers [1:33:17] Sir [1:33:18] are you [1:33:18] here [1:33:18] Magandang araw [1:33:23] po sa inyong lahat [1:33:23] ako po ang [1:33:25] Pangulo ng [1:33:26] UFCC [1:33:26] at kami po [1:33:27] ay nakapagsabit [1:33:29] na sa [1:33:30] Comsec [1:33:30] ng aming [1:33:31] position [1:33:32] paper [1:33:32] Ito [1:33:33] Ito po [1:33:33] hanggang [1:33:37] labing [1:33:38] mongkahi [1:33:39] at [1:33:40] nakalagay [1:33:40] na rin [1:33:40] po dito [1:33:41] yung mga [1:33:41] dating [1:33:45] mga [1:33:46] punto [1:33:50] na [1:33:50] paano [1:33:51] natin [1:33:51] may iwasan [1:33:52] at [1:33:52] mapapalakas [1:33:53] lalong [1:33:54] lalo [1:33:54] na po [1:33:55] ang [1:33:55] Department [1:33:56] of [1:33:56] Energy [1:33:56] At [1:33:58] kanina po [1:33:59] Mr. [1:34:01] Chair [1:34:01] nabanggit [1:34:01] nyo na rin [1:34:02] yung usapin [1:34:02] ng [1:34:02] kuryente [1:34:03] ay [1:34:04] binigyan [1:34:05] na rin [1:34:05] po namin [1:34:05] ang [1:34:06] kopya [1:34:07] ang inyong [1:34:07] tanggapan [1:34:08] So dalawa po [1:34:08] ito [1:34:09] para sa [1:34:10] IPRA [1:34:10] at sa [1:34:10] Wild [1:34:11] Deregulation [1:34:11] At [1:34:12] siguro po [1:34:13] ay [1:34:14] magandang [1:34:15] malaman [1:34:16] ng lahat [1:34:17] na [1:34:17] kahit [1:34:19] noon pa [1:34:19] kahit [1:34:20] nung mga [1:34:20] panahon [1:34:21] pa ng [1:34:21] 50s [1:34:22] ay [1:34:22] nariyan [1:34:22] na po [1:34:22] ang [1:34:24] Chevron [1:34:24] sa [1:34:24] Pilipinas [1:34:25] ibig sabihin [1:34:26] isang [1:34:26] pribadong [1:34:26] kumpanya [1:34:27] hanggang [1:34:28] dumating [1:34:28] yung [1:34:28] administrasyon [1:34:29] ng [1:34:30] ama [1:34:31] ng [1:34:31] ating [1:34:32] presidente [1:34:32] ngayon [1:34:33] na dumating [1:34:34] din yung [1:34:34] matinding [1:34:35] phases [1:34:35] ito [1:34:36] yung [1:34:36] 72-73 [1:34:37] At [1:34:38] dahil [1:34:38] po [1:34:38] dyan [1:34:39] ang [1:34:39] Ministry [1:34:40] of [1:34:40] Energy [1:34:40] ay [1:34:41] gumawa [1:34:41] po [1:34:41] ng [1:34:42] sampung [1:34:42] taong [1:34:42] programa [1:34:43] na [1:34:46] pinapakita [1:34:47] ang [1:34:47] pag-ahanda [1:34:48] natin [1:34:49] para tayo [1:34:49] maging [1:34:50] self-sustaining [1:34:51] At [1:34:52] sinundan [1:34:53] po yan [1:34:54] nung [1:34:54] isang [1:34:55] 1986 [1:34:56] na [1:34:56] plano [1:34:56] 5-year [1:34:58] plan [1:34:58] na [1:34:59] sigurado [1:35:02] po [1:35:02] ako [1:35:02] sa [1:35:02] tanggapan [1:35:03] ng [1:35:03] DOV [1:35:03] meron [1:35:04] po [1:35:04] nito [1:35:04] Ito [1:35:04] yung [1:35:04] National [1:35:05] Energy [1:35:07] Program [1:35:07] 1986 [1:35:08] 1990 [1:35:09] Pero [1:35:10] dahil [1:35:10] sa [1:35:10] Edsa [1:35:10] Revolution [1:35:11] marami [1:35:12] rito [1:35:12] hindi [1:35:12] natupad [1:35:14] At [1:35:14] karamihan [1:35:15] doon sa [1:35:15] naganap [1:35:16] nung [1:35:16] nakarang [1:35:17] sampung [1:35:17] taon [1:35:17] ay binigay [1:35:18] naman [1:35:18] natin [1:35:19] karamihan [1:35:20] ng mga [1:35:20] kumpanya [1:35:20] sa mga [1:35:21] pribadong [1:35:21] kumpanya [1:35:24] Kaya [1:35:24] inaabot [1:35:25] po natin [1:35:25] itong [1:35:26] problema [1:35:27] nito [1:35:27] At [1:35:28] gusto [1:35:28] ko [1:35:28] po rin [1:35:29] bangitin [1:35:30] sa inyo [1:35:30] isa [1:35:31] isa [1:35:31] po [1:35:32] sa [1:35:32] kasabi [1:35:34] ng [1:35:34] UFCC [1:35:35] ay [1:35:35] siya [1:35:36] po [1:35:36] yung [1:35:36] chief [1:35:37] financial [1:35:38] and [1:35:38] management [1:35:38] chief [1:35:39] ng [1:35:40] ministry [1:35:40] of [1:35:40] energy [1:35:41] nung [1:35:41] panahon [1:35:42] kasagsaga [1:35:42] nung [1:35:42] krisis [1:35:43] at [1:35:43] siya [1:35:43] rin [1:35:43] po [1:35:44] yung [1:35:44] nasa [1:35:45] likod [1:35:45] ng [1:35:45] oil [1:35:46] price [1:35:46] stabilization [1:35:46] fund [1:35:47] siguro [1:35:48] po [1:35:48] ibibigay [1:35:48] ko [1:35:48] yung [1:35:49] mikropono [1:35:49] kay [1:35:50] ginoong [1:35:50] Marcelo [1:35:51] Dexon [1:35:51] na malaki [1:35:52] po [1:35:52] ang [1:35:52] utang [1:35:52] nalob [1:35:53] ng [1:35:53] consumers [1:35:54] at [1:35:54] ng [1:35:54] bansang [1:35:54] Pilipinas [1:35:55] dahil [1:35:55] yung panahon [1:35:56] nila [1:35:56] pinakita [1:35:58] nila [1:35:58] na dapat [1:35:59] ihanda [1:36:00] ang [1:36:00] republika [1:36:01] sa anumang [1:36:02] estado [1:36:04] may [1:36:04] gera [1:36:05] o wala [1:36:05] dapat [1:36:06] meron tayong [1:36:07] stopping [1:36:08] energia [1:36:09] para sa [1:36:10] ating [1:36:10] pambansa [1:36:11] na [1:36:12] kaunaran [1:36:12] at [1:36:13] ang [1:36:14] unang [1:36:15] magbe-beneficio [1:36:15] syempre [1:36:16] ay ang [1:36:17] mga [1:36:17] consumers [1:36:18] natin [1:36:19] na [1:36:19] ngayon [1:36:20] ay kabaliktaran [1:36:21] po [1:36:21] ang [1:36:22] nangyayari [1:36:22] maganda [1:36:24] po [1:36:24] na [1:36:24] ating [1:36:25] direksyon [1:36:26] ay [1:36:27] ibasura [1:36:28] ang [1:36:29] oil [1:36:29] deregulation [1:36:30] law [1:36:30] dahil [1:36:30] sa [1:36:31] 28 [1:36:32] years [1:36:33] simulang [1:36:35] isinilang [1:36:35] ang [1:36:36] oil [1:36:36] deregulation [1:36:36] law [1:36:37] na [1:36:37] sinasabi [1:36:38] noon [1:36:38] na [1:36:39] magpapalakas [1:36:40] ng [1:36:40] kompetisyon [1:36:41] tumas [1:36:42] nga [1:36:43] ano po [1:36:43] yung [1:36:44] kompetisyon [1:36:44] subalit [1:36:45] ang presyo [1:36:46] naman [1:36:46] ay [1:36:47] nanatiling [1:36:47] mataas [1:36:49] ano po [1:36:50] so [1:36:50] okay yung [1:36:52] kompetisyon [1:36:53] pero ang presyo [1:36:54] okay ba [1:36:54] ano po [1:36:55] so [1:36:55] kung marapatin nyo po [1:36:57] Mr. Chairman [1:36:59] ibibigay ko po [1:37:00] ang mikropono [1:37:01] kay [1:37:01] CPA [1:37:03] Marcelo [1:37:04] Texon [1:37:04] na dating [1:37:05] chief [1:37:06] financial [1:37:07] officer [1:37:08] or [1:37:09] chief [1:37:10] financial [1:37:12] and