Senate holds hearing on Oil Deregulation Act amendments & strategic petroleum reserve — Oct 15

[2:13] This hearing of the Committee on Energy is hereby called to order. [2:21] Later on, we will be joined by our Senate President, [2:25] Senate President Nguyen Gachalian, [2:29] and perhaps two more of our colleagues will be joining us. [2:34] But anyway, at this point, [2:36] I would just like to say that this is the continuation of our previous hearings [2:44] on the proposed amendments to the oil deregulation law [2:48] and the proposals to establish a national fuel petroleum reserve. [2:54] To date, we have conducted two public hearings on the measures under consideration. [3:00] For today's hearing, we aim to follow up on the issues raised previously and determined [3:06] the concrete steps taken by the Department of Energy and other stakeholders. [3:11] While we cannot control international oil prices, [3:17] we must ensure that adequate consumer protection, [3:22] fair competition, [3:24] and an effective and immediate government response to fuel emergencies. [3:29] We must also explore the establishment of strategic petroleum reserves [3:35] and adequate storage facilities, [3:38] including ways to encourage investments while ensuring compliance with existing laws and regulations. [3:46] Let me emphasize that this committee recognizes the role of market competition [3:53] in promoting efficiency and ensuring the availability of petroleum products. [3:59] Pero hindi po ibig sabihin na tutungangan na lang po ang pamahalaan [4:05] when extraordinary circumstances arise that threaten public interest. [4:12] Ladies and gentlemen, a free market is a free market is a fair market [4:15] and a deregulated industry must operate with transparency, [4:21] accountability, and safeguards against abuse. [4:24] Marami po kasing mga katanungan na mga kababayan po natin na hindi po nasasagot. [4:30] Hindi po nasasagot ng ating Department of Energy, ng pamahalaan, [4:36] hindi rin po nasasagot ng ating mga ikanga oil companies. [4:42] That's three key areas we have to explore today. [4:46] Number one, first, the government's power and authority to respond to extraordinary increases in oil prices. [4:54] Ang ibig sabihin, ito ang mga tatalakayin po natin ngayong umaga. [5:01] Una, ano po ang kapangyarihan ng pamahalaan natin at ang otoridad para makapagresponde [5:08] sa mga ikanga biglaang pagtaas na produkto ng petrolyo. [5:15] Second, the price unbundling and greater transparency in petroleum pricing. [5:23] Ikalawa, gusto po natin makita, alam din ho naman natin na mayroon tayong mga tinatawag na trade secrets [5:31] na hindi naman po pwedeng basta-basta naman ihayag ng ating mga oil companies [5:37] kung magkano ang kuha nila sa kanilang petrolyo dito sa isang kumpanya [5:41] at kung magkano naman ang kuha nung isa, mayroon po tayong inoobserbahan na trade secrets. [5:46] Pero kailangan din po makita ng gobyerno magkano ba, ano po ba ang mga bagay dito sa ikanga presyo ninyo [5:55] na hindi ninyo pwedeng sabihin pero kailangan namin makita na baka sobra-sobra na po ang inyong kinikita. [6:03] Yun po ang kalawang target po natin ngayong araw. [6:08] Malaman, magkano ba ang kinikita nyo na dyan? Magkano ba ang pwedeng ibawas? [6:14] Huwag naman sobra-sobra. [6:16] Third, the government's readiness to establish a national fuel petroleum reserve. [6:23] Pangatlo pong pag-uusapan natin umaga dapat meron po tayong ikanga reserba dito po sa ating bayan [6:31] para hindi po tayo nagkukumahog pag meron pong oil crisis katulad po nitong naranasan natin mga nagdaang buwan [6:38] hanggang ngayon na may gyera po dyan, hindi makalabas sa Strait of Hormos sa mga petrolyo [6:44] na galing po dyan sa mga bansa na pinagkukuna ng ating mga oil companies. [6:49] Dapat naman siguro at napapanahon na na maglagay na tayo ng reserve. [6:53] Meron pong ilang bansa na gusto pong maglagay po dito ng kanilang reserve. [6:58] Nandyan po yung Adnok, yung sa Abu Dhabi National Oil Company. [7:02] Free of charge naman ho. Ang gusto lang nila, bigyan po sila ng lupa. [7:07] Sila na po magko-construct. Kaya po maglagay nila ng ilang milyong litro ng ikanga petrolyo. [7:14] Parang imbakan. At tayo rin pong unang ikanga makikinaba. [7:20] Kung sa kasakaling may krisis, ang napag-usapan initially, tayo pong unang nilang ikanga bibigyan at tutulungan. [7:28] Pangalawa, meron din ho yung sinasabi, yung isa pa ang kumpanya, yung Aramco, yung sa Saudi Arabia, [7:35] gusto din pong maglagay ng ikanga oil reserve dito. [7:40] Parang pag nagkaroon ho tayo ng problema, mga digmaan na ganoon sa gitna silangan, [7:45] meron po tayo mga stock dito. Bagamat hindi po sa atin, pero madali po tayo maka-access. [7:51] Sa totoo-too lang po, marami na pong reklamang ating mga kababayan na [7:55] napakabagal po ng ating energy. [8:06] Kaya sa ating mga resource persons, inaasan po natin ang malinaw na mga sagot at konkret komendasyon. [8:13] Ano na po ang mga hakbang na ginawa mula nung nakaraang pagdinig? [8:18] Ano po ang kailangan pagbutihin pa sa kasulukuyang sistema? [8:22] At paano natin matitiyak na ang mga reformang ating isusulong ay makatutulong [8:27] sa mga mamimili habang pinananatili ang katataga ng ating oil industry. [8:33] Before I continue, let me acknowledge the presence of our Senate President, [8:38] Senator, Senate President Wien Gatchelian. Thank you for joining us, SP. [8:41] For today's proceedings, we have included Senate Bill No. 2435 [8:47] introduced by Senator Loren Legarda on September 1, 2026. [8:51] The measure seeks to strengthen the country's fuel security through the establishment of strategic [8:57] and government operational fuel reserves, the designation of a government fuel security agent, [9:03] and the grant of temporary emergency regulatory powers during declared fuel emergencies. [9:10] With these matters clarified, we may now proceed with today's agenda. [9:14] I trust that our discussions will be focused and productive [9:17] and will help advance policies that strengthen our energy security, [9:23] ensure stable and reliable fuel supply, [9:25] and protect the interests of the Filipino people. [9:28] With that, may I ask our Senate President if he has any opening statement or a message, SP. [9:37] Thank you, Mr. President. [9:46] Mr. Chairman pala. [9:49] Morning to everyone. Good morning, Mr. Chairman. [9:51] Maraming salamat sa pagdinig nitong bill na ito at tayo rin po ay naghahain ng pag-amenda sa oil deregulation law. [10:03] Dahil sa ating experience itong Iran crisis or Iran conflict, [10:10] nakita natin na ang gobyerno naging inutil pagdating sa monitoring ng presyo [10:17] at even paglalagay ng tamang presyo na binabayaran ng ating mga consumers. [10:26] Pag ganitong abnormal crisis or abnormal situation, [10:31] hindi pwede maging inutil ang gobyerno. [10:34] Dapat ang gobyerno may kapangarihan na protectahan ang ating mga consumers. [10:39] Kung yung consumers natin ay naaabuso dahil abnormal ang situation, [10:43] ang takbuhan lang nila ay gobyerno at hindi natin din pwedeng pabayaan ng ating mga consumers [10:50] na bayaran nilang kung anong isubo sa kanila. [10:54] Kaya itong pag-amenda natin ng oil deregulation law ay pagbibigay ng kapangarihan sa gobyerno [11:02] kung merong ganitong abnormal situation. [11:06] We still respect the free market concept. [11:09] Dapat laban-laban itong mga oil companies at hopefully dahil naglalaban-laban sila, [11:13] bababa ang presyo ng petrolyo. [11:17] Pero pag ang situation ay hindi tama or nagkaroon ng mga external factors, [11:24] katulad ng Iran conflict, na hindi naman natin kontrolado, [11:29] kailangan ang gobyerno mayroon rin kapangarihan na tignan kung itong situation na ito ay naaabuso [11:36] at mayroon rin silang kapangarihan na magbigay ng tamang presyo na babayaran ng ating consumers. [11:45] So ito yung konsepto na inilahad natin dito sa ating proposed measure. [11:54] At nagpapasalamat po ako, Mr. Chairman, at nabigyan ito ng consideration. [11:58] But if you allow me, Mr. Chairman, meron lang akong dalawang punto that I want to take advantage of. [12:04] Dahil andito ang DOE. Wala si Secretary, but I would assume si Yusik Inocencio ang mag-present. [12:10] I'll show a slide. [12:16] So this week, ito ang headlines. [12:21] Meralco, magtataas po ng presyo ng kuryente. [12:24] At nakakagulat dahil ang ating consumers right now, [12:31] ang ating mga kababayan ay hirap na hirap na sa pagbayad ng mataas ng presyo ng bilihin, [12:37] lalo na ng bigas. [12:38] Ang inflation natin is about 7%. [12:41] At ang pinakamataas na component doon ay pagkain at utilities. [12:49] At ngayon, after masing inflation, [12:52] tataas na naman ang sing-ail ng Meralco these coming few days. [12:58] Next slide. [12:59] Ngayon, tayo na po ang pangalawa sa pinakamataas na sing-ail, [13:05] pag-based to sa Meralco. [13:07] At one point, tayo na yung pinakamataas. [13:10] But dito sa Southeast Asia, [13:13] ang tayo ay pangalawa sa pinakamataas next to Singapore. [13:17] Naglalabanan lang tayo sa Singapore considering na ang sinusundan natin ay deregulated environment. [13:24] Next slide. [13:28] Next headline is itong Visayas grid, [13:32] parating nasa yellow or red alert. [13:35] At hindi na matigil-tigil ito since January. [13:40] Ito yung nakikita natin. [13:41] Visayas, minsan Mindanao, minsan dalawa. [13:44] Hindi na patigil-tigil. [13:46] In fact, nung bumisita ako sa Cebu a few weeks ago, [13:49] ito talaga reklamo ng mga negosyante doon. [13:53] At next slide. [13:54] At hindi lang yellow and red alert, [13:56] mataas rin yung presyo na binabayaran nila sa Visayas and Mindanao. [14:00] At one point, Mr. Chairman, napakita nyo ito. [14:03] In the budget hearing, umabot ito ng 19 pesos. [14:06] Kaya nag-step in ang ERC. [14:09] But to date, ganito ang presyo na binabayaran ng ating mga kababayan sa Visayas and Mindanao. [14:15] Now, the point I'm trying to make to DOE, [14:18] hindi natin pwedeng palampasin ito. [14:21] We need to have concrete solutions. [14:24] Dahil January pa ito. [14:25] At magtatapos na ang taon, ganito pa rin yung situation natin. [14:31] Napag-usapan namin ni Chairman Erwin to many times behind the scenes. [14:35] At nagtataka nga kami, sabi nga ni Chairman, [14:38] pag kinumpute yung presyo ng coal, [14:41] ang landed cost is about 6 pesos lang. [14:43] Pero binabayaran ng ating mga kababayan, [14:46] nato sa 12 pesos, minsan 19 pesos pa. [14:49] So, ang laki ng disconnect. [14:51] So, the point I'm trying to make to DOE is, [14:54] kailangan ma-solve itong dalawang problema natin. [14:57] Ang presyo ng kuryente, [14:59] at yung perennial, red and real alert sa Visayas and Mindanao, [15:03] at mataas na presyo na binabayaran natin. [15:06] Hindi natin pwedeng palampasin ito. [15:09] In fact, nagbigay na kami ng leads kung anong titignan nyo. [15:12] Unang-una, mataas in WAC na binabayaran at 12%. [15:16] In weighted average cost of capital. [15:19] Alam mo yan, Reno, you're in the power sector. [15:23] Napakataas ng binabayaran. [15:24] Wala dito ang ERC, but... [15:26] Andito ba ang ERC? Andito pala ang ERC. [15:29] Paulit-ulit namin sinasabi, [15:31] mataas ang binabayaran ng ating consumers sa mga utilities. [15:36] Pangalawa, i-audit rin ni Fuel Pass-On. [15:39] Lahat pinapasa sa atin, Forex. [15:41] Pag taas ng presyo ng LNG, pag taas ng presyo ng fuel. [15:47] Ang hindi natin na-audit, pag bumaba yung presyo nila, [15:50] bumaba-baba yung presyo ng kuryente. [15:52] Hindi rin natin na-audit yun. [15:54] Pangatlo, isa sa mga problema natin sa Vismin ay yung grid. [15:59] Nakita ko sa datos ng IMAP, [16:02] yung Luzon-Visayas interconnection natin is not functioning properly. [16:07] Yung inter-Visayas grids natin hindi functioning properly. [16:11] So may problema tayo sa transmission line. [16:13] At matagal na rin natin problema itong transmission lines. [16:17] So ito yung tatlong dapat mapag-aralan mabuti ng DOE. [16:21] At kailangan may disiplina. [16:22] Kung hindi nagpo-perform itong mga power players natin, [16:27] kung nag-aabuso itong mga power players natin, [16:29] i-penalize natin. [16:30] So ERC and DOE. [16:32] DOE being the policy maker and the research arm of the energy sector. [16:40] And ERC being the regulator. [16:41] But you have to work in tandem. [16:46] Sawang-sawa na yung mga consumers natin dito. [16:49] Sa mataas na presyo ng kuryente, [16:50] imprinial red and yellow alerts. [16:52] We need to solve this. [16:53] So that's why I'm putting this on the table, [16:57] even though it's not a topic, [16:58] to remind you na ito ang problema na hinaharap natin. [17:02] Headlines ito parate in the last few months. [17:06] So Mr. Chairman, thank you very much. [17:07] And kami ni Chairman Erwin, [17:09] hindi kami nagkulang na pag-usapan ito at i-analyze. [17:12] Kaya we will continue to badger, [17:15] badger ng gagamitin toward DOE and ERC [17:19] until ma-solve natin itong problema ito. [17:21] Thank you, Mr. Chairman. [17:23] Thank you, Mr. President. [17:24] And may I just add, [17:26] ito po talaga ang primary mission po natin namin, [17:30] lalo na po ng committee na ito, [17:32] finding a solution po, [17:33] paano mapababa po itong kuryente po natin. [17:38] And at the same time, [17:39] ito pong ating mga petrolyo. [17:40] Kasi ito po talaga yung ikang other than food, [17:45] pag-a-bili po ng mga pagkain, [17:48] dito na po napupunta halos. [17:50] Karamihan po ng sweldo ng tao, [17:53] ang pagbabayal po ng utilities, [17:55] yung sa kanyang transportation costs. [17:58] So kailangan po natin hanapan ng solusyon. [18:01] Thank you, Mr. Senate President. [18:02] May we now request the committee secretary [18:04] to acknowledge the resource persons and guests present today. [18:08] Comsec. [18:10] Good morning, Mr. Chair. [18:11] Good morning, everyone. [18:13] Joining us for today's public hearing are as follows. [18:16] From the Department of Energy, [18:17] we have USEC Rio Innocencio [18:20] and Director Rino Abad. [18:23] From the Energy Regulatory Commission, [18:25] we have Attorney Clarice Ann Bernal. [18:28] From the Philippine Coconut, [18:30] Philippine National Oil Company, [18:33] we have Attorney Antonio Buenbiyaje. [18:36] From the Department of Trade and Industry, [18:38] we have Attorney Marvin Tandayo. [18:41] From