management [1:37:12] chief [1:37:13] ng [1:37:13] ministry [1:37:13] of [1:37:14] energy [1:37:14] maraming [1:37:15] salamat [1:37:15] maraming salamat [1:37:16] sandali lang po [1:37:17] bago po ninyo [1:37:17] ipasa yung mikropono [1:37:18] kay ginoong [1:37:19] Texon [1:37:19] I'll give you [1:37:21] three minutes [1:37:21] Mr. Texon [1:37:22] to give your [1:37:24] statement [1:37:24] pero I just want [1:37:26] to remind [1:37:26] the [1:37:28] UFCC [1:37:28] na [1:37:29] kung ako po [1:37:30] personal [1:37:31] tanungin po ninyo [1:37:32] I've been one day [1:37:33] na ibasura po [1:37:35] itong all the [1:37:36] regulation [1:37:36] but since [1:37:37] may mga [1:37:39] miyembro po [1:37:39] ako ng [1:37:39] committee [1:37:40] I have to get [1:37:42] the approval [1:37:43] and I have to get [1:37:44] the approval [1:37:45] of the entire [1:37:46] senate [1:37:47] kung babasura po [1:37:48] natin [1:37:48] but for now [1:37:49] let's talk about [1:37:50] reviewing it [1:37:51] hindi po talaga [1:37:52] ako sa ngayon [1:37:52] I'm one with you [1:37:53] I'm one with you [1:37:55] with what you're saying [1:37:57] na medyo hindi po [1:37:58] hindi ko maintindihan [1:37:59] kung bakit [1:38:00] naipasa po [1:38:00] itong batas na ito [1:38:02] at nakalusot na [1:38:03] instead na makatulong [1:38:05] ay hindi po talaga [1:38:05] nakatulong [1:38:06] kahit nung [1:38:07] kolehyo po ako [1:38:07] sumasama po ako [1:38:08] sa March [1:38:09] sa noon [1:38:09] kontra po ako [1:38:11] rito sa batas na ito [1:38:12] hindi po ako [1:38:13] natutuwa ko [1:38:14] rito sa batas na ito [1:38:16] nung [1:38:16] nung ako po [1:38:17] nagko-cover [1:38:18] nung ako po [1:38:19] isang mamakyag [1:38:20] I was really [1:38:22] I totally disagree [1:38:23] with this [1:38:23] pero siyempre [1:38:24] kailangan po natin [1:38:26] maghinay-hinay din [1:38:27] at pag-aralan [1:38:28] na itong mga [1:38:30] panukala na ito [1:38:31] kailangan po natin [1:38:32] because [1:38:32] for me [1:38:33] yung [1:38:37] I'm not happy [1:38:41] with this [1:38:42] I will not [1:38:42] to tell you the truth [1:38:43] pero kailangan po natin [1:38:45] kailangan ng consensus [1:38:46] of everybody [1:38:47] and all the stakeholders [1:38:48] e siyempre [1:38:50] kailangan din po [1:38:50] ng mabuhay [1:38:51] ng mga negosyo [1:38:52] definitely [1:38:52] kung sinasabi nyo [1:38:54] yung all-price [1:38:55] stabilization fund [1:38:56] e mukhang hindi na po [1:38:57] gagana [1:38:58] sa panahon na yun [1:38:59] na we have to put up [1:39:00] money for this [1:39:01] it would be hard [1:39:03] kung saan po tayo [1:39:04] kukuha ng pondo [1:39:05] it's easy to say [1:39:06] na OPSF [1:39:07] pero [1:39:07] it's really hard [1:39:08] but anyway [1:39:09] kung may mga suggestion [1:39:10] po yung grupo [1:39:12] other than [1:39:13] oil price [1:39:14] yung na yung suggestion [1:39:15] ng DOE [1:39:16] meron po tayo [1:39:17] yung mga oil reserves [1:39:18] siguro [1:39:19] para [1:39:19] hindi tayo [1:39:21] kinakabahan [1:39:22] go ahead [1:39:23] Mr. Texon [1:39:24] you have three minutes [1:39:25] salamat sa pagkakata [1:39:32] mga indigay sa amin [1:39:33] before I talk about [1:39:37] patient versus [1:39:39] deregulation [1:39:39] let me answer [1:39:41] first [1:39:42] the two concerns [1:39:44] that were [1:39:44] aired earlier [1:39:45] the one is about [1:39:47] oil smuggling [1:39:48] actually [1:39:52] there is a simple [1:39:54] solution to this [1:39:55] based on the [1:39:58] estimate of [1:39:59] former [1:39:59] Secretary of Justice [1:40:01] Rimoya [1:40:02] the annual loss [1:40:03] from oil smuggling [1:40:05] is already [1:40:05] 100 billion pesos [1:40:07] years before [1:40:09] there was [1:40:13] a summarized loss [1:40:14] of 357 billion [1:40:16] for a number of years [1:40:17] smugglers [1:40:18] this is in my [1:40:19] position paper [1:40:21] now what is [1:40:23] the simple [1:40:24] solution [1:40:24] which I have [1:40:25] been recommending [1:40:26] through emails [1:40:27] and through [1:40:28] hard copies [1:40:29] of position papers [1:40:31] submitted to [1:40:32] legislators [1:40:33] but I doubt [1:40:36] if this reaches [1:40:37] the legislators [1:40:38] themselves [1:40:38] they may have [1:40:39] been filed [1:40:41] just by their [1:40:42] staff [1:40:42] this is the [1:40:44] simple solution [1:40:45] there is [1:40:47] rampant [1:40:48] smuggling [1:40:48] because [1:40:50] the economics [1:40:51] of crude oil [1:40:52] refining [1:40:53] was lost [1:40:54] when [1:40:54] the oil [1:40:55] regulation [1:40:57] lowest [1:40:57] pass [1:40:58] it became [1:40:59] more economical [1:41:00] for oil [1:41:01] companies [1:41:02] to import [1:41:02] products [1:41:03] than to [1:41:04] refine crude oil [1:41:05] as a result [1:41:08] Caltex [1:41:09] with a crude oil [1:41:11] refinery [1:41:11] in Bawang Batangas [1:41:12] immediately [1:41:13] closed its [1:41:14] operation [1:41:15] and then [1:41:16] I just learned [1:41:17] I just learned [1:41:17] lately [1:41:18] even shell [1:41:19] stopped its [1:41:19] operation [1:41:20] so there is [1:41:21] only one oil [1:41:22] refinery [1:41:23] operating right [1:41:23] now [1:41:24] and that is [1:41:25] Petrol Corporation [1:41:26] the company [1:41:28] where I work [1:41:29] as a controller [1:41:30] before I [1:41:30] went into [1:41:31] retirement [1:41:33] to go [1:41:33] business [1:41:34] now what is [1:41:35] the simple [1:41:36] solution [1:41:36] that I'm [1:41:37] saying [1:41:37] if we will [1:41:40] restore the [1:41:41] economics [1:41:42] of crude oil [1:41:43] refining [1:41:43] our importation [1:41:45] will be in the [1:41:46] form of crude oil [1:41:47] crude oil [1:41:48] is not [1:41:50] usable [1:41:51] in the market [1:41:51] it has no market [1:41:53] because it has to be [1:41:54] refined first [1:41:55] unlike gasoline [1:41:56] unlike this [1:41:57] this can be [1:41:58] purchased by direct [1:41:59] consumers [1:42:00] but in the case [1:42:01] of crude oil [1:42:02] this will have to [1:42:03] go to the refinery [1:42:03] first [1:42:04] and there is [1:42:05] history control [1:42:06] there [1:42:06] firstly [1:42:08] there are only [1:42:10] few [1:42:10] importations [1:42:11] by crude oil [1:42:13] refining [1:42:14] companies [1:42:14] during our time [1:42:16] it's just about [1:42:17] one shipment [1:42:18] a month [1:42:19] in the [1:42:21] refinery [1:42:22] there is [1:42:23] an assigned [1:42:24] customs [1:42:25] storekeeper [1:42:27] that look [1:42:27] into transactions [1:42:29] so there is [1:42:31] history control [1:42:31] in product [1:42:32] movement [1:42:32] it is also [1:42:34] subject to audit [1:42:35] by USGB [1:42:37] or other [1:42:37] external auditors [1:42:38] so it is [1:42:39] difficult to cheat [1:42:40] so [1:42:41] the payment [1:42:42] of tax [1:42:43] it is [1:42:46] very difficult [1:42:47] to cheat [1:42:48] on taxes [1:42:49] so if we will [1:42:51] restore [1:42:51] if we will [1:42:53] change our [1:42:54] economic policy [1:42:55] and give [1:42:56] economic advantage [1:42:57] to crude oil [1:42:58] refining [1:42:58] and let the [1:42:59] independent [1:43:00] oil companies [1:43:02] purchase [1:43:03] from [1:43:03] petrol [1:43:04] or from [1:43:05] other companies [1:43:06] that will put up [1:43:07] refineries [1:43:08] oil smuggling [1:43:10] will be minimized [1:43:11] now how do we [1:43:12] do it [1:43:13] the first impulse [1:43:15] is objection [1:43:16] because oh [1:43:17] that will mean [1:43:18] another tax incentive [1:43:19] or lowering of taxes [1:43:21] for crude oil [1:43:21] no that is not [1:43:23] the solution [1:43:23] the solution [1:43:24] is to raise taxes [1:43:26] of imported products [1:43:27] so there's no reason [1:43:32] for them to disagree [1:43:33] we will not need [1:43:36] any huge budget [1:43:37] we will not need [1:43:38] infrastructure [1:43:39] the system [1:43:40] is already there [1:43:41] it's a matter [1:43:42] of returning [1:43:43] to what we were [1:43:44] doing before [1:43:45] under regulation [1:43:48] we already [1:43:49] encountered [1:43:49] we already [1:43:50] experienced [1:43:50] some of the [1:43:52] problems [1:43:52] that we are [1:43:54] experiencing [1:43:55] right now [1:43:56] Mr. Texan [1:43:57] I'm sorry [1:43:57] to cut you in [1:43:58] your time is up [1:43:59] but that's a very [1:44:01] good input [1:44:02] that's again [1:44:02] a very good point [1:44:03] can you include [1:44:04] that in your [1:44:05] position paper [1:44:05] and submit it [1:44:07] to the committee [1:44:08] secretary [1:44:08] so that we can [1:44:09] review that [1:44:10] we can put it [1:44:11] incorporate it [1:44:12] when we start [1:44:13] talking about [1:44:14] crafting this law [1:44:16] I do appreciate [1:44:17] your opinion [1:44:18] and your inputs [1:44:20] right now [1:44:20] please submit it [1:44:21] to the committee [1:44:22] secretary [1:44:22] your position [1:44:24] position paper [1:44:26] thank you sir [1:44:27] due to limited [1:44:29] time [1:44:29] we really have [1:44:30] to finish [1:44:31] this hearing [1:44:32] thank you [1:44:32] no it's okay [1:44:34] sir [1:44:34] just put it [1:44:35] in your position [1:44:35] paper [1:44:36] and we will [1:44:37] look into it [1:44:39] and carefully [1:44:40] study it [1:44:40] thank you [1:44:40] thank you [1:44:41] for your opinion [1:44:42] Bureau of Customs [1:44:43] I just say [1:44:43] like what [1:44:44] Mr. Texan [1:44:46] is saying [1:44:46] I want to [1:44:47] call your attention [1:44:48] sir [1:44:48] I mean [1:44:49] you arrived late [1:44:49] so [1:44:50] so I just [1:44:51] want [1:44:51] I just [1:44:52] want you [1:44:52] to take [1:44:53] a careful [1:44:54] look [1:44:54] in [1:44:54] Cagayan [1:44:55] de Oro [1:44:55] Port [1:44:55] for example [1:44:56] there's [1:44:57] the Spellcorp [1:44:58] Petroleum [1:44:58] and Control [1:44:59] Holdings [1:44:59] Incorporated [1:45:00] and in [1:45:02] Port of Cebu [1:45:03] Petrelao [1:45:04] Philippines [1:45:04] Smart Petroleum [1:45:05] OPC [1:45:06] and Port [1:45:07] of Batangas [1:45:08] Powerfield [1:45:08] may want [1:45:09] to check [1:45:10] sir [1:45:10] because [1:45:10] I have [1:45:11] been hearing [1:45:12] and I have [1:45:12] intelligence [1:45:13] reports [1:45:14] claiming [1:45:15] na ito [1:45:16] po mga ito [1:45:16] ay nagbimisdeclare [1:45:17] po [1:45:18] ng kanilang [1:45:18] load [1:45:19] ng kanilang [1:45:20] quantity [1:45:20] which is [1:45:21] very unfair [1:45:22] for other [1:45:23] major players [1:45:24] here [1:45:24] who are [1:45:25] paying [1:45:25] correct [1:45:26] taxes [1:45:26] and [1:45:28] ginagawa [1:45:29] po nilang [1:45:29] SOP [1:45:30] nila [1:45:30] with [1:45:31] kasabot [1:45:31] po [1:45:32] na ilang [1:45:32] tawan [1:45:32] po ninyo [1:45:33] they [1:45:34] misdeclare [1:45:34] the quantity [1:45:35] of their [1:45:36] load [1:45:36] for example [1:45:37] yung [1:45:37] barco [1:45:38] po [1:45:38] ang dala [1:45:39] po [1:45:39] is [1:45:39] 15 [1:45:40] million [1:45:40] liters [1:45:41] I [1:45:41] did [1:45:42] declare [1:45:42] lang [1:45:42] is [1:45:43] 5 [1:45:43] million [1:45:43] so [1:45:44] 10 [1:45:45] million [1:45:45] po [1:45:45] hindi [1:45:45] na [1:45:46] po [1:45:46] binabayaran [1:45:47] so [1:45:47] unfair [1:45:48] namang [1:45:48] po [1:45:49] sa other [1:45:49] major [1:45:50] corporations [1:45:51] natin [1:45:51] Petron [1:45:52] Shell [1:45:54] Caltex [1:45:55] etc [1:45:56] and it [1:45:56] is very [1:45:57] unfair [1:45:57] for them [1:45:58] and other [1:45:58] small [1:45:58] players [1:45:59] so [1:45:59] can you [1:46:00] please [1:46:00] take a look [1:46:01] in this [1:46:01] and then [1:46:02] palalaman [1:46:03] nyo [1:46:03] po [1:46:03] yan [1:46:03] kasi [1:46:03] may [1:46:04] in [1:46:04] kahots [1:46:04] po [1:46:05] sila [1:46:05] sa [1:46:05] ilang [1:46:05] port [1:46:06] officials [1:46:09] natin [1:46:10] sa [1:46:10] Bureau [1:46:10] of [1:46:10] Customs [1:46:11] you [1:46:11] can [1:46:11] check [1:46:12] that [1:46:12] on [1:46:12] the [1:46:12] load [1:46:13] port [1:46:14] survey [1:46:14] or [1:46:15] LPS [1:46:15] from [1:46:16] the [1:46:16] port [1:46:16] of [1:46:16] origin [1:46:17] kasi [1:46:17] na [1:46:17] do [1:46:18] doktor [1:46:18] po [1:46:18] eh [1:46:18] pag [1:46:19] binigay [1:46:19] na [1:46:20] po [1:46:20] ng [1:46:20] barko [1:46:20] na [1:46:21] doktor [1:46:21] na [1:46:21] po [1:46:21] yung [1:46:22] pakiusap [1:46:22] ng [1:46:22] ilang [1:46:23] tawan [1:46:23] natin [1:46:23] so [1:46:24] you [1:46:24] might [1:46:24] want [1:46:24] to [1:46:25] check [1:46:25] the [1:46:31] playing [1:46:31] field [1:46:32] nagbabayad [1:46:33] po [1:46:33] itong [1:46:33] mga [1:46:33] major [1:46:34] players [1:46:34] natin [1:46:35] tapos [1:46:35] itong [1:46:35] ito [1:46:36] ay hindi [1:46:36] po [1:46:37] nagbabayad [1:46:37] ng [1:46:37] tama [1:46:38] masyadong [1:46:39] malaki [1:46:39] na po [1:46:39] ang [1:46:39] profit [1:46:40] alright [1:46:40] so [1:46:41] that's [1:46:42] sa next [1:46:42] hearing [1:46:43] po [1:46:43] natin [1:46:43] I [1:46:43] want [1:46:43] to [1:46:44] hear [1:46:44] from [1:46:45] you [1:46:45] again [1:46:45] on [1:46:45] na [1:46:46] po [1:46:46] nagawa [1:46:47] ninyo [1:46:47] di [1:46:47] dyan [1:46:47] okay [1:46:48] with [1:46:49] that [1:46:49] the [1:46:50] committee [1:46:50] thanks [1:46:50] all [1:46:51] of [1:46:51] our [1:46:51] resource [1:46:51] persons [1:46:52] stakeholders [1:46:52] and [1:46:53] my [1:46:53] team [1:46:53] colleagues [1:46:53] for [1:46:54] their [1:46:54] valuable [1:46:54] participation [1:46:55] and [1:46:55] insights [1:46:55] today's [1:46:56] discussion [1:46:57] have [1:46:57] provided [1:46:58] the [1:46:58] committee [1:46:58] with [1:46:58] valuable [1:46:59] information [1:47:00] and [1:47:00] perspective [1:47:01] that [1:47:01] will [1:47:01] greatly [1:47:02] assist [1:47:02] us [1:47:02] in [1:47:03] our [1:47:03] consideration [1:47:04] of [1:47:04] the [1:47:04] provost [1:47:04] measure [1:47:05] the [1:47:06] committee [1:47:06] directs [1:47:07] the [1:47:07] secretary [1:47:07] to [1:47:08] consolidate [1:47:08] opposition [1:47:09] papers [1:47:09] comments [1:47:10] and [1:47:11] recommendations [1:47:12] admitted [1:47:12] by the [1:47:13] resource [1:47:13] persons [1:47:13] for [1:47:14] the [1:47:14] consideration [1:47:15] of [1:47:15] the [1:47:15] committee [1:47:15] and [1:47:16] I'd [1:47:16] like [1:47:16] to [1:47:17] inform [1:47:17] everybody [1:47:17] including [1:47:18] the [1:47:18] public [1:47:18] watching [1:47:19] right [1:47:19] now [1:47:19] this [1:47:20] committee [1:47:20] will [1:47:21] not [1:47:21] stop [1:47:21] hangat [1:47:22] hindi [1:47:22] po [1:47:23] marivyo [1:47:23] ito [1:47:24] pong [1:47:24] oil [1:47:24] regulation [1:47:25] law [1:47:26] dahil [1:47:26] all [1:47:27] the [1:47:27] regulation [1:47:27] law [1:47:28] ay [1:47:28] tinatag [1:47:28] po [1:47:28] para [1:47:29] sa [1:47:30] mga [1:47:30] tao [1:47:30] hindi [1:47:31] po [1:47:31] para [1:47:31] sa [1:47:32] ilan [1:47:32] I will [1:47:33] make [1:47:33] sure [1:47:33] the [1:47:34] chairman [1:47:34] of [1:47:34] this [1:47:34] committee [1:47:35] habang [1:47:35] nandito [1:47:36] ako [1:47:36] na [1:47:37] i-review [1:47:38] po [1:47:38] natin [1:47:38] ang [1:47:38] batas [1:47:39] na ito [1:47:39] na hindi [1:47:40] na po [1:47:40] maulit [1:47:41] yung [1:47:42] mga [1:47:42] sinasabing [1:47:43] presyuhan [1:47:44] nakatakataka [1:47:45] na pag [1:47:46] tumaas [1:47:47] sa world [1:47:47] market [1:47:47] ang presyo [1:47:48] eh [1:47:49] bukas [1:47:49] na bukas [1:47:50] sa gasolin [1:47:50] mataas [1:47:51] na rin [1:47:52] pag [1:47:52] bumaba [1:47:53] ang presyo [1:47:53] sa gasolin [1:47:54] sa world [1:47:55] market [1:47:55] ngayon [1:47:56] eh [1:47:57] next month [1:47:59] pa [1:47:59] bababa [1:47:59] yung presyo [1:48:00] dapat [1:48:01] pantay [1:48:01] lang [1:48:01] diba [1:48:02] pag [1:48:02] tumaas [1:48:03] ang presyo [1:48:03] sa world [1:48:04] market [1:48:04] today [1:48:05] abay [1:48:06] tatas [1:48:07] yung [1:48:07] gasolin [1:48:07] na natin [1:48:08] dapat [1:48:08] na hindi [1:48:08] eh [1:48:09] dapat [1:48:09] pag [1:48:09] bumaba [1:48:10] eh [1:48:10] ganun [1:48:11] din [1:48:11] at saka [1:48:12] dapat [1:48:12] kung [1:48:12] magkano [1:48:13] yung [1:48:13] tinaas [1:48:13] kung [1:48:13] daroy [1:48:14] 150 [1:48:14] per [1:48:15] liter [1:48:16] ang tinaas [1:48:16] dapat [1:48:17] 150 [1:48:17] rin [1:48:18] ang rollback [1:48:18] hindi [1:48:19] 25 [1:48:19] hindi [1:48:20] 30 [1:48:20] centimos [1:48:21] dahil [1:48:21] naiiwan [1:48:22] and we [1:48:23] will make [1:48:24] sure [1:48:24] that this [1:48:25] will not [1:48:26] happen [1:48:26] again [1:48:27] kaya po tayo [1:48:27] narito [1:48:28] we will [1:48:29] review [1:48:29] this order [1:48:30] regulation [1:48:31] law [1:48:31] marami [1:48:32] salamat [1:48:32] po [1:48:33] for those [1:48:33] who have [1:48:33] admitted [1:48:34] their position [1:48:34] papers [1:48:35] we respectfully [1:48:36] request [1:48:36] that you [1:48:36] do so [1:48:37] of the earliest [1:48:38] opportunity [1:48:39] to assist [1:48:39] the committee [1:48:40] in its [1:48:40] deliberations [1:48:41] the secretariat [1:48:42] will likewise [1:48:43] issue the [1:48:43] appropriate [1:48:44] notices [1:48:44] or notice [1:48:45] for the [1:48:46] next hearing [1:48:46] there being [1:48:47] no further [1:48:48] matters [1:48:48] to discuss [1:48:49] this hearing [1:48:49] is hereby [1:48:50] suspended [1:48:50] thank you [1:48:51] good day [1:48:52] stat [1:48:56] so [1:49:02] you [1:49:26] did [1:49:27] but [1:49:28] after [1:49:28] you [1:49:29] Thank you very much. [1:50:00] All right. [1:50:29] Thank you very much.