the Philippine Competition Commission, [18:45] we have Attorney Franzine Foronda. [18:48] From the Department of Finance, [18:50] we have Director Ronald Visconde. [18:54] From the Department of Transportation, [18:57] we have Attorney Noel Alarcon. [18:59] From the Department of Agriculture, [19:01] we have Engineer Roger Navarro. [19:03] From the Petron Corporation, [19:07] we have Miss Mia De Los Reyes. [19:11] From the Filipinas Shell Corporation, [19:14] we have Attorney Vincent Juan. [19:17] From the Sea Oil Philippines, [19:19] we have Attorney King Nobadong. [19:22] From the Uni Oil Petroleum Philippines Incorporated, [19:26] we have Attorney Maria Hazel Rabara Retardo. [19:30] From the Philippine Institute of Petroleum, [19:32] we have Miss Nympha Villamayor. [19:35] From the Independent Philippine Petroleum Companies Association, [19:39] we have Miss Tanya Samiliano. [19:41] From the Philippine Biodiesel Association, [19:43] we have Mr. Ramon Taniola. [19:45] From the United Filipino Consumers and Commuters, [19:51] we have Mr. Tionggo Senga. [19:55] Everyone has been acknowledged, Mr. Chair. [19:58] Thank you, Attorney Selesa. [20:02] We will now proceed with our open forum. [20:05] Should any member wish to seek clarification [20:08] on a matter requiring immediate attention, [20:11] the Chair will be pleased to recognize such question. [20:15] As before, we shall begin with the representatives [20:17] from the government agencies, [20:18] followed by the oil industry and other stakeholders. [20:22] To all resource persons, [20:23] please keep your answers responsive, [20:25] concise, and straightforward. [20:28] Thank you. [20:29] So we shall begin. [20:30] Department of Energy. [20:34] Good morning, Mr. Chair. [20:35] Good morning, Senate President, [20:37] and good morning to everyone. [20:39] From the Department of Energy, [20:41] we wish to express our appreciation [20:44] for the bills that have been filed [20:48] because admittedly when the crisis happened, [20:52] the DOE was really finding ways [20:55] to be able to help in mitigating the impact. [20:59] And this provisions on the powers of the DOE [21:03] to intervene even in prescribing the allowable range [21:07] for prices and being able to have information [21:11] coming from the petroleum industry [21:14] would really help a lot. [21:15] So we appreciate the provisions [21:19] that have been submitted for amendment [21:22] in the oil deregulation. [21:24] Admittedly, it has been a fit [21:29] when we needed to implement measures [21:34] and it would help a lot moving forward [21:38] on how the DOE will be able to address [21:40] and mitigate the adverse effect [21:43] of what we are going through right now [21:46] and possibly in the future. [21:48] So welcome po samin yung sa oil deregulation. [21:53] And then, of course, tandem with that [21:55] would be the power or the recognition [21:57] that there really is a need [21:59] for a strategic petroleum reserve [22:01] both on the part of the government [22:04] and imposing a minimum inventory level [22:08] on the part of the private sector. [22:10] So these two bills are very much welcome to us. [22:14] To answer, Mr. Chair, [22:18] the issues that have been raised [22:21] by the Senate President, [22:22] insofar as the Visayas crisis right now, [22:28] the Department of Energy together [22:30] with NEA, TRANSCO, [22:33] and the NPC have been working together [22:38] and we have already given instructions [22:41] regarding the procurement [22:43] of the necessary ancillary services [22:46] that would mitigate or smoothen [22:50] the alerts in the Visayas. [22:53] It was unfortunate that the red alerts [22:57] have been prompted by the forced outages [23:00] of three major plants. [23:03] And then also, as mentioned [23:06] by the Senate President, [23:08] the status of our Vismin connection [23:11] has contributed also [23:13] because even if the Luzon grid [23:15] can actually export to the Visayas, [23:19] the level of the capacity [23:22] of the connection [23:24] is not sufficient [23:26] to be able [23:28] for the power from Luzon [23:30] to address or assist the Visayas. [23:32] But there are, [23:34] there are, [23:35] nag-import po ang Visayas, [23:39] ang Luzon at Mindanao sa Visayas. [23:41] So, namimitigate naman po. [23:42] Kaya lang, [23:43] meron lang kailangan pang upgrade [23:45] on the transmission [23:47] or the connection [23:48] on both sides [23:50] so that we, [23:50] that Luzon and Mindanao [23:53] can fully assist Visayas [23:54] when needed. [23:55] Also, we, [23:57] on the part of the DOE, [23:58] we are already [23:59] readying the procurement [24:02] of power [24:04] coming from power barges [24:07] kasi ito po yung mga [24:09] immediate solutions [24:11] that we can actually deploy [24:13] so that the alerts [24:16] could be minimized. [24:17] So, we, [24:19] but, [24:19] it's a combination [24:21] of RA [24:22] together with battery storage, [24:24] madaling i-deploy po yung [24:25] kasi ito, [24:25] Mr. Chair, [24:26] plus the power barges [24:28] which are coming in, [24:29] coming from the private sector. [24:32] And it's now [24:33] the procurement [24:34] of this, [24:35] of the power [24:36] from this barges [24:37] that we are going to, [24:39] we are going to [24:40] have a competitive selection [24:42] for [24:43] para ho ma-deploy siya [24:45] the soonest possible time, [24:48] Mr. Chair. [24:48] And as regards the, [24:51] how about yun, sir? [24:53] As regards the issue [24:55] on the rates [24:58] on the Meralko, [24:59] maybe the ERC [25:01] could explain [25:03] the spike [25:03] in the Meralko rates [25:05] for this month. [25:05] Thank you. [25:11] Thank you, Mr. Chair. [25:12] Good morning, everyone, [25:13] and to the members [25:14] of this Honorable Committee. [25:15] For the ERC, Mr. Chair, [25:16] first, of course, [25:17] we interpose [25:18] no objection [25:18] to the measures [25:19] seeking the, [25:20] all the regulation [25:21] and as well as [25:22] the fuel petroleum reserve. [25:27] The ERC [25:28] is very much willing [25:28] to provide [25:29] any regulatory support [25:30] if needed. [25:31] As to the audit, [25:32] Mr. Chair, [25:34] of course, [25:35] the ERC regulates [25:36] the fuel cost documentation [25:37] and as well as [25:38] the audit processes. [25:39] This is to help [25:41] ensure that the fuel [25:42] expenses reflected [25:43] in our billing [25:45] in the electricity [25:46] generation charges [25:48] are properly, [25:49] are proper, [25:50] justifiable, [25:51] and reasonable. [25:52] And as to the status [25:53] of our audit, [25:55] Mr. Chair, [25:55] we are now preparing [25:57] for the submission [25:58] of the fuel audit [26:00] and as well as [26:01] the submission [26:01] of a copy [26:02] of our audit procedure. [26:05] And now, Mr. Chair, [26:07] since it's still [26:08] less pa po lalo [26:08] ang kuryente [26:09] dahil nga po, [26:10] usually ito po ay [26:11] driven by [26:13] the fuel prices, [26:15] sorry, [26:16] fuel prices [26:17] dahil po sa [26:19] ongoing Middle East [26:20] conflict. [26:21] So, tuloy-tuloy po [26:22] ang pag-monitor [26:23] ni ERC [26:24] nung mga fuel. [26:26] Clarice, [26:27] I'm sorry [26:27] for interrupting you, [26:29] but hindi po ba, [26:31] correct me if I'm wrong, [26:32] 60% ng ikang ginagamit [26:36] natin to power [26:38] our electricity [26:38] is from coal. [26:41] Yung fuel po [26:41] na sinasabi ninyo [26:42] is only around, [26:43] roughly around 15% [26:45] to 20%. [26:45] Correct me if I'm wrong. [26:47] Yes, Mr. Chair, [26:48] but for, [26:49] just to answer po [26:50] the reason why [26:51] mag-spike up po [26:53] yung rates [26:53] ni Maralco [26:54] by October [26:54] isa po kasi [26:56] sa mga sources [26:57] ng kanilang [26:58] generation [27:00] is LNG [27:01] or liquefied [27:02] petroleum gas po, [27:05] Mr. Chair. [27:05] That's why po [27:06] magkakaroon ng [27:08] 0.49 centavo [27:11] increase po [27:11] this October. [27:13] Yeah, pero [27:14] whatever happened [27:15] doon sa mga [27:16] power generators [27:17] natin [27:18] na gumagamit po [27:20] ng coal, [27:21] dapat po [27:21] inisila affected [27:22] dyan because [27:23] coal, as far as [27:24] basing on my research, [27:26] they're like [27:27] around 3 pesos [27:28] per kilowatt hour [27:29] po, landed [27:30] cost po nila [27:31] plus or minus [27:32] nasa 6 na po. [27:35] Bakit po [27:35] aabot? [27:36] Ang balita po [27:37] namin kasi [27:38] nakakarating po [27:38] sa committee, [27:40] hinahabol po [27:41] ng coal, [27:41] yung mga power [27:42] generators [27:43] dyan sa WSM, [27:45] ito yung presyo [27:46] nang bunker fuel [27:48] o nang fuel po, [27:50] kinahabol po [27:51] ng coal [27:51] para pumantay sila [27:52] which [27:53] that should not [27:54] be the case [27:54] di po ba? [27:55] Kasi [27:55] mas mura po sila [27:57] pero pagdating po [27:58] sa WSM, [27:59] humahabol po [28:00] pumapantay sila [28:01] coal [28:01] and then [28:02] fuel. [28:04] Dapat po [28:04] hindi, [28:05] dapat po yun [28:05] ang nababantayan [28:06] ng ERC [28:07] pero [28:07] para nakakalusot [28:08] po ito. [28:09] These are the tips [28:10] na we're getting [28:12] from consumers [28:14] na iba po sa kanila [28:15] may mga relatives [28:17] o nag-work po [28:17] sa WSM, [28:18] involved sa WSM [28:19] sinasabi na [28:20] ito po ang tignanin nyo [28:21] Mr. Chair [28:22] kasi [28:22] bakit [28:23] hinahabol [28:24] ng coal [28:24] ito yung fuel [28:26] na itindihan po natin [28:27] may crisis tayo [28:28] LNG [28:28] petroleum [28:31] di ba? [28:32] Pero the coal [28:33] bakit pumapantay na siya [28:35] pagdating sa WSM? [28:37] Dapat hindi po eh [28:37] dapat [28:38] mas mura pa rin [28:39] mura [28:40] yung [28:41] electricity [28:42] ng coal [28:43] powered [28:44] fire plant [28:45] di po ba? [28:46] Thank you Mr. Chair [28:47] Siguro po Mr. Chair [28:48] isang factor po [28:50] kung bakit [28:50] tumataas po [28:52] kahit coal po [28:52] is [28:53] yung iba po kasing [28:54] mga planta [28:55] ay nagkukuha po [28:56] ng coal [28:56] sa ibang bansa [28:57] and with [28:58] the rising [28:58] since mataas po [29:00] ang dollar ngayon [29:01] nakaka-apekto po [29:02] yung presyo po [29:03] It shouldn't be [29:05] paparehas po [29:07] sa [29:08] petrolyo [29:09] kasi [29:09] dollar din [29:11] naman po [29:11] ang ginagamit [29:12] ng mga [29:12] importers po [29:13] natin [29:14] mga oil [29:14] companies [29:15] natin [29:15] mas mura [29:16] pa rin po [29:16] talaga siya [29:17] there should be [29:18] a difference [29:18] pa rin [29:19] kung yung [29:21] power generator [29:22] is coal [29:23] lang ginagamit [29:23] versus [29:24] kuan [29:24] sasabihin mo [29:26] tumataas [29:27] yung dollar [29:28] pero yung coal [29:29] hindi naman po [29:30] tumataas [29:30] so sige [29:30] tamaas ng dollar [29:31] ito [29:32] tumaas ng dollar [29:33] dahil may [29:34] gyera [29:34] bakit yung [29:35] papantay sa doon [29:36] dapat hindi pa rin [29:37] mas lesser po [29:39] yung coal [29:39] that's the explanation [29:41] that I want to hear [29:41] from the Energy Regulatory Commission [29:43] attorney Clarice [29:45] sige po Mr. Chair [29:46] if you would allow us [29:47] to submit a report [29:48] or status [29:48] kung bakit po [29:49] tumataas [29:51] or pumapantay [29:52] ang presyo [29:52] ng coal [29:53] ngayon [29:54] makaiba-iba pa [29:55] sa Visayas [29:56] napakataas [29:57] nasa 12 [29:57] meron pang [29:59] 18 ako nakita [30:00] how come [30:01] dito sa Pampanga [30:02] nasa 9 pesos [30:03] lang per kilowatt hour [30:04] what's going on [30:06] kasi [30:06] sasabihin na [30:07] sinakay sa barko [30:08] etc [30:09] yung pamasahe [30:10] pero [30:11] I doubt it [30:12] alaki yun [30:12] ang difference [30:13] parang 10 pesos [30:14] almost [30:14] 9 pesos [30:15] 19 naman [30:16] sa Visayas [30:17] kung ano man po yan [30:18] kung [30:18] petrolyo man po yan [30:20] o coal-powered [30:21] fire plant [30:23] pero [30:23] kailangan po [30:25] siguro natin [30:26] mapag-aralan [30:27] at maimbestigahan [30:29] kasi bakit [30:29] pumapantay [30:30] yun po yung reklamo [30:31] yung [30:32] yung isang lugar [30:33] na coal [30:34] ang ginagamit [30:35] daw po [30:35] kaparehas na siya [30:36] ng presyo [30:37] ng gumagamit [30:38] dun sa kabilang [30:39] probinsya [30:40] ng petrolyo [30:41] so parang [30:42] dapat po hindi [30:43] it doesn't [30:44] sound right [30:45] attorney [30:46] Clarice [30:47] sige po [30:48] Mr. Chair [30:48] we will take [30:49] note po [30:49] and I will [30:50] bring this [30:50] up to my [30:51] principal [30:51] and my apologies [30:52] po wala po [30:53] kasi ako [30:53] nung data [30:54] regarding [30:54] sa coal [30:55] if you would [30:56] allow us [30:56] na lang po [30:57] to submit [30:57] a report [30:58] regarding [30:58] this po [30:59] thank you [30:59] with your [31:01] permission [31:02] attorney Clarice [31:03] naiintindihan [31:04] namin [31:04] kung bakit [31:05] tumataas [31:05] dahil [31:06] sinasabi [31:07] nyo [31:07] tumataas [31:08] ang presyo [31:09] ng [31:09] coal [31:10] sa international [31:11] markets [31:12] tumataas [31:13] ang presyo [31:14] ng LNG [31:14] sa international [31:15] markets [31:15] therefore [31:16] tumataas [31:17] ang presyo [31:18] ng kuryente [31:18] natin [31:19] dito [31:19] kasi [31:19] feedstock [31:20] yan [31:20] ang punto [31:21] namin [31:22] ng [31:22] ating [31:23] chairman [31:23] and we [31:24] talked [31:24] about [31:25] this [31:25] many [31:25] many [31:26] occasions [31:26] is [31:27] paano [31:28] natin [31:28] malalaman [31:29] kung [31:29] yung [31:29] pagtaas [31:30] ay tamang [31:30] presyo [31:31] ng kuryente [31:32] kasi nga [31:33] if you do [31:33] the math [31:34] ang layo [31:35] ng presyo [31:35] ng coal [31:36] sa presyo [31:36] ng kuryente [31:37] na pinapaso [31:38] sa atin [31:38] at ang sagot [31:39] ng ERC [31:40] last time [31:40] narinig mo rin [31:41] yun [31:41] is [31:42] hindi nila [31:43] inaudit [31:44] kung ano [31:45] yung pinapasa [31:45] lang ng mga [31:46] generation [31:47] companies [31:47] yun lang [31:48] ang pinapasa [31:49] sa atin [31:50] so how do [31:50] we know [31:51] parang [31:51] petroleum yan [31:52] parang yung [31:53] topic [31:53] natin [31:53] ngayon [31:54] how do [31:54] we know [31:55] kung tama [31:55] yung pinapasa [31:56] nila [31:56] sa atin [31:57] pinapasa [31:57] nila [31:58] sa atin [31:58] yung [31:59] presyo [31:59] pinapasa [32:00] sa atin [32:01] yung forex [32:01] wala naman [32:02] nagsasabi [32:03] kung tama [32:03] o hindi [32:04] at alam [32:06] rin natin [32:06] pag bumaba [32:07] yung presyo [32:07] ng international [32:08] markets [32:09] hindi rin [32:09] bumaba [32:09] yung presyo [32:10] ng kuryente [32:11] natin [32:11] na i-stack [32:12] na siya [32:12] doon [32:12] e bumaba [32:14] naman [32:14] yung presyo [32:15] ng [32:15] coal [32:16] and LNG [32:17] nung [32:17] tumigil [32:18] yung gera [32:18] so may [32:20] problema [32:21] talaga [32:21] tayo [32:22] pagdating [32:22] sa [32:23] fuel [32:24] na ipinapasa [32:25] sa atin [32:25] may problema [32:26] talaga tayo [32:26] sa kuryente [32:27] you guys [32:28] have to [32:29] solve [32:29] this [32:29] kasi [32:30] tayo [32:30] ang [32:30] regulator [32:31] e [32:31] so [32:33] tignan nyo [32:33] ito [32:34] and then [32:34] at a later [32:35] time [32:35] Mr. Chairman [32:36] in another [32:36] hearing [32:36] will really [32:37] scrutinize [32:38] yung presyo [32:40] ng [32:41] feedstock [32:42] na pinapasa [32:43] sa atin [32:43] I'll show [32:44] another slide [32:45] ito yung [32:45] sinasabi ko [32:46] kanina [32:46] Yusek [32:48] Rio [32:49] actually [32:50] SP [32:51] sa next [32:52] hearing [32:53] natin [32:53] it will [32:53] all be [32:54] on the [32:55] power [32:56] electricity [32:58] this is [32:59] for all [32:59] the [32:59] regulation [33:00] but [33:00] please [33:01] this is [33:01] a very [33:01] interesting [33:02] topic [33:02] go ahead [33:03] please [33:03] show [33:03] your [33:03] I was [33:05] reading [33:06] the [33:06] IMAP [33:06] report [33:07] this [33:08] week [33:08] at [33:08] nakita ko [33:09] sa report [33:10] nila [33:10] October [33:10] 13 [33:11] slide [33:13] 6 [33:14] yata [33:14] next [33:17] slide [33:18] in the [33:23] IMAP [33:24] report [33:24] in last [33:25] sentence [33:25] in the [33:36] last [33:36] sentence [33:37] nakasulat [33:37] this [33:37] constraints [33:38] restricted [33:39] the flow [33:39] of lower [33:40] cost [33:41] Luzon [33:42] generation [33:42] to the [33:43] Visayas [33:44] and contributed [33:44] to the [33:45] sustained [33:45] price [33:46] separation [33:46] in short [33:47] may problema [33:48] tayo [33:48] sa grid [33:49] natin [33:49] in grid [33:52] natin [33:52] yung [33:53] in extension [33:54] between [33:54] Luzon [33:55] and Visayas [33:55] binabayaran [33:56] na natin [33:57] ito [33:57] sinisingil [33:57] na na [33:58] sa atin [33:58] ito [33:59] in fact [34:00] ang declaration [34:00] tapos [34:01] na [34:01] itong [34:02] grid [34:03] interconnection [34:04] but [34:04] ang report [34:04] ng IMAP [34:05] hindi pa [34:06] siya [34:06] tapos [34:07] hindi pa [34:07] siya [34:07] full [34:08] capacity [34:08] mayroon [34:10] pa [34:10] siyang [34:10] capacity [34:11] constraints [34:11] so [34:14] in other [34:16] words [34:16] naisahan [34:18] ulit [34:19] tayo [34:19] because [34:20] we're [34:20] paying [34:20] for [34:21] a [34:21] completed [34:22] project [34:22] pero [34:22] hindi [34:22] naman [34:23] fully [34:24] operationalized [34:24] this is [34:25] from [34:25] an IMAP [34:26] report [34:26] hindi [34:26] galing [34:27] dito [34:28] yan [34:28] so [34:30] we need [34:30] to have [34:30] discipline [34:31] among [34:31] the [34:31] power [34:31] players [34:32] hindi [34:32] pwedeng [34:33] hayaan [34:35] lang [34:35] natin [34:35] sila [34:36] dahil [34:36] deregulated [34:37] that's [34:38] what [34:38] I'm [34:38] trying [34:38] to [34:39] point [34:39] out [34:40] deregulated [34:41] we [34:41] allow [34:41] the [34:42] players [34:42] to [34:42] make [34:42] money [34:43] whether [34:43] nasa [34:43] oil [34:44] whether [34:44] nasa [34:44] power [34:45] pero [34:45] huwag [34:45] naman [34:46] isahan [34:46] yung [34:46] consumers [34:47] again [34:49] this is [34:49] an IMAP [34:50] report [34:50] kami dito [34:52] sa committee [34:53] we read [34:53] all the [34:54] reports [34:54] kaya [34:54] nakakagulat [34:55] na [34:55] until now [34:56] nagkaroon [34:57] pa nga [34:58] ito [34:58] ng light [34:58] up [34:59] pumunta [34:59] sa [34:59] Malacanang [35:00] nag light [35:00] up [35:01] pa [35:01] invite [35:02] pa [35:02] lahat [35:02] pero [35:02] hanggang [35:03] ngayon [35:04] yan [35:05] ang dahilan [35:06] bakit [35:06] mahal [35:06] ang presyo [35:07] ng [35:07] kuryente [35:07] sa [35:08] Visayas [35:08] because [35:09] hindi [35:09] makatransmit [35:10] from [35:10] Luzon [35:10] hindi [35:11] naman [35:11] yan [35:11] ang [35:11] purpose [35:12] ng [35:12] interconnection [35:13] the purpose [35:14] is [35:14] to have [35:14] a [35:15] one [35:16] grid [35:16] nationwide [35:17] so [35:18] again [35:19] in next [35:19] hearing [35:19] we'll [35:20] tackle [35:20] this [35:20] but [35:21] we're [35:21] already [35:21] pointing [35:22] to [35:22] nagbibigay [35:24] na kami [35:24] ng [35:25] direction [35:25] kung [35:25] ano [35:26] yung [35:26] dapat [35:26] tignan [35:26] ng [35:26] department [35:27] at [35:27] ng [35:27] regulator [35:28] and [35:30] ako [35:30] naniniwala [35:31] once [35:32] we [35:32] address [35:32] all [35:33] of [35:33] these [35:33] things [35:33] bababa [35:34] ang presyo [35:34] ng [35:34] kuryente [35:35] it's [35:36] not [35:36] because [35:37] hindi [35:38] kaya [35:38] it's [35:39] because [35:39] walang [35:39] disiplina [35:40] among [35:40] the [35:41] power [35:41] players [35:41] thank you [35:43] Mr. [35:43] Chairman [35:44] Mr. [35:45] Senate [35:45] President [35:46] balikan ko [35:47] lamang [35:47] po [35:48] ang [35:49] Department [35:50] of [35:50] Energy [35:51] Yusik [35:51] Rio [35:51] tell [35:52] us [35:53] what [35:54] kind [35:54] of [35:55] law [35:55] do [35:56] you [35:56] need [35:56] what [35:57] kind [35:57] of [35:57] power [35:58] do [35:58] you [35:58] need [35:58] to [35:59] be [35:59] able [36:00] to [36:00] solve [36:01] this [36:01] issue [36:01] about [36:02] pagtaas [36:03] po [36:03] ng [36:03] fuel [36:04] rally [36:07] dito [36:07] rally [36:07] doon [36:08] strike [36:08] dito [36:09] strike [36:09] doon [36:10] but [36:10] it [36:10] seems [36:11] like [36:11] we [36:11] don't [36:12] have [36:12] the [36:12] power [36:12] we [36:13] can [36:13] do [36:13] anything [36:13] anong [36:14] gusto [36:14] ninyo [36:15] that [36:15] this [36:15] is [36:16] I'm [36:16] asking [36:16] you [36:16] now [36:16] we're [36:17] hearing [36:17] we're [36:17] a [36:17] committee [36:18] here [36:18] so [36:19] we [36:19] can [36:19] craft [36:20] laws [36:20] we [36:21] can [36:21] adjust [36:21] the [36:22] law [36:22] may [36:23] magawa [36:23] ho [36:23] tayo [36:24] I love [36:24] all the [36:25] regulation [36:26] deregulated [36:27] po [36:27] tayo [36:28] di po [36:28] ba [36:28] market [36:30] driven [36:31] po [36:31] ito [36:31] pero [36:31] anong [36:32] gusto [36:33] ninyong [36:33] makita [36:34] anong [36:34] gusto [36:34] ninyong [36:35] gawin [36:35] ng [36:35] committee [36:35] nito [36:36] para [36:36] kahit [36:36] paano [36:37] mayro [36:37] kahit [36:37] kapangyarihan [36:38] may say [36:39] naman [36:39] po [36:39] ang [36:40] gobyerno [36:40] na [36:40] oops [36:41] tama [36:42] rollback [36:48] na [36:49] sa [36:49] international [36:49] market [36:50] bakit [36:51] tayo [36:51] hindi [36:51] pa [36:51] parang [36:52] wala [36:52] ho [36:53] kayong [36:53] kapangyarihan [36:54] kayo [36:54] po [36:54] dyan [36:55] sa [36:55] Oil [36:55] Industry [36:55] Management [36:56] Bureau [36:56] any [36:57] of [36:57] you [36:57] can [36:57] answer [36:58] that [36:58] can [36:58] you [36:59] what [36:59] what [37:00] kind [37:00] of [37:01] law [37:01] do [37:01] you [37:01] want [37:01] to [37:01] see [37:02] if [37:03] we [37:03] tinker [37:06] this [37:06] all [37:06] the [37:07] regulation [37:07] law [37:07] anong [37:08] gusto [37:08] ninyo [37:09] na [37:09] makita [37:09] thank [37:10] you [37:10] very [37:10] much [37:10] Mr. [37:11] Chair [37:11] we [37:13] believe [37:14] that [37:14] the [37:14] oil [37:14] deregulation [37:15] has [37:15] served [37:15] its [37:16] purpose [37:16] from [37:16] the [37:16] time [37:17] it [37:17] was [37:19] enacted [37:21] but [37:21] the [37:22] changing [37:22] times [37:23] has [37:25] made [37:25] us [37:25] realize [37:26] that [37:26] there [37:26] are [37:26] certain [37:27] provisions [37:27] that [37:28] need [37:28] to [37:28] be [37:28] improved [37:29] or [37:29] amended [37:30] so [37:31] in [37:31] order [37:31] to [37:32] answer [37:35] the [37:36] needs [37:37] of [37:38] intervention [37:39] in [37:40] case [37:40] of [37:40] national [37:41] emergencies [37:42] Mr. [37:42] Chair [37:43] in [37:43] case [37:43] there [37:43] is [37:44] abrupt [37:45] increase [37:46] in [37:46] prices [37:46] or [37:47] the [37:48] volatility [37:49] thereof [37:50] or [37:51] there [37:51] is [37:51] an [37:52] abrupt [37:52] decrease [37:55] in [37:55] the [37:55] supply [37:55] that's [37:56] why [37:56] Mr. [37:57] Chair [37:57] we [37:57] have [37:58] submitted [37:58] certain [38:00] recommended [38:01] provisions [38:02] as [38:03] amendment [38:04] to the [38:05] oil [38:05] deregulation [38:05] answering [38:06] the [38:07] in [38:08] order [38:08] to [38:08] empower [38:09] industry [38:10] regulators [38:12] to [38:15] address [38:16] and [38:16] to [38:16] impose [38:18] the [38:18] nest [38:19] actually [38:20] Mr. [38:21] Chair [38:21] we [38:22] have [38:22] been [38:23] doing [38:23] this [38:24] since [38:24] March [38:25] on [38:26] the [38:26] DoD [38:27] based [38:29] on [38:29] the [38:29] information [38:30] that [38:30] we [38:30] have [38:31] based [38:31] on [38:31] the [38:31] international [38:32] market [38:32] na [38:32] nakakapag [38:33] impose [38:33] na po [38:34] tayo [38:34] ngayon [38:35] ng [38:35] allowable [38:36] decrease [38:37] and [38:37] increase [38:37] but [38:38] we [38:38] would [38:39] have [38:39] to [38:39] strengthen [38:39] this [38:40] by [38:40] the [38:41] proposal [38:41] coming [38:42] from [38:42] the [38:42] Senate [38:43] President's [38:44] proposed [38:45] bill [38:45] on [38:46] the [38:46] information [38:47] on [38:48] the [38:49] items [38:50] that [38:50] we [38:50] need [38:51] to [38:51] further [38:52] enhance [38:53] the [38:53] determination [38:55] of the [38:56] allowable [38:57] increase [38:58] and decrease [38:59] and the [38:59] components [39:00] thereof [39:00] in short [39:02] unbundling [39:03] Mr. [39:03] Chair [39:03] yes [39:03] yung [39:04] po [39:04] yung [39:04] susi [39:05] doon [39:06] so [39:06] our [39:07] oil [39:07] companies [39:08] will [39:08] have [39:08] to [39:08] unbundle [39:09] para [39:09] makita [39:10] ninyo [39:10] magkano [39:11] ba [39:11] ang [39:11] profit [39:12] will [39:12] you [39:12] be [39:13] able [39:13] to [39:13] see [39:13] that [39:13] pag [39:14] unbundle [39:14] yung [39:15] pricing [39:15] nila [39:16] na [39:16] ito [39:17] yung [39:17] well [39:17] they [39:18] don't [39:18] have [39:19] to [39:19] tell [39:19] you [39:19] magkano [39:20] kinuha [39:20] because [39:21] it's [39:21] a [39:21] secret [39:22] kasi [39:23] may [39:23] mga [39:24] competitor [39:24] po [39:24] sila [39:25] we [39:25] understand [39:25] that [39:26] pero [39:26] kung [39:26] may [39:27] unbundling [39:27] po [39:27] ba [39:28] maintindihan [39:29] ninyo [39:29] makikita [39:29] ninyo [39:30] na [39:31] pwede [39:32] naman [39:33] palang [39:33] mas [39:33] mababa [39:34] di [39:34] po [39:34] ba [39:34] can [39:35] you [39:35] do [39:35] that [39:35] if [39:36] we [39:36] unbundle [39:37] this [39:37] yes [39:37] Mr. [39:38] Chair [39:38] we [39:38] will [39:38] have [39:38] a [39:39] better [39:39] understanding [39:40] of [39:40] the [39:40] components [39:41] and [39:41] the [39:41] markup [39:43] and [39:43] well [39:46] it's [39:47] not [39:47] because [39:47] it's [39:47] deregulated [39:49] we [39:49] won't [39:50] be able [39:50] to [39:50] monitor [39:51] or [39:51] to [39:52] impose [39:52] the [39:53] rates [39:54] during [39:55] regular [39:55] times [39:56] the [39:56] markup [39:57] that's [39:58] why [39:58] we [39:59] are [39:59] only [39:59] suggesting [40:00] that [40:00] during [40:01] emergencies [40:02] that [40:03] we [40:04] will [40:04] be [40:04] able [40:04] to [40:05] impose [40:05] the [40:06] same [40:06] but [40:07] what [40:07] regular [40:08] times [40:08] kung [40:09] nakikita [40:09] na [40:10] ninyo [40:11] na [40:11] sobra [40:11] naman [40:12] I mean [40:13] I agree [40:14] with you [40:15] na [40:15] all [40:15] deregulated [40:16] po [40:16] tayo [40:17] I [40:17] understand [40:17] that [40:18] at [40:18] market [40:19] driven [40:19] sinasabi [40:20] po [40:20] natin [40:21] this [40:22] is [40:22] the [40:22] law [40:23] to [40:23] protect [40:24] them [40:24] also [40:25] this [40:25] is [40:25] business [40:26] di [40:26] po [40:26] ba [40:26] pero [40:27] paano [40:27] kung [40:28] sumobra [40:28] naman [40:29] ma'am [40:29] meron [40:30] po bang [40:30] kapangyari [40:30] natin [40:31] ka muna [40:31] oil [40:32] company [40:32] sobra [40:33] naman [40:33] masyado [40:34] I mean [40:34] katataas [40:35] nyo lang [40:35] last week [40:36] ng ganito [40:36] taas [40:37] na naman [40:37] kayo [40:38] this week [40:38] ng ganito [40:39] e [40:39] pwede [40:40] namang [40:40] hindi [40:41] pa [40:41] naman [40:41] tsaka [40:41] number [40:42] two [40:42] isang [40:42] tanong [40:42] pa [40:42] mga [40:43] kababayan [40:43] natin [40:43] bakit [40:44] ito [40:45] po [40:45] hindi [40:45] masasagot [40:46] sagot [40:46] pa [40:46] ganito [40:48] yung [40:49] presyo [40:49] natin [40:49] nag [40:50] announce [40:51] sa [40:51] world [40:51] market [40:52] natataas [40:53] ng ganito [40:53] another [40:54] three dollars [40:55] per barrel [40:55] parang [40:57] effective [40:57] kaagad [40:58] bukas [40:58] sa atin [40:59] taas [40:59] mga [40:59] gasolinahan [41:00] wala po bang [41:01] power [41:02] ang [41:02] gobyerno [41:04] sabihin [41:04] huy [41:04] tika [41:04] muna [41:05] yung ginagamit [41:06] ninyo [41:06] mura pa yan [41:07] na kinuha [41:08] ninyo [41:08] wag mong [41:09] sabihin [41:09] 24 hours [41:11] yung [41:11] nasa [41:12] gasolinahan [41:12] na ninyo [41:13] yan na yung [41:14] presyo [41:14] di po ba [41:15] dito po yung [41:16] reklamo [41:16] ng karamihan [41:17] katataas [41:18] ng ka-announce [41:19] na kaninang [41:19] tanghal [41:20] sa Dubai [41:21] bakit bukas [41:23] may increase [41:24] na kaagad [41:24] tayo [41:25] paano [41:25] na compute [41:26] yun [41:26] yun [41:27] yun yung [41:27] sinasabi [41:27] ng mga [41:28] kabahe [41:28] na [41:28] wala [41:28] bang [41:29] kapanginat [41:29] hindi ka [41:29] muna [41:30] paubusin [41:31] nyo [41:31] muna [41:31] yung [41:31] stock [41:32] nyo [41:32] dyan [41:32] kasi [41:33] mura [41:34] yung [41:34] presyo [41:35] dyan [41:35] pag [41:36] rollback [41:37] sobrang [41:37] tagal [41:38] naman [41:38] may [41:38] rollback [41:39] yun [41:39] po yung [41:40] reklamo [41:40] kaya [41:41] hindi [41:41] kumisa [41:42] masisi [41:42] na [41:42] nag [41:43] i-strike [41:43] mga [41:44] driver [41:44] natin [41:45] mga [41:45] operator [41:46] because [41:46] parang [41:47] nakakaloko [41:48] ika nga [41:48] what is [41:49] your response [41:50] to that [41:50] when I said [41:52] earlier [41:52] just to [41:53] be clear [41:55] when I said [41:55] Mr. Chair [41:56] na regular [41:57] times [41:57] I didn't [41:58] I wasn't [41:59] referring to [42:00] na dapat [42:00] merong [42:01] warp [42:01] for us [42:01] to be [42:02] able to [42:02] intervene [42:03] it's more [42:03] of [42:03] in the [42:04] event [42:04] ang nilagay [42:05] po namin [42:05] in the [42:06] event [42:06] of [42:07] supply [42:08] disruption [42:08] or price [42:09] volatility [42:10] so pag [42:10] nakita [42:10] namin [42:11] na talagang [42:11] yun [42:11] the [42:12] volatility [42:12] is [42:13] so much [42:15] na parang [42:16] something's [42:17] wrong [42:17] with it [42:18] already [42:18] we will [42:19] already [42:19] call [42:19] the [42:20] we will [42:20] already [42:21] trigger [42:24] the [42:24] exercise [42:25] of the [42:26] power [42:26] to [42:27] already [42:28] impose [42:28] the [42:29] allowable [42:29] increase [42:31] and decrease [42:32] hindi [42:32] ho naman [42:32] kailangan [42:33] na merong [42:34] crisis [42:35] in the [42:36] hindi [42:38] naman [42:38] kailangan [42:39] ng war [42:39] basta [42:39] pag [42:39] nakita [42:40] po [42:40] namin [42:40] na [42:41] meron [42:41] extraordinary [42:43] volatility [42:44] in the [42:44] price [42:44] then we [42:45] can [42:45] trigger [42:45] the [42:45] exercise [42:46] of [42:46] the [42:47] power [42:47] to [42:47] be able [42:48] to [42:49] monitor [42:52] and [42:52] recommend [42:55] the [42:55] prescribed [42:55] allowable [42:56] range [42:57] of [42:57] increase [42:58] and [42:58] decreases [42:58] and [42:59] then [42:59] Mr. [43:00] Chair [43:00] as [43:00] you [43:00] mentioned [43:01] that's [43:03] why [43:04] we [43:04] believe [43:05] that [43:05] there [43:05] is [43:05] really [43:06] a [43:06] need [43:06] for [43:06] us [43:06] to [43:07] have [43:07] the [43:07] reserve [43:07] because [43:08] if there [43:08] is a [43:08] government [43:09] reserve [43:09] we will [43:10] be able [43:10] to [43:11] at least [43:12] deploy [43:13] our [43:14] prices [43:15] atin [43:15] if [43:16] we [43:16] can [43:17] be able [43:20] to [43:21] use [43:22] that [43:23] reserve [43:23] to be [43:24] able [43:24] to [43:25] manage [43:26] the [43:26] increase [43:27] in the [43:27] prices [43:28] known [43:28] sa mga [43:28] pump [43:29] prices [43:29] that's [43:30] why [43:30] these [43:31] two [43:31] bills [43:31] are [43:32] really [43:32] dapat [43:33] magkasabay [43:35] po [43:35] talagang [43:36] to be [43:37] able [43:37] to [43:38] help [43:38] the [43:39] address [43:40] the [43:40] adverse [43:40] effect [43:41] of [43:41] any [43:41] volatility [43:42] in the [43:42] market [43:43] Mr. [43:43] Chair [43:43] yung [43:45] sinasabi [43:45] lamang [43:46] po [43:46] na [43:46] we're [43:50] under [43:50] deregulated [43:52] po [43:52] di po [43:52] ba [43:53] so [43:53] market [43:54] driven [43:55] yan [43:55] yung [43:56] tinatanong [43:57] ko [43:57] si [43:57] kanya [43:57] anong [43:58] po [43:58] pwede [43:59] ninyo [43:59] masuggest [44:00] sa [44:00] committee [44:00] na ito [44:00] na [44:01] hindi [44:01] naman [44:01] po [44:02] machuchok [44:02] sila [44:03] di po [44:03] ba [44:03] negosyante [44:04] na [44:04] hahawakan [44:05] nyo [44:05] sa [44:05] liig [44:06] hindi [44:07] naman [44:07] po [44:07] pwede [44:07] yun [44:08] because [44:08] wala [44:09] naman [44:09] tayo [44:10] hindi [44:12] po [44:12] yun [44:13] may [44:13] subsidia [44:14] po [44:14] ang [44:14] gobyerno [44:15] I think [44:15] Indonesia [44:16] Mr. [44:16] Senate [44:17] President [44:17] nakasubsidize [44:19] parang [44:19] yung [44:19] OPSF [44:20] natin [44:21] dati [44:21] oil [44:21] price [44:21] stabilization [44:22] fund [44:22] pero [44:23] wala [44:23] na tayong [44:23] ganun [44:23] so [44:24] pinaubaya [44:25] na [44:25] natin [44:25] sa [44:25] ganun [44:25] pero [44:26] yung [44:26] control [44:27] lang [44:27] ba [44:27] USEC [44:28] na [44:28] baka [44:28] sobrang [44:29] taas [44:29] naman [44:30] masyadong [44:32] mataas [44:33] baka [44:33] pwede [44:34] naman [44:34] yung [44:35] nakikita [44:35] nyo [44:36] ba [44:36] yun [44:36] for [44:36] now [44:37] kasi [44:37] parang [44:37] hindi [44:38] hunin [44:38] nyo [44:38] makita [44:39] at [44:39] wala [44:39] kayong [44:39] kapower [44:40] power [44:40] to suggest [44:41] na [44:41] uy [44:42] masyadong [44:42] mataas [44:42] naman yan [44:43] biglang [44:44] 3 pesos [44:44] per liter [44:45] kagad [44:45] baka [44:45] pwede [44:46] naman [44:46] 2 [44:46] piso [44:47] lang [44:47] actually [44:48] Mr. [44:48] Chair [44:48] we have [44:50] been [44:50] in [44:50] coordination [44:51] with [44:51] all [44:52] the [44:52] players [44:52] and [44:53] I [44:53] believe [44:54] the [44:54] past [44:55] 6 [44:55] months [44:56] na [44:56] enforce [44:57] naman [44:57] po [44:57] natin [44:57] to [44:58] because [44:58] meron [44:59] po [44:59] emergency [44:59] powers [45:00] ang [45:00] pangulo [45:01] pero [45:01] kung [45:01] regular [45:02] days [45:02] po [45:03] regular [45:03] times [45:03] nakikita [45:06] po natin [45:06] bago [45:07] nagkagiera [45:07] dito [45:08] sa [45:08] Iran [45:10] may mga [45:11] ganyan [45:11] po tayo [45:11] na pag [45:12] spike [45:12] na sunod [45:12] po yun [45:13] dahil [45:14] tumaas [45:14] sa world [45:15] market [45:15] dahil [45:16] yung [45:16] dollar [45:17] ang [45:17] sinasabi [45:18] lagi [45:18] kaya [45:19] sobra [45:19] sobra [45:20] pagtasang [45:20] umaaray [45:21] yung mga [45:21] kababayan [45:22] natin [45:22] Actually [45:23] Mr. [45:23] Chair [45:23] tama [45:23] po [45:24] kayo [45:24] kaya [45:24] nga [45:24] po [45:25] talaga [45:25] ang [45:26] kailangan [45:26] po [45:26] namin [45:27] mailagay [45:28] sa [45:28] batas [45:28] yung [45:29] powers [45:29] namin [45:30] to [45:30] be [45:30] able [45:31] to [45:31] intervene [45:31] during [45:32] extraordinary [45:32] times [45:33] kasi [45:34] pag [45:34] regular [45:35] times [45:35] naman po [45:36] happy [45:36] pero [45:38] tama lang [45:39] yung [45:39] namomonitor [45:40] namin [45:41] pero [45:41] together [45:42] with [45:43] the [45:43] unbanding [45:44] mas [45:44] makikita [45:45] namin [45:45] yung [45:46] mga [45:47] components [45:48] kung [45:48] tama [45:48] ba [45:48] yung [45:49] pag [45:49] iimpose [45:49] nila [45:50] Mr. [45:50] Chair [45:50] so [45:51] this [45:52] is [45:52] really [45:52] a [45:52] necessary [45:53] amendment [45:54] to [45:55] the [45:55] oil [45:55] deregulation [45:56] the [45:56] power [45:57] of [45:57] the [45:58] government [45:59] to [45:59] intervene [46:00] during [46:01] extraordinary [46:03] times [46:04] and [46:06] also [46:06] for us [46:07] to be [46:07] able [46:07] to [46:08] get [46:08] the [46:08] information [46:09] we [46:09] need [46:09] to [46:10] be [46:10] able [46:10] to [46:11] impose [46:12] the [46:12] prescribed [46:13] allowable [46:14] ranges [46:14] of [46:14] increases [46:15] and [46:15] decreases [46:15] Mr. [46:16] Chair [46:16] so [46:16] it's [46:20] not [46:20] true [46:21] that [46:21] we [46:21] are [46:21] not [46:22] monitoring [46:23] the [46:23] pump [46:24] prices [46:24] if [46:24] you [46:24] look [46:25] at [46:25] the [46:25] latest [46:26] prices [46:27] of [46:27] diesel [46:28] based [46:30] on [46:30] the [46:30] monitoring [46:30] there [46:30] is [46:31] a [46:31] range [46:31] between [46:31] 80 [46:32] to [46:32] almost [46:33] 97 [46:33] in fact [46:34] nagpagasulin [46:34] ako [46:35] nasa [46:35] 87.3 [46:36] yung [46:37] napuntahan [46:37] kong [46:37] gasoline [46:38] stations [46:39] even [46:39] lower [46:39] than [46:40] the [46:40] highest [46:40] which [46:40] around [46:40] 97 [46:41] but [46:42] if [46:42] you [46:42] look [46:42] at [46:42] the [46:43] unbundled [46:44] and [46:44] this [46:44] is [46:45] really [46:45] taken [46:45] out [46:46] from [46:46] the [46:46] actual [46:47] notifications [46:47] of [46:48] the [46:48] importations [46:49] including [46:49] mean [46:50] of [46:50] plat [46:50] Singapore [46:51] if [46:51] you [46:52] look [46:52] at [46:52] the [46:52] landed [46:52] cost [46:53] it's [46:53] already [46:53] at [46:53] 66.74 [46:55] talagang [46:56] it's [46:57] because [46:57] of the [46:58] peso [46:58] dollar [46:58] exchange [46:59] rate [46:59] kasama [47:00] na [47:00] yan [47:00] if you [47:01] look at [47:01] the [47:01] peso [47:01] exchange [47:02] rate [47:03] nandyan [47:03] na [47:03] 62.74 [47:04] so [47:05] kasama [47:06] na [47:06] yan [47:06] at [47:07] pag [47:07] nilagyan [47:08] pa [47:08] yan [47:09] ng [47:09] almost [47:09] 17 [47:10] pesos [47:10] mga [47:11] 16 [47:11] pesos [47:11] na [47:11] taxes [47:12] that [47:13] will [47:13] really [47:14] go [47:14] as [47:14] high [47:15] even [47:16] without [47:16] we have [47:17] still [47:17] a [47:17] coco [47:18] metal [47:18] component [47:19] which is [47:19] around [47:19] 3 [47:20] more than [47:21] a little [47:21] bit [47:21] more [47:21] than [47:21] 3 [47:22] pesos [47:22] ang [47:23] industry [47:23] nila [47:24] is [47:24] doon [47:25] na [47:25] nga [47:25] sa [47:25] 80 [47:25] na [47:26] namon [47:26] monitor [47:26] namin [47:27] di [47:27] na nga [47:27] namin [47:27] maintindihan [47:28] kung [47:28] paano [47:28] pa [47:28] siya [47:29] nagpa [47:29] profit [47:29] doon [47:30] kasi [47:30] sa [47:30] tingin [47:31] namin [47:31] negative [47:31] na [47:32] nga [47:32] ang [47:32] industry [47:32] take [47:33] pero [47:33] at [47:34] least [47:34] doon [47:34] sa [47:34] 87 [47:35] to [47:35] 96 [47:36] may [47:36] profit [47:37] pang [47:37] konti [47:37] pero [47:37] that's [47:38] it's [47:39] a [47:39] 10 [47:39] peso [47:40] profit [47:41] industry [47:41] take [47:42] which is [47:42] ang [47:42] component [47:43] ng [47:43] industry [47:44] take [47:44] is [47:45] the [47:45] recovery [47:46] for [47:46] all [47:46] operating [47:47] cost [47:48] and [47:48] profit [47:48] margin [47:49] so [47:50] dito [47:50] unbundled [47:51] na [47:51] ho yan [47:52] ito [47:52] lang [47:53] industry [47:53] take [47:53] kasi [47:54] ito [47:54] this [47:55] is [47:55] very [47:55] unique [47:56] to [47:56] each [47:56] company [47:57] so [47:58] nilamp [47:59] namin [47:59] siya [47:59] it's [48:00] like [48:00] the [48:00] what [48:01] you [48:01] are [48:01] this [48:02] unbundling [48:03] is [48:03] almost [48:03] the [48:04] same [48:04] as [48:05] the [48:05] bill [48:06] of [48:06] electricity [48:07] bill [48:07] it's [48:10] really [48:11] hard [48:11] to [48:11] say [48:12] na [48:12] gusto [48:13] namin [48:13] bumaba [48:13] ng [48:14] 60 [48:14] peso [48:14] ang [48:15] diesel [48:16] pump [48:16] price [48:16] landed [48:17] cost [48:17] pa lang [48:17] nasa [48:18] 66 [48:18] na [48:19] because [48:20] of [48:20] those [48:21] factors [48:23] that are [48:23] beyond [48:24] our [48:24] control [48:24] yung [48:25] presyo [48:26] ng [48:26] diesel [48:26] yung [48:26] premium [48:27] yung [48:27] freight [48:28] yung [48:28] insurance [48:29] exchange [48:30] rate [48:30] before [48:31] pa siya [48:31] maging [48:31] landed [48:32] cost [48:32] so [48:32] that's [48:33] a very [48:33] good [48:33] point [48:34] attorney [48:35] rino [48:35] but [48:35] let me [48:36] ask [48:36] you [48:36] this [48:37] question [48:37] bakit [48:39] pag [48:39] tumaas [48:40] sa [48:40] international [48:41] market [48:42] today [48:43] bukas [48:44] tataas [48:45] na tayo [48:45] the [48:45] question [48:46] now [48:46] is [48:46] are [48:46] oil [48:47] companies [48:47] allowed [48:47] to [48:48] increase [48:48] pump [48:49] prices [48:49] based [48:50] on the [48:50] higher [48:50] replacement [48:51] cost [48:51] of [48:51] fuel [48:52] even [48:53] when [48:53] the [48:53] petroleum [48:53] products [48:54] they [48:54] are [48:54] selling [48:55] were [48:56] acquired [48:57] at a [48:58] lower [48:58] price [48:59] itong [49:00] nasa [49:00] pump [49:00] natin [49:01] ngayon [49:01] dito [49:01] sa [49:01] gasolina [49:02] na [49:02] ito [49:02] in [49:03] import [49:03] ito [49:04] last [49:04] week [49:04] pa [49:04] katataas [49:06] lang [49:06] dito [49:06] ngayong [49:07] araw [49:07] bakit [49:08] itatapat [49:08] niya [49:09] na [49:09] ngayon [49:09] itataas [49:10] niya [49:11] na [49:11] ginagamit [49:12] niyo [49:12] pa [49:12] yung [49:12] mura [49:13] yun [49:13] po yung [49:14] question [49:14] natin [49:14] what is [49:15] the [49:15] general [49:15] practice [49:16] here [49:16] that [49:18] that's [49:18] what we [49:18] need [49:18] to [49:18] answer [49:19] to [49:19] this [49:19] people [49:19] sir [49:20] wala [49:21] in fact [49:22] formula [49:23] na [49:23] binigay [49:23] in fact [49:24] wala [49:24] ding [49:25] utos [49:25] na [49:25] cross [49:26] match [49:26] mo [49:26] yung [49:27] price [49:27] versus [49:28] this [49:28] is [49:28] the [49:29] reason [49:29] why [49:29] nakakapagtaas [49:30] po [49:30] sila [49:31] kahit [49:31] na [49:31] hindi [49:31] pa [49:32] po [49:33] ka-announce [49:35] lang [49:36] sa Dubai [49:36] o kung [49:37] saan [49:37] maya [49:37] sa [49:38] Singapore [49:38] plots [49:39] etc [49:39] etataas [49:41] na [49:41] po [49:41] agad [49:41] tayo [49:42] bukas [49:42] yun [49:42] po [49:43] yung [49:43] hindi [49:43] maintindihan [49:43] ng [49:44] mga [49:44] kababayan [49:44] natin [49:45] na [49:45] matik [49:46] ba [49:46] ito [49:46] na [49:47] dahil [49:47] tumaas [49:47] tataas [49:48] na [49:48] rin [49:48] tayo [49:49] that [49:49] is [49:49] the [49:49] question [49:50] sir [49:50] we [49:50] have [49:50] to [49:50] answer [49:51] kayo [49:51] dyan [49:52] sa [49:52] oil [49:53] industry [49:54] management [49:54] how do [49:55] you [49:55] explain [49:55] that [49:55] to [49:55] ordinary [49:56] driver [49:57] na [49:57] katataas [49:58] lang [49:58] kababasa [49:59] ko [49:59] sa [49:59] dyaryo [50:00] tataas [50:01] bukas [50:01] bukas [50:02] tataas [50:02] na [50:02] kaagad [50:03] tayo [50:03] dito [50:03] eh [50:03] yung [50:04] ginagamit [50:04] nila [50:04] Sen [50:05] Erwin [50:06] last [50:06] week [50:06] pa [50:06] ito [50:07] dumating [50:14] So this [50:24] is one [50:25] of the [50:25] benefits [50:25] that [50:26] oil [50:26] deregulation [50:27] gave [50:27] them [50:27] but [50:28] on [50:28] vice [50:28] versa [50:29] for [50:29] example [50:29] now [50:30] in [50:31] the [50:32] first [50:32] three [50:32] weeks [50:33] of [50:33] October [50:34] pumalo [50:35] ang [50:36] sunod-sunod [50:37] operation [50:39] outcast [50:39] ng [50:40] US [50:40] sanction [50:41] yun [50:41] nag [50:42] declare [50:43] sila [50:43] ng [50:44] problema [50:45] sa [50:45] Red [50:46] Sea [50:46] namili [50:47] sila [50:47] and then [50:48] biglang [50:48] nag [50:49] announce [50:49] ng [50:50] si [50:50] president [50:51] this [50:51] week [50:52] lang [50:52] na [50:52] kukuha [50:53] siya [50:53] sa [50:53] Russia [50:54] ng [50:54] supply [50:56] ng [50:56] diesel [50:57] at [50:57] the [50:57] same [50:57] time [50:58] nag [50:58] declare [50:58] din [50:58] si [50:59] Saudi [50:59] Arabia [50:59] na [50:59] nakabalik [51:00] na yung [51:00] almost [51:01] 40 to [51:01] 50% [51:02] ng [51:02] kanyang [51:03] Red [51:03] Sea [51:03] problem [51:04] so [51:05] ngayon [51:05] nakabili [51:05] sila [51:05] in the [51:06] past [51:06] three [51:06] weeks [51:06] in [51:07] the [51:07] same [51:07] manner [51:07] bumababaho [51:08] in [51:08] fact [51:08] we [51:09] will [51:09] be [51:09] expecting [51:09] a [51:10] rollback [51:10] again [51:10] next [51:11] week [51:11] ganon [51:12] din [51:12] ang [51:12] problema [51:12] nila [51:13] Mr. [51:13] Cher [51:13] nabili [51:14] nila [51:15] ng [51:15] mataas [51:15] binibenta [51:16] but [51:17] because [51:17] of the [51:18] way [51:19] the [51:19] law [51:20] is [51:20] tasking [51:22] the [51:22] DOE [51:23] that [51:23] you [51:23] have [51:23] to [51:23] monitor [51:24] the [51:24] movement [51:25] of [51:26] the [51:26] international [51:26] price [51:27] ang [51:28] movement [51:28] po [51:28] nito [51:29] is [51:29] daily [51:30] hindi [51:31] ho [51:31] kami [51:31] pwedeng [51:31] mamili [51:32] ng [51:32] araw [51:32] kaya [51:33] kinukuha [51:34] talaga [51:35] namin [51:35] yung [51:35] week [51:36] on [51:36] week [51:36] before [51:37] it [51:37] was [51:37] month [51:37] on [51:38] month [51:38] but [51:38] the [51:39] computation [51:40] which is [51:41] not [51:41] imposed [51:41] it [51:42] is [51:42] only [51:42] this [51:42] is [51:43] not [51:43] imposed [51:44] but [51:44] this [51:44] is [51:45] well [51:45] lately [51:45] nag-impose [51:46] tayo [51:46] nung [51:47] weekly [51:47] adjustment [51:48] because [51:48] the [51:48] EO110 [51:49] but [51:49] for the [51:50] longest [51:50] time [51:51] wala [51:51] hong [51:51] ini-impose [51:52] ini-estimate [51:53] lang [51:53] ho [51:53] natin [51:54] to [51:54] just [51:55] get [51:55] the [51:55] idea [51:56] that [51:56] the [51:57] price [51:57] is [51:58] within [51:59] the [51:59] range [51:59] pero [52:00] to [52:00] impose [52:01] hindi [52:01] ho [52:01] natin [52:02] na-impose [52:02] except [52:02] lang [52:02] nitong [52:03] the [52:03] past [52:04] EO110 [52:04] from [52:05] April [52:06] in-impose [52:07] na [52:07] ho [52:07] namin [52:07] weekly [52:08] sa [52:08] kanila [52:08] yung [52:08] adjustment [52:09] but [52:09] the [52:10] law [52:10] says [52:11] i-monitor [52:13] mo [52:13] ang [52:13] movement [52:13] and [52:14] then [52:14] that [52:14] should [52:14] reflect [52:15] the [52:15] fairness [52:16] kung [52:16] ano [52:16] din [52:17] ang [52:17] epekto [52:17] sa [52:18] domestic [52:18] pump [52:18] price [52:19] that [52:20] at least [52:21] is [52:21] the [52:21] limitation [52:22] at [52:22] the [52:23] most [52:23] na [52:23] pwedeng [52:24] gawin [52:24] ng [52:24] DOE [52:25] kasi [52:25] hindi [52:25] namin [52:26] maidictate [52:27] at [52:27] that [52:27] time [52:28] ngayon [52:28] nagdictate [52:28] lang [52:29] ho [52:29] kami [52:29] so [52:29] ito [52:31] ang [52:31] nangyari [52:31] for [52:32] example [52:32] iakyat [52:33] lang [52:33] sa [52:34] page [52:39] itong [52:39] nangyari [52:40] this [52:40] week [52:40] can [52:41] we [52:42] go [52:42] to [52:42] page [52:43] 3 [52:44] ito [52:45] because [52:46] we [52:46] were [52:47] given [52:47] the [52:47] power [52:48] to [52:48] mandate [52:49] nakita [52:50] namin [52:51] sa [52:51] page [52:51] so [52:53] this [52:53] is [52:54] why [52:54] there's [52:54] a [52:54] 3.01 [52:56] peso [52:56] discount [52:57] rollback [53:00] for [53:00] this [53:00] week [53:01] yan [53:01] ho [53:01] ang [53:01] basis [53:02] bumaba [53:02] ho [53:03] talaga [53:03] yung [53:03] diesel [53:04] lahat [53:05] bumaba [53:05] premium [53:06] freight [53:07] insurance [53:08] actually [53:08] ang [53:09] nag [53:09] increase [53:09] lang [53:09] dyan [53:10] yung [53:10] exchange [53:11] rate [53:11] and [53:11] if [53:13] you [53:14] look [53:14] at [53:14] the [53:14] computation [53:15] mr. [53:15] chair [53:15] wala [53:16] hong [53:16] ibang [53:16] cost [53:17] component [53:18] yan [53:18] just [53:19] to [53:19] assure [53:19] the [53:19] public [53:20] it's [53:21] really [53:21] cost [53:21] related [53:22] it's [53:22] not [53:23] even [53:23] related [53:25] to [53:25] operation [53:26] expense [53:27] profit [53:27] margin [53:28] ito [53:30] ho [53:30] ang [53:30] naging [53:30] epekto [53:30] ng [53:31] mandate [53:31] we [53:32] assure [53:33] the [53:33] public [53:33] that [53:34] they [53:35] will [53:35] only [53:35] fill [53:36] the [53:36] adjustment [53:36] on a [53:37] weekly [53:37] basis [53:37] according [53:38] to [53:38] the [53:39] what [53:39] factors [53:40] changes [53:41] week [53:41] on [53:41] week [53:42] so if [53:42] you [53:43] look [53:43] at [53:43] that [53:43] yan [53:44] lang [53:44] ang [53:44] nangyayari [53:46] ngayon [53:46] sa oil [53:47] company [53:47] and for [53:47] the longest [53:48] time [53:48] since [53:49] April [53:49] so [53:50] hindi [53:51] ho [53:51] namin [53:51] masabi [53:52] kasi [53:52] before [53:53] this [53:53] may [53:53] increase [53:54] nangyayari [53:54] ng [53:54] 10 [53:55] pesos [53:55] we [53:55] computed [53:56] the [53:56] same [53:56] way [53:57] kaya [53:57] lang [53:58] hindi [53:58] ho [53:58] ma-avoid [53:59] yung [53:59] 10 [53:59] peso [53:59] na yun [54:00] na [54:00] increase [54:00] before [54:01] kasi [54:01] this [54:02] is [54:02] how [54:02] you [54:02] monitor [54:03] the [54:03] movement [54:04] attorney [54:05] this [54:06] is [54:06] the [54:07] reason [54:07] why [54:07] i [54:08] was [54:08] asking [54:08] you [54:08] the [54:08] question [54:09] kanina [54:09] you're [54:11] you're [54:11] listening [54:15] to what [54:16] i'm [54:16] saying [54:16] but [54:16] you're [54:16] not [54:17] hearing [54:17] it [54:17] properly [54:18] sir [54:18] my [54:19] question [54:20] po [54:20] natin [54:20] is [54:21] very [54:21] simple [54:22] di po [54:22] ba [54:22] wala [54:23] po [54:23] problema [54:24] yay [54:24] palakpakan [54:25] tayo [54:25] maraming [54:26] salamat [54:26] po [54:27] sa mga [54:27] oil [54:27] companies [54:28] sa mga [54:28] rollback [54:28] na [54:29] ito [54:29] pero [54:29] ilang [54:30] beses [54:30] tayo [54:30] tumaas [54:31] justifiable [54:32] po ba [54:33] yung [54:33] increase [54:34] that's [54:34] my [54:34] question [54:35] here [54:35] how [54:38] does [54:38] the [54:38] government [54:39] determine [54:39] whether [54:40] this [54:41] is a [54:41] legitimate [54:42] inventory [54:42] kasi [54:43] yung [54:44] not [54:44] responsive [54:45] po [54:45] yung [54:45] sagot [54:45] ninyo [54:46] yung [54:47] pricing [54:47] practice [54:48] or [54:48] unjustified [54:49] windfall [54:49] yung [54:50] sinasabi [54:51] yun [54:51] natin [54:51] na [54:51] tataas [54:52] po [54:52] sila [54:53] sige [54:53] sabihin [54:53] na [54:53] natin [54:54] take [54:54] into [54:54] effect [54:54] dollar [54:55] nilagay [54:56] nyo [54:56] po [54:56] dyan [54:57] wala [54:57] tayong [54:57] question [54:58] dyan [54:58] talo [54:59] tayo [54:59] dyan [54:59] talaga [54:59] may [55:00] mataas [55:01] po [55:01] yung [55:02] dolyar [55:03] yun [55:03] ang [55:03] ginagamit [55:04] natin [55:04] pero [55:04] yung [55:04] question [55:05] ko [55:06] sir [55:06] was [55:06] are you [55:10] what [55:10] you're [55:10] saying [55:11] telling me [55:11] you can't [55:12] do [55:12] anything [55:12] na [55:13] pag [55:15] may [55:15] increase [55:16] po [55:16] sa [55:16] overseas [55:17] i-announce [55:19] price [55:19] increase [55:19] sa mga [55:20] media [55:20] price [55:21] increase [55:21] magpag-gasilin [55:22] na [55:22] kaya [55:22] ang haba [55:23] ng [55:23] mga [55:23] pila [55:23] sa [55:24] gasilin [55:24] mamayang [55:24] gabi [55:25] kasi [55:25] effective [55:25] 6am [55:26] dahil [55:27] sinabi [55:27] sa [55:27] Dubai [55:28] o [55:28] sinabi [55:28] Singapore [55:28] o [55:29] sinabi [55:29] sa [55:32] umabot [55:32] na [55:32] sa [55:32] over [55:33] 100 [55:34] per [55:34] barrel [55:35] na [55:35] gano'n [55:36] kaya [55:36] may [55:36] price [55:36] increase [55:37] tayo [55:37] bukas [55:37] ang [55:38] question [55:38] naman [55:39] po [55:39] doon [55:39] yusek [55:40] rio [55:40] at [55:41] rino [55:41] bakit [55:42] gano'n [55:43] bakit [55:43] tataas [55:43] tayo [55:44] bigla [55:44] why [55:45] i [55:46] want [55:46] a [55:47] clear [55:48] answer [55:49] yusek [55:49] bakit [55:50] tayo [55:50] kailangan [55:51] tumaas [55:51] ka-announce [55:52] lang [55:52] kahapon [55:53] eh [55:54] yung [55:54] kanyang [55:55] cost [55:55] when they [55:56] purchase [55:57] that [55:57] hindi [55:57] pa [55:58] gano'n [55:58] kataas [55:59] so [55:59] dapat [55:59] antayin [56:00] na [56:00] maubos [56:00] yun [56:01] then [56:01] tsaka [56:01] siya [56:02] magtaas [56:02] di po [56:03] ba [56:03] actually [56:04] Mr. [56:04] Chair [56:04] ang [56:06] explanation [56:07] po [56:08] namin [56:08] dyan [56:08] is [56:09] while [56:09] pag [56:10] increase [56:10] nakakapag [56:11] increase [56:12] nakaagad [56:13] sila [56:13] pag [56:14] nag [56:14] decrease [56:14] miski [56:15] nabili [56:15] nila [56:15] ng [56:16] mahal [56:16] kailangan [56:17] din [56:17] nilang [56:17] i-decrease [56:18] so [56:19] para [56:19] talagang [56:20] ang [56:20] ginawa [56:20] na [56:20] natin [56:21] is [56:22] wala [56:23] na [56:23] kaming [56:23] pakialam [56:24] kung [56:24] ma [56:24] kano [56:25] nyo [56:25] yan [56:25] procure [56:26] basta [56:27] dapat [56:28] ganito [56:29] yung [56:29] i-decrease [56:30] nyan [56:30] because [56:30] based [56:31] on [56:31] the [56:31] market [56:31] ganito [56:32] yung [56:32] dinecrease [56:33] nyan [56:33] or [56:33] based [56:34] on [56:34] the [56:34] market [56:35] ganito [56:35] yung [56:35] increase [56:36] kasi [56:36] po [56:36] yung [56:37] parang [56:38] okay [56:38] then [56:38] let me [56:39] cut you [56:39] there [56:39] ma'am [56:40] kasi [56:40] ako [56:40] nagpapagasolina [56:41] din [56:42] i'll give [56:43] you an [56:43] example [56:43] tataas [56:44] po [56:45] yung [56:45] gasolina [56:45] o [56:45] tataas [56:46] yung [56:46] diesel [56:46] na [56:47] limang [56:47] piso [56:47] kada [56:47] sabihin [56:48] natin [56:48] tatlong [56:49] piso [56:49] okay [56:50] in [56:51] announce [56:51] sa world [56:51] market [56:52] bukas [56:53] tataas [56:53] na [56:53] sasabihin [56:53] ng [56:54] mga [56:54] companies [56:54] okay [56:55] so [56:57] tuwa [56:57] siya [56:58] and then [56:59] may [56:59] yung [57:00] pagkabili [57:01] niya [57:01] sa [57:01] yung [57:02] kinarga [57:03] ko [57:03] sakyang [57:03] ko [57:04] mura [57:05] pa [57:05] po [57:05] yun [57:06] and [57:07] then [57:07] nagkaroon [57:07] ng [57:07] rollback [57:08] nagrollback [57:10] po [57:10] yung [57:10] sa world [57:11] market [57:11] so [57:12] kailangan [57:12] niya [57:12] magrollback [57:12] anong [57:13] talo [57:13] niya [57:14] roon [57:14] e [57:15] nag-increase [57:15] siya [57:15] mura [57:16] yung [57:16] pagkabili [57:16] niya [57:16] bigla [57:17] magro [57:18] rollback [57:18] yung [57:18] international [57:19] market [57:20] mura [57:20] pa rin [57:21] naman [57:21] lugi [57:22] ba [57:22] siya [57:22] doon [57:22] no [57:22] because [57:23] hindi [57:24] natural [57:25] yung [57:26] increase [57:26] dahil [57:27] mura [57:27] yung [57:28] pagkabili [57:28] niya [57:28] mabuti [57:29] san [57:29] kung [57:29] affected [57:30] na [57:30] siya [57:30] doon [57:30] sabihin [57:31] natin [57:31] may rollback [57:31] after [57:32] five days [57:32] yeah [57:33] palakpakan [57:34] tayo [57:34] yeah [57:34] nagrollback [57:35] pero [57:35] hindi [57:36] natin [57:36] naisip [57:37] na mura [57:38] pa [57:38] yung [57:38] pagkabili [57:38] niya [57:39] nagtaas [57:40] siya [57:40] ng [57:40] tatlong [57:40] piso [57:41] sa [57:41] computation [57:41] niya [57:42] nagrollback [57:43] siya [57:43] bumalik [57:44] lang [57:44] sa dati [57:45] eh [57:45] mura pa rin [57:46] naman [57:46] ang pagkabili [57:47] niya [57:47] noon [57:47] that's my [57:48] question [57:49] yun ang [57:49] question [57:50] din po [57:50] ng mga [57:50] driver [57:51] natin [57:51] hindi ka [57:52] muna [57:52] parang [57:52] niloloko [57:53] tayo [57:53] eh [57:54] binili [57:54] niya [57:54] mura [57:55] nagrollback [57:56] siya [57:56] sinasabi [57:56] mo [57:57] nagrollback [57:57] naman [57:57] siya [57:58] it doesn't [57:58] matter [57:58] eh [57:59] yung [57:59] pagkabili [58:03] niya [58:03] sa gasolina [58:04] niya [58:04] mura [58:05] pa [58:06] lang [58:06] naman [58:06] eh [58:06] nagtaas [58:07] siya [58:07] ng [58:07] tatlong [58:07] piso [58:08] kahit [58:08] nagtaas [58:08] siya [58:09] may profit [58:09] pa rin [58:10] siya [58:10] irollback [58:11] siya [58:11] bumalik [58:11] lang siya [58:12] doon [58:12] mabuti [58:13] sana [58:13] kung [58:13] umabot [58:14] na isang [58:15] taon [58:15] bago [58:16] nagrollback [58:16] eh [58:16] talo [58:17] na siya [58:17] doon [58:17] pero [58:17] kung [58:18] hindi [58:18] rin [58:19] naman [58:19] are you [58:20] getting [58:20] my [58:20] point [58:20] ma'am [58:21] Mr. Chair [58:21] ang ano [58:22] lang [58:22] kasi [58:22] natin [58:23] ngayon [58:23] Mr. Chair [58:24] is really [58:24] just as [58:26] they are [58:27] just as [58:29] that they [58:30] can [58:30] increase [58:31] their [58:31] prices [58:32] even [58:32] for [58:33] gasoline [58:34] or [58:34] petroleum [58:35] products [58:35] na nabili [58:36] nila [58:36] ng mura [58:36] pag [58:37] bumaba [58:38] naman [58:38] yung [58:38] market [58:39] at [58:40] nabilin [58:40] nila [58:40] yun [58:41] ng [58:41] mahal [58:42] ibababa [58:43] rin [58:43] natin [58:44] parang [58:44] parang [58:45] hindi [58:45] na [58:46] lugi [58:48] sila [58:48] kikita [58:50] sila [58:50] kapag [58:50] nabili [58:51] nila [58:51] tapos [58:52] binenta [58:52] nila [58:53] ng [58:53] mahal [58:54] binila [58:55] ng mura [58:55] tapos [58:56] binenta [58:56] nila [58:56] ng [58:56] mahal [58:57] kita [58:57] sila [58:57] doon [58:57] pero [58:58] pag [58:58] nakabili [58:59] sila [58:59] ng [58:59] mas [59:00] mahal [59:00] tapos [59:00] nag-declare [59:02] tayo [59:02] based [59:03] on [59:03] the [59:03] world [59:03] market [59:04] na [59:04] dapat [59:04] bumaba [59:05] bababain [59:07] nila [59:07] miski [59:08] yung [59:08] petroleum [59:09] products [59:10] na [59:10] nabili [59:10] nila [59:10] ng [59:11] mahal [59:11] pag [59:11] sinabi [59:12] ng DOE [59:12] based [59:13] on [59:13] market [59:13] na [59:14] dapat [59:14] bumabayan [59:15] ibababa [59:16] din [59:16] nila [59:17] it's the [59:18] case [59:19] USEC [59:20] din [59:20] may [59:21] tendency [59:21] po [59:22] na [59:22] mag-hoard [59:22] ng [59:23] supply [59:23] hanggang [59:24] sa [59:24] tumaas [59:25] ang presyo [59:25] ulit [59:26] kasi [59:26] nga [59:27] po [59:27] sinasabi [59:27] ninyo [59:28] na [59:28] murang [59:30] pagkabili [59:30] so [59:31] talagang [59:32] we're [59:32] at the [59:32] mercy [59:33] the [59:33] department [59:34] of [59:34] energy [59:34] the [59:34] oil [59:35] industry [59:35] the [59:35] government [59:36] is at [59:36] the [59:36] mercy [59:37] of [59:37] the [59:37] companies [59:38] hindi [59:38] ka naman [59:38] sinasabi [59:39] na [59:39] masama [59:39] po [59:40] sila [59:40] but [59:40] my [59:40] point [59:41] is [59:41] siguro [59:42] yung [59:42] protection [59:43] ng [59:44] consumer [59:45] we [59:45] also [59:46] always [59:46] have to [59:47] look at [59:47] the [59:47] consumer [59:48] tama [59:48] naman [59:48] yun [59:49] negosyo [59:50] nila [59:50] yun [59:50] hindi [59:51] naman [59:51] natin [59:51] pwedeng [59:52] kundra [59:52] at [59:52] papatayin [59:53] natin [59:53] baka [59:53] wala [59:53] na [59:53] tayong [59:54] mabiling [59:54] mga [59:55] langis [59:55] sa [59:56] gasolinahan [59:56] natin [59:57] pero [59:57] siguro [59:58] naman [59:58] po [59:58] yung [59:59] tama [59:59] lang [1:00:06] used [1:00:06] before [1:00:07] sa [1:00:07] mga [1:00:07] committee [1:00:07] years [1:00:08] let us [1:00:08] moderate [1:00:09] our [1:00:09] greed [1:00:10] let's [1:00:11] moderate [1:00:12] our [1:00:12] greed [1:00:12] you're [1:00:13] correct [1:00:13] right [1:00:14] now [1:00:15] everybody's [1:00:15] suffering [1:00:16] can we [1:00:17] help [1:00:17] each other [1:00:18] out [1:00:18] you see [1:00:20] your [1:00:20] neighbors [1:00:20] suffering [1:00:21] can't [1:00:21] you [1:00:21] you just [1:00:22] have to [1:00:22] close [1:00:23] your [1:00:23] eyes [1:00:23] and [1:00:23] look [1:00:24] around [1:00:24] turn [1:00:24] around [1:00:25] without [1:00:26] giving [1:00:26] a [1:00:26] hand [1:00:26] i [1:00:27] need [1:00:27] a [1:00:27] hand [1:00:28] neighbor [1:00:28] that's [1:00:31] why [1:00:31] we have [1:00:32] to be [1:00:32] able [1:00:32] to [1:00:33] regulate [1:00:33] also [1:00:34] the [1:00:34] hoarding [1:00:35] and [1:00:35] it's [1:00:36] part [1:00:36] of [1:00:36] our [1:00:36] proposed [1:00:37] amendments [1:00:37] na [1:00:38] meron [1:00:38] tayong [1:00:39] tinatawag [1:00:40] na [1:00:41] prima [1:00:41] facie [1:00:42] evidence [1:00:42] na may [1:00:42] hoarding [1:00:43] and [1:00:43] therefore [1:00:43] the [1:00:44] government [1:00:44] should [1:00:44] be able [1:00:45] to [1:00:45] intervene [1:00:46] so [1:00:46] meron [1:00:47] din po [1:00:47] tayong [1:00:47] ganung [1:00:48] provision [1:00:48] dun [1:00:48] sa [1:00:49] ano [1:00:49] na [1:00:49] dapat [1:00:49] makita [1:00:51] natin [1:00:51] kung [1:00:51] may [1:00:51] unjustified [1:00:53] hoarding [1:00:54] or [1:00:54] hoarding [1:00:55] by itself [1:00:55] na [1:00:56] parang [1:00:56] may [1:00:57] supply [1:00:58] pa [1:00:58] sila [1:00:58] pero [1:00:59] hindi [1:00:59] nila [1:00:59] binibenta [1:01:00] kasi [1:01:00] pataas [1:01:01] siya [1:01:01] next [1:01:02] week [1:01:02] then [1:01:03] the [1:01:03] government [1:01:03] can [1:01:04] intervene [1:01:04] tindahan [1:01:06] ko [1:01:07] yung [1:01:07] sinasabi [1:01:08] nyo [1:01:08] na [1:01:08] kahit [1:01:12] na [1:01:12] mataas [1:01:13] bilin [1:01:13] nila [1:01:13] pinapababa [1:01:15] nyo [1:01:15] due to [1:01:15] the [1:01:16] world [1:01:16] market [1:01:16] tapos [1:01:17] hopefully [1:01:17] end of [1:01:18] the year [1:01:18] magbalanse [1:01:19] na lang [1:01:19] yan [1:01:19] diba [1:01:20] so [1:01:21] ganyan [1:01:21] yung [1:01:21] concept [1:01:22] my [1:01:22] first [1:01:23] question [1:01:23] is [1:01:23] natacheck [1:01:24] nyo [1:01:24] ba [1:01:24] kung [1:01:24] nagbababa [1:01:25] talaga [1:01:25] sila [1:01:26] ng [1:01:26] presyo [1:01:26] do [1:01:27] you [1:01:28] have [1:01:28] I [1:01:29] know [1:01:29] during [1:01:30] the [1:01:30] declaration [1:01:31] ng [1:01:32] state [1:01:32] of [1:01:32] energy [1:01:33] emergency [1:01:34] iniimpose [1:01:35] nyo [1:01:35] yan [1:01:35] nakikita [1:01:36] ko [1:01:36] yan [1:01:36] merong [1:01:38] press [1:01:39] releases [1:01:39] press [1:01:40] cons [1:01:40] but [1:01:41] natatrack [1:01:42] down [1:01:42] nyo [1:01:42] ba [1:01:42] kung [1:01:43] bumababa [1:01:43] ba [1:01:44] sumusunod [1:01:44] ba [1:01:44] yung [1:01:45] oil [1:01:45] companies [1:01:45] can [1:01:46] you [1:01:46] give [1:01:46] me [1:01:46] an [1:01:47] answer [1:01:47] Mr. [1:01:48] Chair [1:01:48] unang [1:01:50] required [1:01:52] pa rin [1:01:52] sila [1:01:52] mag [1:01:52] notify [1:01:53] at [1:01:54] pangalawa [1:01:55] meron [1:01:56] kaming [1:01:56] tuloy-tuloy [1:01:57] na [1:01:57] inspection [1:01:57] though [1:01:58] admittedly [1:01:58] when you [1:01:58] talk about [1:01:59] 18,000 [1:02:00] gasoline [1:02:00] stations [1:02:01] hindi mo [1:02:02] naman [1:02:02] mapuntahan [1:02:03] yun [1:02:03] so [1:02:04] ang [1:02:04] ginagawa [1:02:04] namin [1:02:05] talaga [1:02:05] is [1:02:05] nagra [1:02:06] random [1:02:06] checking [1:02:07] and [1:02:08] true enough [1:02:08] yung [1:02:09] kadamihan [1:02:10] sa kanila [1:02:11] well [1:02:11] ang [1:02:11] problema [1:02:12] namin [1:02:12] na [1:02:12] encounter [1:02:13] with [1:02:13] independence [1:02:14] kasi [1:02:15] bumibili [1:02:15] lang [1:02:15] sa [1:02:16] majors [1:02:16] medyo [1:02:18] mataas [1:02:19] ang [1:02:19] kanilang [1:02:21] kadamihan [1:02:22] sa [1:02:22] reason [1:02:22] nila [1:02:23] at [1:02:23] nag-a-tat [1:02:23] sila [1:02:24] ng [1:02:24] official [1:02:25] receipt [1:02:25] sa [1:02:26] sales [1:02:26] invoice [1:02:27] talagang [1:02:28] mas [1:02:28] mataas [1:02:29] kumpara [1:02:29] dun [1:02:29] sa [1:02:29] mga [1:02:29] branded [1:02:30] pero [1:02:30] most [1:02:31] of [1:02:31] the [1:02:31] branded [1:02:31] nakasunod [1:02:32] dun [1:02:33] sa [1:02:33] ating [1:02:34] mandated [1:02:34] price [1:02:35] adjustment [1:02:35] so [1:02:35] what [1:02:36] you call [1:02:36] that [1:02:36] price [1:02:37] adjustment [1:02:37] minamandato [1:02:39] gaya [1:02:39] nito [1:02:39] mandated [1:02:40] price [1:02:41] ang [1:02:41] official [1:02:42] term [1:02:42] mandated [1:02:43] oil [1:02:45] price [1:02:45] with [1:02:46] the [1:02:46] E0110 [1:02:47] ngayon [1:02:47] and then [1:02:48] pag [1:02:48] meron kayong [1:02:50] study [1:02:50] na [1:02:50] sumusunod [1:02:51] sila [1:02:52] based [1:02:53] doon [1:02:53] sa [1:02:54] suggested [1:02:55] retail [1:02:55] price [1:02:55] yan [1:02:56] but [1:02:56] in [1:02:57] this [1:02:57] case [1:02:57] it's [1:02:57] not [1:02:57] suggested [1:02:58] it's [1:02:58] mandated [1:02:58] it's [1:02:59] mandated [1:03:00] so [1:03:01] minamandato [1:03:02] talaga [1:03:02] ito [1:03:03] every [1:03:03] week [1:03:03] so [1:03:04] meron [1:03:04] tayong [1:03:05] palaging [1:03:06] inspection [1:03:06] na ginagawa [1:03:07] although [1:03:07] it could [1:03:08] cover [1:03:08] only like [1:03:08] 30 [1:03:09] gasoline [1:03:09] stations [1:03:10] in one [1:03:10] week [1:03:11] to 50 [1:03:11] gasoline [1:03:11] stations [1:03:12] because [1:03:12] of the [1:03:13] limitation [1:03:13] also [1:03:13] nung [1:03:14] panahon [1:03:15] at saka [1:03:15] ng tao [1:03:15] but [1:03:16] at least [1:03:17] for those [1:03:18] specimen [1:03:20] majority [1:03:22] sumusunod [1:03:23] sa [1:03:23] majors [1:03:24] ang [1:03:25] problema [1:03:25] namin [1:03:26] na hindi [1:03:26] naman [1:03:26] din namin [1:03:27] ma-penalize [1:03:28] kasi [1:03:28] nag-attach [1:03:29] talaga [1:03:29] ng [1:03:29] resibo [1:03:30] yung [1:03:30] mga [1:03:30] independents [1:03:31] kasi [1:03:31] bumibili [1:03:31] lang din [1:03:32] sa [1:03:32] majors [1:03:32] na [1:03:33] medyo [1:03:33] may [1:03:33] kataasan [1:03:34] ng [1:03:34] price [1:03:34] nila [1:03:34] kaya [1:03:35] hindi [1:03:35] na nila [1:03:36] maabot [1:03:36] yung [1:03:36] level [1:03:37] na [1:03:37] gusto [1:03:38] natin [1:03:38] na [1:03:38] pump [1:03:39] price [1:03:39] sabi [1:03:39] niya [1:03:40] itataas [1:03:40] namin [1:03:40] kasi [1:03:40] ito [1:03:41] nga [1:03:41] nang [1:03:41] resibo [1:03:41] namin [1:03:42] bilil [1:03:42] lang [1:03:42] namin [1:03:42] medyo [1:03:43] mataas [1:03:44] na [1:03:44] which [1:03:45] is [1:03:45] again [1:03:46] a [1:03:47] feature [1:03:47] a unique [1:03:48] and [1:03:49] a real [1:03:50] feature [1:03:50] of [1:03:51] the [1:03:51] deregulated [1:03:52] regime [1:03:52] so [1:03:53] hindi [1:03:54] mo [1:03:54] siya [1:03:54] in fact [1:03:55] ngayon [1:03:55] ang [1:03:55] amin [1:03:56] lang [1:03:56] pinagdibatihan [1:03:57] nito [1:03:57] Mr. [1:03:58] Chair [1:03:58] nung [1:03:59] ano [1:04:00] extent [1:04:01] ng [1:04:01] ating [1:04:01] panghihimasok [1:04:03] kasi [1:04:04] the [1:04:04] pump [1:04:05] price [1:04:05] level [1:04:05] in [1:04:06] Buracay [1:04:06] compared [1:04:07] to [1:04:08] sa [1:04:08] ibang [1:04:09] lugar [1:04:09] will [1:04:10] never [1:04:10] be [1:04:11] the [1:04:11] same [1:04:11] so [1:04:12] ang [1:04:12] ginawa [1:04:12] namin [1:04:12] nilimit [1:04:13] namin [1:04:13] dun sa [1:04:14] weekly [1:04:14] adjustment [1:04:14] just [1:04:15] to [1:04:15] make [1:04:15] sure [1:04:16] na [1:04:16] ang [1:04:16] impose [1:04:17] ng [1:04:17] oil [1:04:17] company [1:04:18] must [1:04:18] only [1:04:19] those [1:04:19] factors [1:04:20] inputs [1:04:21] na [1:04:21] nagmove [1:04:22] hindi [1:04:23] na [1:04:23] namin [1:04:23] inalaw [1:04:24] yung [1:04:24] discretion [1:04:24] on [1:04:25] other [1:04:25] factors [1:04:26] kaya [1:04:26] na [1:04:27] maintain [1:04:27] yung [1:04:27] other [1:04:28] factors [1:04:28] like [1:04:28] MOE [1:04:29] nila [1:04:29] operation [1:04:30] profit [1:04:30] margin [1:04:33] next [1:04:33] question [1:04:33] is [1:04:34] pag [1:04:34] hindi [1:04:34] sila [1:04:35] sumunod [1:04:35] merong [1:04:36] penalties [1:04:36] anong [1:04:37] in-impose [1:04:39] yung [1:04:39] penalties [1:04:40] well [1:04:40] ang [1:04:41] batas [1:04:43] natin [1:04:43] kasi [1:04:43] 1998 [1:04:44] meron [1:04:45] monetary [1:04:46] penalty [1:04:47] plus [1:04:48] criminal [1:04:48] penalty [1:04:50] imprisonment [1:04:51] meron kayong [1:04:51] na-impose [1:04:52] Mr. Chair [1:04:53] kadamihan [1:04:54] na [1:04:54] na-shokos [1:04:55] right there [1:04:57] and then [1:04:57] binabalik [1:04:58] sinusunod nila [1:04:59] ang price [1:05:00] so pag [1:05:01] may shokos [1:05:01] sinusunod nila [1:05:02] kaagad [1:05:03] kasi [1:05:03] pag [1:05:04] na-inspection [1:05:05] ka [1:05:06] direction [1:05:06] issue [1:05:06] ng [1:05:07] shokos [1:05:07] balik [1:05:08] na [1:05:09] kagad [1:05:09] nila [1:05:09] yung [1:05:09] price [1:05:09] sinusunod [1:05:10] na [1:05:10] lang [1:05:10] nila [1:05:10] yung [1:05:11] DOA [1:05:11] the reason [1:05:12] why I'm [1:05:12] asking [1:05:12] is [1:05:13] again [1:05:14] ang [1:05:16] concept [1:05:17] kasi [1:05:17] natin [1:05:17] dito [1:05:18] is [1:05:18] full [1:05:18] deregulation [1:05:19] meaning [1:05:20] laban-laban [1:05:21] bababa [1:05:22] ang presyo [1:05:22] ang gobyerno [1:05:23] hindi [1:05:23] maglalabas [1:05:24] ng [1:05:24] kapital [1:05:28] so [1:05:30] we leave it [1:05:30] to the [1:05:31] private [1:05:31] sector [1:05:31] but [1:05:32] yun na nga [1:05:33] pag [1:05:34] merong [1:05:34] mga [1:05:34] abnormal [1:05:35] situations [1:05:36] we also [1:05:38] need to [1:05:38] protect [1:05:39] our [1:05:39] consumers [1:05:40] we need [1:05:40] to make [1:05:41] sure [1:05:41] na [1:05:42] hindi [1:05:42] naaabuso [1:05:43] ang [1:05:44] abnormal [1:05:44] situation [1:05:45] dahil [1:05:45] sa mga [1:05:46] abnormal [1:05:46] situation [1:05:47] doon [1:05:47] talaga [1:05:48] nagkakaroon [1:05:48] ng [1:05:48] abuso [1:05:49] in [1:05:49] normal [1:05:49] situation [1:05:50] nahirap [1:05:50] yan [1:05:50] laban-laban [1:05:51] talaga [1:05:51] sila [1:05:52] pero [1:05:52] kung [1:05:52] merong [1:05:53] abnormal [1:05:53] situation [1:05:54] hindi [1:05:54] makadala [1:05:54] ng [1:05:55] supply [1:05:55] isang [1:05:56] kumpanya [1:05:56] lang [1:05:57] may [1:05:57] supply [1:05:57] doon [1:05:58] niya [1:05:58] pwedeng [1:05:58] tagain [1:05:59] talaga [1:05:59] yung [1:06:00] consumers [1:06:00] so [1:06:01] those [1:06:02] are the [1:06:03] things [1:06:03] that [1:06:03] we need [1:06:05] to protect [1:06:05] the [1:06:05] consumers [1:06:06] with [1:06:06] kaya yun [1:06:07] ang gusto [1:06:07] namin [1:06:07] malaman [1:06:08] gusto ko [1:06:08] maintindihan [1:06:09] din sa [1:06:10] DOE [1:06:10] is [1:06:11] ano [1:06:11] ba [1:06:11] naging [1:06:12] experience [1:06:13] natin [1:06:13] during [1:06:15] the [1:06:16] initial [1:06:17] or [1:06:17] the [1:06:18] first [1:06:19] few [1:06:19] months [1:06:19] of [1:06:20] the [1:06:20] Iran [1:06:20] conflict [1:06:21] doon [1:06:22] na [1:06:22] nagkaroon [1:06:22] tayo [1:06:23] ng [1:06:23] mataas [1:06:24] ng [1:06:24] presyo [1:06:25] ng [1:06:25] langis [1:06:26] ilan [1:06:27] lang [1:06:27] ang [1:06:27] pwede [1:06:28] magdala [1:06:28] ng [1:06:28] inventory [1:06:30] in fact [1:06:30] DOE [1:06:31] was also [1:06:31] actively [1:06:32] sourcing [1:06:32] ano [1:06:33] ba [1:06:33] naging [1:06:33] experience [1:06:34] ng [1:06:34] DOE [1:06:35] and [1:06:35] anong [1:06:36] suggestion [1:06:36] nyo [1:06:37] in [1:06:37] order [1:06:38] to [1:06:38] protect [1:06:38] our [1:06:39] consumers [1:06:39] from [1:06:40] those [1:06:41] type [1:06:41] of [1:06:41] situation [1:06:42] yun [1:06:42] ang [1:06:42] gusto [1:06:42] namin [1:06:43] malaman [1:06:43] because [1:06:43] we have [1:06:44] to learn [1:06:45] from this [1:06:45] issue [1:06:46] from this [1:06:47] situation [1:06:48] in fact [1:06:49] maraming [1:06:50] ng [1:06:50] situation [1:06:50] na [1:06:51] nangyari [1:06:51] in the [1:06:51] past [1:06:52] pero [1:06:52] ito [1:06:52] yung [1:06:52] pinakamahaba [1:06:53] at [1:06:54] mayroong [1:06:54] real [1:06:54] threat [1:06:55] of [1:06:55] supply [1:06:55] cut-offs [1:06:57] so [1:06:57] gusto [1:07:00] kong [1:07:00] malaman [1:07:00] sa DOE [1:07:01] ano ba [1:07:01] naging [1:07:01] experience [1:07:02] nyo [1:07:02] and [1:07:03] what [1:07:03] do [1:07:03] you [1:07:03] suggest [1:07:04] to [1:07:05] insert [1:07:05] into [1:07:05] the [1:07:06] law [1:07:06] with [1:07:07] the [1:07:07] end [1:07:07] goal [1:07:07] of [1:07:08] assuring [1:07:09] our [1:07:09] consumers [1:07:10] that [1:07:11] the [1:07:12] players [1:07:12] will [1:07:13] not [1:07:13] abuse [1:07:13] the [1:07:14] situation [1:07:14] Mr. [1:07:16] Chair [1:07:16] sa [1:07:17] supply [1:07:18] na lang [1:07:18] muna [1:07:18] kasi [1:07:18] ang [1:07:19] major [1:07:19] concerns [1:07:20] nung [1:07:20] nagka [1:07:20] problema [1:07:21] is [1:07:21] dalawa [1:07:21] in [1:07:23] anticipate [1:07:23] namin [1:07:23] we have [1:07:24] to [1:07:24] take [1:07:24] on [1:07:24] immediately [1:07:25] the [1:07:25] supply [1:07:26] concern [1:07:26] and [1:07:27] then [1:07:27] susundan [1:07:28] natin [1:07:28] yung [1:07:28] kaakibat [1:07:29] na [1:07:29] in-expect [1:07:29] natin [1:07:30] na [1:07:30] increases [1:07:31] in [1:07:31] price [1:07:31] so [1:07:31] dun [1:07:31] sa [1:07:32] supply [1:07:32] admittedly [1:07:33] the [1:07:34] minimum [1:07:35] inventory [1:07:35] requirement [1:07:36] now [1:07:36] of [1:07:36] 15 [1:07:37] days [1:07:37] and [1:07:38] for [1:07:38] liquid [1:07:38] fuels [1:07:39] except [1:07:40] LPG [1:07:41] at [1:07:41] 7 [1:07:41] days [1:07:42] nakakatakot [1:07:44] kasi [1:07:44] this is [1:07:45] the [1:07:45] commercial [1:07:46] side [1:07:47] ng [1:07:47] mga [1:07:48] oil [1:07:48] company [1:07:48] in [1:07:48] other [1:07:48] words [1:07:49] they have [1:07:49] to [1:07:49] take [1:07:49] on [1:07:50] the [1:07:50] daily [1:07:50] demand [1:07:51] of [1:07:51] the [1:07:51] country [1:07:51] hindi [1:07:52] hindi [1:07:52] sila [1:07:53] nakafocus [1:07:53] sa [1:07:53] security [1:07:54] ang [1:07:55] focus [1:07:55] nila [1:07:55] ay [1:07:56] supply [1:07:57] on a [1:07:58] daily [1:07:58] basis [1:07:59] and replenish [1:07:59] in a [1:08:01] weekly [1:08:01] basis [1:08:01] yung [1:08:02] gagamitin [1:08:03] natin [1:08:04] na [1:08:04] consumption [1:08:05] so [1:08:06] medyo [1:08:06] mababa [1:08:07] yun [1:08:08] kaya [1:08:08] nang [1:08:08] pre-posed [1:08:09] namin [1:08:09] Mr. [1:08:10] Chair [1:08:10] yung [1:08:10] SPR [1:08:11] may [1:08:12] counterpart [1:08:13] na [1:08:13] improvement [1:08:14] sa [1:08:14] MIR [1:08:15] which is [1:08:16] increasing [1:08:16] the 15 [1:08:17] to [1:08:17] 30 [1:08:18] days [1:08:18] and [1:08:19] for [1:08:19] all [1:08:20] liquid [1:08:20] fuels [1:08:21] except [1:08:21] LPG [1:08:22] increasing [1:08:22] LPG [1:08:23] from [1:08:24] 7 [1:08:24] days [1:08:24] to [1:08:25] 15 [1:08:26] days [1:08:26] kasi [1:08:28] nakita [1:08:29] rin [1:08:29] naman [1:08:30] natin [1:08:30] Mr. [1:08:30] Chair [1:08:30] na [1:08:31] ang [1:08:31] pinagagalingan [1:08:35] natin [1:08:35] dun [1:08:35] is [1:08:36] madoble [1:08:37] ho [1:08:37] natin [1:08:37] kasi [1:08:38] we [1:08:38] survive [1:08:39] even [1:08:39] at [1:08:39] 15 [1:08:40] minimum [1:08:40] inventory [1:08:40] requirement [1:08:41] but [1:08:41] when [1:08:42] we [1:08:42] notice [1:08:42] them [1:08:43] during [1:08:43] the [1:08:44] crisis [1:08:44] inakyat [1:08:46] nila [1:08:46] ng [1:08:46] kusa [1:08:46] even [1:08:48] at [1:08:48] the [1:08:48] level [1:08:49] of [1:08:49] averaging [1:08:50] at [1:08:50] 45 [1:08:51] days [1:08:51] so [1:08:52] sabi [1:08:52] namin [1:08:52] kung [1:08:53] if [1:08:53] this [1:08:53] is [1:08:53] the [1:08:54] case [1:08:54] kaya [1:08:55] kaya [1:08:55] na nila [1:08:55] talaga [1:08:56] i-maintain [1:08:56] yung [1:08:57] 30 [1:08:57] days [1:08:57] so [1:08:58] inakyat [1:08:59] na [1:08:59] natin [1:08:59] dun [1:08:59] sa [1:08:59] house [1:09:00] of [1:09:00] representative [1:09:00] yung [1:09:01] discussion [1:09:01] nito [1:09:02] at [1:09:02] fortunately [1:09:03] naipasa [1:09:03] dun [1:09:04] sa [1:09:04] committee [1:09:05] level [1:09:05] hopefully [1:09:07] may [1:09:07] konting [1:09:08] siguro [1:09:09] but [1:09:10] but [1:09:10] they [1:09:10] at least [1:09:11] nag-agree [1:09:11] na rin [1:09:12] na [1:09:12] 30 [1:09:13] to [1:09:13] 15 [1:09:14] days [1:09:14] that's [1:09:15] that's [1:09:15] that's [1:09:15] that's [1:09:15] the [1:09:15] component [1:09:16] to [1:09:16] commercial [1:09:16] volume [1:09:17] now [1:09:18] the [1:09:18] question [1:09:19] there's [1:09:19] still [1:09:19] a gap [1:09:20] so [1:09:21] who [1:09:21] will [1:09:21] take [1:09:21] on [1:09:21] the [1:09:22] security [1:09:23] volume [1:09:24] kasi [1:09:25] commercial [1:09:25] volume [1:09:26] talaga [1:09:26] sila [1:09:26] so [1:09:27] ang [1:09:28] security [1:09:28] volume [1:09:29] finally [1:09:30] will have [1:09:31] to be [1:09:32] institutionalized [1:09:33] through [1:09:33] an [1:09:34] SPR [1:09:34] so [1:09:35] dito [1:09:36] it [1:09:37] take [1:09:37] on [1:09:37] talaga [1:09:38] natin [1:09:38] yung [1:09:38] security [1:09:40] via [1:09:40] government [1:09:41] funded [1:09:42] program [1:09:43] kasi [1:09:43] hindi [1:09:44] nila [1:09:44] it [1:09:45] take [1:09:45] on [1:09:45] as [1:09:46] so [1:09:46] much [1:09:47] so [1:09:47] na [1:09:47] increase [1:09:47] mo [1:09:48] pa [1:09:48] yung [1:09:48] 30 [1:09:49] in [1:09:49] Japan [1:09:50] kasi [1:09:50] nasa [1:09:51] 50 [1:09:51] sila [1:09:51] eh [1:09:52] ang [1:09:52] private [1:09:53] sector [1:09:54] 40 [1:09:54] to [1:09:55] 50 [1:09:55] tayo [1:09:56] nasa [1:09:57] 30 [1:09:57] and [1:09:58] 15 [1:09:58] sa [1:09:59] LPG [1:09:59] but [1:10:00] in [1:10:00] to [1:10:02] have [1:10:02] 90 [1:10:03] days [1:10:03] ibig [1:10:04] sabihin [1:10:04] meron [1:10:05] kang [1:10:05] 60 [1:10:05] nahahanapin [1:10:06] na [1:10:07] counterpart [1:10:08] ng [1:10:08] government [1:10:09] so [1:10:09] yung [1:10:09] 60 [1:10:10] days [1:10:10] yun [1:10:10] ho [1:10:10] yung [1:10:10] aspiration [1:10:11] ng [1:10:12] government [1:10:13] funded [1:10:13] ang [1:10:13] tawag [1:10:14] strategic [1:10:15] petroleum [1:10:15] reserve [1:10:16] ang [1:10:16] pinakasimula [1:10:17] natin [1:10:17] dito [1:10:18] na [1:10:18] mangyari [1:10:18] is [1:10:19] maipasa [1:10:19] natin [1:10:20] yung [1:10:20] batas [1:10:20] para [1:10:21] meron [1:10:22] panggagalingan [1:10:23] yung [1:10:23] programa [1:10:23] ng [1:10:24] DOE [1:10:24] at [1:10:24] PNOC [1:10:25] kakibat [1:10:26] na [1:10:26] doon [1:10:27] yung [1:10:27] certainty [1:10:29] of [1:10:29] providing [1:10:30] funds [1:10:31] for [1:10:31] this [1:10:31] at [1:10:32] saka [1:10:32] yung [1:10:32] obligation [1:10:33] of [1:10:33] the [1:10:33] department [1:10:34] and [1:10:34] PNOC [1:10:35] to [1:10:35] deliver [1:10:36] kasi [1:10:36] na [1:10:37] isa [1:10:37] batas [1:10:38] talaga [1:10:38] siya [1:10:39] so [1:10:39] that [1:10:40] is [1:10:40] on [1:10:41] the [1:10:41] supply [1:10:41] at [1:10:42] the [1:10:42] same [1:10:42] time [1:10:42] Mr. [1:10:43] Chair [1:10:43] nakita [1:10:43] ho [1:10:43] namin [1:10:44] na [1:10:44] we [1:10:45] need [1:10:45] to [1:10:46] pursue [1:10:46] the [1:10:46] stockpiling [1:10:48] joint [1:10:48] stockpiling [1:10:49] among [1:10:49] ASEAN [1:10:50] because [1:10:50] for [1:10:51] example [1:10:51] Japan [1:10:52] Japan [1:10:52] is [1:10:53] already [1:10:54] ready [1:10:55] at [1:10:55] this [1:10:55] point [1:10:55] in [1:10:55] time [1:10:56] even [1:10:56] at [1:10:56] this [1:10:56] point [1:10:57] in [1:10:57] time [1:10:57] to [1:10:57] do [1:10:57] ticketing [1:10:58] yung [1:10:58] reservation [1:10:59] tickets [1:11:01] hindi mo [1:11:02] pabibilhin [1:11:02] bayad ka [1:11:03] lang ng [1:11:04] reservation [1:11:04] fee [1:11:05] but [1:11:05] when [1:11:05] you [1:11:06] trigger [1:11:06] the [1:11:06] purchase [1:11:08] allocated [1:11:09] sa [1:11:09] iyo [1:11:09] yung [1:11:09] volume [1:11:10] this [1:11:10] is [1:11:11] the [1:11:11] being [1:11:11] proposed [1:11:12] now [1:11:12] in [1:11:12] the [1:11:12] ASEAN [1:11:13] stockpiling [1:11:13] as [1:11:13] we [1:11:14] support [1:11:14] that [1:11:14] ang [1:11:15] problema [1:11:15] lang [1:11:15] ho [1:11:15] yung [1:11:16] implementation [1:11:18] guideline [1:11:18] which [1:11:19] is [1:11:19] what you [1:11:20] call [1:11:20] the [1:11:20] ASEAN [1:11:21] kasi [1:11:21] merong [1:11:22] APSA [1:11:22] na [1:11:22] kaya [1:11:23] lang [1:11:24] merong [1:11:24] implementing [1:11:25] guideline [1:11:25] na [1:11:25] tinatapos [1:11:26] and [1:11:26] we [1:11:26] have [1:11:27] to [1:11:27] go [1:11:28] through [1:11:28] the [1:11:28] process [1:11:29] and [1:11:29] consolidate [1:11:30] all the [1:11:31] comments [1:11:31] ng [1:11:31] ASEAN [1:11:32] so [1:11:32] nandun [1:11:32] na [1:11:32] tayo [1:11:33] sa [1:11:33] implementing [1:11:34] guidelines [1:11:35] and [1:11:35] we [1:11:35] hope [1:11:35] that [1:11:36] ASEAN [1:11:37] will [1:11:37] be [1:11:37] able [1:11:38] to [1:11:38] pass [1:11:39] this [1:11:39] so [1:11:39] we [1:11:40] can [1:11:40] participate [1:11:42] immediately [1:11:43] so [1:11:44] yan [1:11:44] ho [1:11:44] ang [1:11:45] angle [1:11:45] another [1:11:46] angle [1:11:46] yung [1:11:47] sinabi [1:11:47] po [1:11:47] ni [1:11:48] Mr. [1:11:48] Chair [1:11:48] na [1:11:48] we [1:11:49] will [1:11:49] start [1:11:50] inviting [1:11:51] Hubs [1:11:52] interesado [1:11:53] ang [1:11:53] the likes [1:11:54] of [1:11:54] Saudi [1:11:54] and [1:11:55] Adnok [1:11:56] at [1:11:57] kinausap [1:11:58] na [1:11:58] namin [1:11:58] Mr. [1:11:58] Chair [1:11:59] yung [1:11:59] dalawa [1:11:59] at [1:12:00] pag [1:12:01] ito [1:12:01] nailagay [1:12:02] natin [1:12:02] Mr. [1:12:02] Chair [1:12:03] this [1:12:03] will [1:12:03] be [1:12:03] self [1:12:03] sustainable [1:12:04] walang [1:12:05] gastos [1:12:06] ang [1:12:06] government [1:12:06] they [1:12:06] will [1:12:07] set [1:12:07] up [1:12:07] the [1:12:07] facility [1:12:08] they [1:12:08] will [1:12:08] set [1:12:09] up [1:12:09] the [1:12:09] product [1:12:09] they [1:12:10] will [1:12:11] use [1:12:11] it [1:12:11] as [1:12:11] a [1:12:11] commercial [1:12:12] product [1:12:12] so [1:12:13] it [1:12:13] will [1:12:13] become [1:12:13] a [1:12:14] business [1:12:14] business [1:12:16] a [1:12:17] commercial [1:12:18] business [1:12:18] for [1:12:20] for [1:12:20] that [1:12:20] facility [1:12:21] but [1:12:22] when crisis [1:12:23] hits [1:12:23] us [1:12:24] we'll [1:12:25] have [1:12:25] the [1:12:25] priority [1:12:25] access [1:12:26] dun [1:12:27] sa [1:12:27] product [1:12:27] na yun [1:12:28] which [1:12:29] seldom [1:12:29] happens [1:12:30] unfortunately [1:12:30] it does [1:12:31] not [1:12:31] happen [1:12:32] often [1:12:32] but [1:12:33] it [1:12:34] happens [1:12:34] so [1:12:35] pwedeng [1:12:35] isang [1:12:36] dekada [1:12:36] ulit [1:12:36] so [1:12:37] it's [1:12:38] a [1:12:38] good [1:12:38] model [1:12:38] kung may [1:12:39] yung [1:12:39] commercial [1:12:39] hub [1:12:39] kasi [1:12:40] hindi [1:12:40] tayo [1:12:40] gumagastos [1:12:41] in the [1:12:41] next [1:12:42] 10 [1:12:42] years [1:12:42] but [1:12:43] when [1:12:43] the [1:12:43] time [1:12:43] comes [1:12:44] may [1:12:44] isang [1:12:45] buwan [1:12:45] lang [1:12:45] tayong [1:12:45] magka [1:12:46] problema [1:12:46] makakakuha [1:12:47] tayo [1:12:47] so [1:12:48] these [1:12:48] are [1:12:48] really [1:12:49] the [1:12:49] three [1:12:49] may [1:12:49] sarili [1:12:50] tayo [1:12:50] may [1:12:51] commercial [1:12:52] hub [1:12:52] tayo [1:12:52] and [1:12:53] may [1:12:53] joint [1:12:54] tayo [1:12:55] ito [1:12:56] pa [1:12:56] ongoing [1:12:57] discussion [1:12:58] with [1:12:58] the [1:12:59] second [1:12:59] at [1:12:59] ongoing [1:13:00] among [1:13:01] ASEAN [1:13:01] member [1:13:01] countries [1:13:02] ang [1:13:02] discussion [1:13:02] with [1:13:02] the [1:13:03] third [1:13:03] so [1:13:03] ang [1:13:04] tinatapos [1:13:05] ngayon [1:13:05] na may [1:13:05] pangako [1:13:06] natin [1:13:06] na [1:13:06] magawa [1:13:07] with [1:13:07] PNOC [1:13:08] ay yung [1:13:08] atin [1:13:09] talaga [1:13:09] which [1:13:09] is [1:13:10] the [1:13:10] construction [1:13:11] of [1:13:11] our [1:13:11] own [1:13:12] storage [1:13:12] this [1:13:13] is [1:13:13] really [1:13:13] how [1:13:14] we [1:13:14] move [1:13:15] forward [1:13:15] how [1:13:16] long [1:13:16] will [1:13:16] it [1:13:16] take [1:13:16] PNOC [1:13:24] yung [1:13:25] reserves [1:13:28] nila [1:13:28] kailan [1:13:29] matatapos [1:13:30] ito [1:13:30] kailan [1:13:30] magkakalaman [1:13:31] para [1:13:31] sa kasakaling [1:13:32] lumalapa [1:13:33] itong [1:13:33] problema [1:13:34] natin [1:13:35] saan [1:13:35] natin [1:13:35] kukunin [1:13:36] yung [1:13:36] reserve [1:13:37] na yun [1:13:37] ng [1:13:37] PNOC [1:13:38] yes [1:13:39] attorney [1:13:40] Rolando [1:13:41] right [1:13:41] Mr. [1:13:42] Rolando [1:13:42] please [1:13:43] press [1:13:48] your mic [1:13:48] there [1:13:48] sir [1:13:49] the [1:13:51] PNOC [1:13:51] project [1:13:52] we are [1:13:52] going [1:13:52] we are [1:13:53] already [1:13:53] starting [1:13:54] with [1:13:54] the [1:13:54] land [1:13:54] development [1:13:55] we have [1:13:55] already [1:13:55] the [1:13:56] land [1:13:56] development [1:13:56] and [1:13:57] the [1:13:58] target [1:13:58] actually [1:13:59] Mr. [1:13:59] Chair [1:13:59] as stated [1:14:00] in the [1:14:01] earlier [1:14:01] hearing [1:14:01] is that [1:14:02] we will [1:14:02] be able [1:14:03] to [1:14:03] establish [1:14:04] the [1:14:05] government [1:14:06] owned [1:14:06] PNOC [1:14:07] owned [1:14:07] reserve [1:14:08] facilities [1:14:10] by [1:14:10] 2028 [1:14:11] for [1:14:11] 1 million [1:14:12] barrels [1:14:12] but [1:14:13] by [1:14:13] end [1:14:14] of [1:14:14] 2027 [1:14:15] we are [1:14:15] targeting [1:14:16] at least [1:14:16] one [1:14:16] of [1:14:17] this [1:14:17] it [1:14:18] is [1:14:18] composed [1:14:18] of [1:14:19] six [1:14:19] taxes [1:14:20] but [1:14:21] the [1:14:21] six [1:14:22] tanks [1:14:22] will [1:14:23] be [1:14:23] established [1:14:24] by [1:14:24] 2028 [1:14:25] but [1:14:25] by [1:14:25] 2027 [1:14:26] we already [1:14:27] have [1:14:27] the [1:14:28] initial [1:14:28] first [1:14:29] tank [1:14:29] how [1:14:30] will [1:14:31] this [1:14:31] help [1:14:31] sir [1:14:32] kunwari [1:14:32] may [1:14:32] crisis [1:14:33] ulit [1:14:33] naharang [1:14:35] na [1:14:35] naman [1:14:35] yung [1:14:35] mga [1:14:35] barko [1:14:36] na [1:14:36] mga [1:14:37] oil [1:14:40] companies [1:14:41] natin [1:14:42] sa [1:14:42] straight [1:14:42] of [1:14:42] Hormuz [1:14:43] Oman [1:14:44] paano [1:14:46] makatulong [1:14:47] ito [1:14:47] at [1:14:47] sino [1:14:48] magiging [1:14:48] priority [1:14:49] dito [1:14:49] public [1:14:50] transport [1:14:50] is it [1:14:51] it [1:14:52] will [1:14:53] be [1:14:53] decided [1:14:54] in [1:14:55] the [1:14:55] bill [1:14:56] pending [1:14:56] in [1:14:57] the [1:14:57] House [1:14:57] of [1:14:57] Representative [1:14:58] there [1:14:59] are [1:15:00] mechanisms [1:15:02] on [1:15:02] how [1:15:02] to [1:15:03] use [1:15:03] the [1:15:04] stock [1:15:04] file [1:15:05] that [1:15:05] will [1:15:05] be [1:15:06] established [1:15:06] by [1:15:07] the [1:15:07] government [1:15:07] but [1:15:08] for [1:15:09] the [1:15:09] PNOC [1:15:09] facility [1:15:10] sir [1:15:10] the [1:15:11] initial [1:15:12] project [1:15:13] is [1:15:13] only [1:15:14] the [1:15:14] facility [1:15:14] we [1:15:15] do [1:15:15] not [1:15:15] have [1:15:16] budget [1:15:16] we [1:15:17] only [1:15:17] ask [1:15:17] 8 [1:15:18] billion [1:15:18] for [1:15:18] these [1:15:18] facilities [1:15:19] we [1:15:19] do [1:15:20] not [1:15:20] have [1:15:20] budget [1:15:20] for [1:15:21] the [1:15:21] fuel [1:15:22] the [1:15:22] inventory [1:15:23] that [1:15:23] will [1:15:23] be [1:15:23] put [1:15:24] in [1:15:24] these [1:15:24] facilities [1:15:24] however [1:15:25] we [1:15:25] are [1:15:26] relying [1:15:26] on [1:15:27] discussions [1:15:29] with [1:15:30] the [1:15:30] international [1:15:31] corporations [1:15:33] like [1:15:33] the [1:15:34] Aramco [1:15:34] and [1:15:34] the [1:15:35] other [1:15:36] oil [1:15:36] companies [1:15:37] to [1:15:37] put [1:15:38] their [1:15:38] supply [1:15:39] in [1:15:40] these [1:15:40] facilities [1:15:41] that [1:15:41] will [1:15:42] be [1:15:42] put [1:15:42] by [1:15:42] PNOC [1:15:43] but [1:15:44] regardless [1:15:44] of [1:15:44] whether [1:15:45] they [1:15:45] put [1:15:45] their [1:15:46] supply [1:15:46] in [1:15:46] the [1:15:47] government [1:15:48] facility [1:15:48] the [1:15:49] government [1:15:49] will [1:15:50] put [1:15:53] our [1:15:53] own [1:15:54] fuel [1:15:56] in [1:15:56] this [1:15:57] facility [1:15:57] in [1:15:57] the [1:15:57] future [1:15:58] and [1:15:59] this [1:15:59] will [1:15:59] be [1:15:59] facilitated [1:16:01] if [1:16:01] the [1:16:01] bill [1:16:01] pending [1:16:02] in [1:16:02] the [1:16:02] Senate [1:16:03] and [1:16:03] in [1:16:03] the [1:16:04] lower [1:16:04] house [1:16:04] will [1:16:05] be [1:16:05] passed [1:16:06] Mr. [1:16:06] Chair [1:16:06] Libre [1:16:07] po ba [1:16:08] ito [1:16:08] o may [1:16:08] discount [1:16:09] kung [1:16:09] kukunari [1:16:10] magkahirapan [1:16:12] tayo [1:16:12] papano [1:16:13] ito [1:16:13] ang [1:16:13] pagpinag-uusapan [1:16:15] dito [1:16:15] may [1:16:16] diskwento [1:16:16] po ba [1:16:17] o ito [1:16:17] subsidized [1:16:18] ng [1:16:18] gobyerno [1:16:19] para [1:16:19] ipamigay [1:16:20] sa [1:16:20] mga [1:16:20] public [1:16:21] transport [1:16:22] natin [1:16:22] It [1:16:24] will [1:16:24] be [1:16:24] decided [1:16:24] later [1:16:25] but [1:16:25] initially [1:16:27] the [1:16:28] plan [1:16:28] is [1:16:28] that [1:16:28] the [1:16:29] government [1:16:30] supply [1:16:30] should [1:16:30] not [1:16:31] distort [1:16:31] the [1:16:32] market [1:16:32] right [1:16:34] thank [1:16:35] you [1:16:35] go ahead [1:16:36] Mr. [1:16:37] Chairman [1:16:37] two [1:16:38] things [1:16:38] lang [1:16:38] dito [1:16:39] sa [1:16:39] sinabi [1:16:40] ni [1:16:40] Director [1:16:42] Reno [1:16:42] number [1:16:43] one [1:16:43] is [1:16:43] yung [1:16:44] inyong [1:16:48] proposal [1:16:48] is [1:16:49] for [1:16:50] pag [1:16:50] refined [1:16:50] fuel [1:16:51] tataasan [1:16:51] from [1:16:52] 15 [1:16:52] days [1:16:52] to [1:16:52] 30 [1:16:53] days [1:16:53] a [1:16:54] mandatory [1:16:54] inventory [1:16:55] so [1:16:56] we'll [1:16:56] hear [1:16:56] the [1:16:56] players [1:16:57] ko [1:16:58] nung [1:16:58] reaction [1:16:58] I'm [1:16:58] sure [1:16:58] may [1:16:59] reaction [1:16:59] dyan [1:16:59] dahil [1:17:00] dagdag [1:17:01] inventory [1:17:01] dag [1:17:02] holding [1:17:02] cost [1:17:02] yan [1:17:03] diba [1:17:03] so [1:17:04] we'll [1:17:05] listen [1:17:05] to [1:17:05] them [1:17:06] and [1:17:06] then [1:17:06] for [1:17:07] LPG [1:17:07] from [1:17:08] 7 [1:17:08] days [1:17:08] to [1:17:09] 15 [1:17:09] days [1:17:09] so [1:17:10] that's [1:17:10] good [1:17:10] ngayon [1:17:11] ang isa [1:17:12] sa mga [1:17:12] proposals [1:17:13] natin [1:17:14] dito [1:17:15] sa [1:17:15] committee [1:17:15] is [1:17:16] the [1:17:16] unbundling [1:17:17] and [1:17:18] I know [1:17:19] that's a [1:17:19] very [1:17:19] sensitive [1:17:20] topic [1:17:20] sa mga [1:17:21] oil [1:17:22] players [1:17:22] dahil [1:17:22] may [1:17:23] mga [1:17:23] trade [1:17:23] secrets [1:17:24] sila [1:17:24] ayaw [1:17:25] nalang [1:17:25] makita [1:17:26] yung [1:17:26] iba [1:17:26] iba [1:17:27] yung [1:17:27] magkano [1:17:27] binibili [1:17:28] nilang [1:17:28] presyo [1:17:29] ng [1:17:30] petrolyo [1:17:30] baka [1:17:30] si [1:17:31] petron [1:17:31] mas [1:17:31] mura [1:17:32] compared [1:17:32] kay [1:17:33] shell [1:17:33] that's [1:17:35] the [1:17:35] essence [1:17:36] of [1:17:36] the [1:17:36] regulated [1:17:37] market [1:17:37] but [1:17:38] during [1:17:40] abnormal [1:17:41] situations [1:17:42] or [1:17:42] may [1:17:43] aberration [1:17:43] in [1:17:44] the [1:17:44] supply [1:17:44] dito [1:17:45] tayo [1:17:45] nagkakaroon [1:17:46] ng [1:17:46] problema [1:17:47] because [1:17:48] hindi [1:17:48] pantay [1:17:48] pantay [1:17:49] rin [1:17:49] yung [1:17:49] kanilang [1:17:49] capability [1:17:50] in [1:17:51] terms [1:17:52] of [1:17:52] procuring [1:17:52] oil [1:17:53] and [1:17:54] that [1:17:54] will [1:17:54] translate [1:17:55] or [1:17:55] redound [1:17:56] to [1:17:56] consumer [1:17:57] pricing [1:17:58] so [1:17:58] yung [1:17:59] unbundling [1:18:00] what is [1:18:03] your [1:18:03] position [1:18:03] on [1:18:04] that [1:18:04] what [1:18:06] is [1:18:06] and [1:18:07] how [1:18:07] do [1:18:07] we [1:18:08] at [1:18:09] what [1:18:09] level [1:18:10] yung [1:18:11] pag [1:18:11] unbundle [1:18:12] natin [1:18:12] and [1:18:12] how [1:18:12] do [1:18:12] we [1:18:13] assure [1:18:13] the [1:18:14] players [1:18:15] that [1:18:15] the [1:18:15] unbundling [1:18:16] will [1:18:17] be [1:18:18] kept [1:18:18] in [1:18:18] utmost [1:18:20] confidentiality [1:18:21] because [1:18:22] yung [1:18:22] unbundling [1:18:23] I do [1:18:24] agree [1:18:25] dahil [1:18:25] kanya-kanyang [1:18:26] discarte yan [1:18:27] pagbili [1:18:28] paglinagay mo yan [1:18:30] pinalam mo [1:18:31] sa lahat [1:18:31] then [1:18:32] unfair [1:18:33] naman [1:18:33] at [1:18:34] magkakaroon [1:18:35] sila [1:18:35] ng [1:18:35] problema [1:18:36] pagdating [1:18:36] sa [1:18:36] kausap [1:18:37] nilang [1:18:37] supplier [1:18:38] so [1:18:38] the [1:18:40] concept [1:18:40] of [1:18:40] unbundling [1:18:41] I want [1:18:41] to know [1:18:41] the [1:18:42] position [1:18:42] of [1:18:42] DOE [1:18:43] to [1:18:44] what [1:18:44] extent [1:18:44] the [1:18:45] unbundling [1:18:45] and [1:18:46] also [1:18:46] the [1:18:46] confidentiality [1:18:47] aspects [1:18:48] Mr. [1:18:50] Chair [1:18:50] on [1:18:51] the [1:18:51] price [1:18:52] unbundling [1:18:52] of [1:18:53] price [1:18:53] ang [1:18:54] relevant [1:18:55] to [1:18:55] talaga [1:18:55] na [1:18:56] dapat [1:18:56] alamin [1:18:57] at [1:18:57] alam [1:18:57] ma [1:18:58] na [1:18:58] tinitingnan [1:19:00] namin [1:19:00] na [1:19:00] kailangan [1:19:01] malaman [1:19:02] ng [1:19:02] tao [1:19:02] or [1:19:03] ng [1:19:03] stakeholders [1:19:04] una [1:19:06] yung [1:19:07] adjustment [1:19:08] dapat [1:19:10] ma-unbundle [1:19:10] yun [1:19:11] pangalawa [1:19:12] at some [1:19:13] point [1:19:13] there has [1:19:14] also [1:19:15] to be [1:19:15] an [1:19:16] unbundling [1:19:17] of the [1:19:18] pump [1:19:18] price [1:19:18] kasi [1:19:19] kasi [1:19:19] ang [1:19:19] nangyayari [1:19:20] isa [1:19:20] dalawang [1:19:21] aspeto [1:19:21] na [1:19:21] to [1:19:22] magkakaiba [1:19:23] ang [1:19:23] mga [1:19:24] adjustments [1:19:24] na [1:19:24] ginagawa [1:19:25] ng [1:19:25] oil [1:19:25] company [1:19:25] so [1:19:26] if [1:19:26] you [1:19:26] want [1:19:26] to [1:19:27] understand [1:19:27] each [1:19:28] in [1:19:29] imposed [1:19:29] adjustment [1:19:30] kailangan [1:19:31] ma-unbundle [1:19:31] yun [1:19:32] at the [1:19:32] same [1:19:32] magkakaiba [1:19:33] din [1:19:33] ang [1:19:34] pump [1:19:34] price [1:19:34] so [1:19:35] kailangan [1:19:35] din [1:19:36] ma-unbundle [1:19:36] yun [1:19:36] I [1:19:36] think [1:19:37] that [1:19:37] two [1:19:37] must [1:19:38] come [1:19:39] hand [1:19:39] in [1:19:39] hand [1:19:40] ang [1:19:40] problema [1:19:41] dito [1:19:42] which [1:19:42] is [1:19:43] really [1:19:44] a [1:19:44] question [1:19:44] of [1:19:45] how [1:19:45] the [1:19:46] oil [1:19:46] companies [1:19:46] will [1:19:46] be [1:19:47] able [1:19:47] to [1:19:47] deliver [1:19:47] kasi [1:19:48] you [1:19:48] would [1:19:48] imagine [1:19:49] unbundling [1:19:50] Tawi-Tawi [1:19:51] Sambuanga [1:19:52] Dabao [1:19:53] going [1:19:54] down [1:19:55] to [1:19:55] Batanis [1:19:56] because [1:19:57] you [1:19:57] will [1:19:58] never [1:19:58] expect [1:19:58] a price [1:20:00] in [1:20:00] Tawi-Tawi [1:20:00] will [1:20:01] be [1:20:01] the [1:20:01] same [1:20:01] price [1:20:02] most [1:20:02] important [1:20:02] factor [1:20:03] director [1:20:04] is [1:20:04] the [1:20:04] purchase [1:20:05] price [1:20:05] yung [1:20:07] components [1:20:08] downstream [1:20:09] madali [1:20:09] na yan [1:20:09] kaya [1:20:11] mo [1:20:11] na [1:20:11] makalculate [1:20:13] from [1:20:14] pag [1:20:14] bumagsak [1:20:15] sa [1:20:15] Maynila [1:20:15] dadalin [1:20:16] sa Tawi-Tawi [1:20:16] magkano [1:20:17] yan [1:20:17] magkano [1:20:19] ang benta [1:20:19] nila [1:20:19] from [1:20:19] port [1:20:20] of [1:20:20] Tawi-Tawi [1:20:21] all the way [1:20:21] to the [1:20:22] gas station [1:20:22] magkano [1:20:23] pero yung [1:20:23] purchase [1:20:24] price [1:20:24] yun [1:20:24] ang [1:20:24] pinaka [1:20:25] importante [1:20:26] kasi [1:20:27] kung [1:20:27] mahal [1:20:28] na [1:20:28] bilim mo [1:20:28] mahal [1:20:29] na [1:20:29] yung [1:20:29] pasa [1:20:29] mo [1:20:30] kaya [1:20:33] nga [1:20:33] tantanong [1:20:33] ko [1:20:34] to [1:20:34] what [1:20:34] extent [1:20:35] the [1:20:35] unbundling [1:20:36] if [1:20:36] I [1:20:37] support [1:20:37] unbundling [1:20:38] that's [1:20:39] the only [1:20:39] way [1:20:39] we [1:20:39] will [1:20:39] have [1:20:40] eyes [1:20:40] in [1:20:42] the [1:20:44] pricing [1:20:44] of [1:20:44] oil [1:20:45] and [1:20:46] the [1:20:46] difference [1:20:46] between [1:20:47] us [1:20:47] and [1:20:47] Southeast [1:20:47] Asia [1:20:48] lahat [1:20:49] ng [1:20:49] oil [1:20:50] companies [1:20:50] government [1:20:51] owned [1:20:51] may [1:20:52] visibility [1:20:53] sila [1:20:54] sa presyo [1:20:55] dito [1:20:55] lang [1:20:55] sa [1:20:56] Pilipinas [1:20:56] ang [1:20:56] hindi [1:20:57] government [1:20:57] oil [1:20:57] owned [1:20:58] ang [1:20:58] petroleum [1:20:59] company [1:21:00] wala [1:21:00] silang [1:21:00] visibility [1:21:01] you have [1:21:02] PTT [1:21:03] you have [1:21:03] Petronas [1:21:04] you have [1:21:05] in [1:21:05] Singapore [1:21:06] lahat [1:21:07] government [1:21:08] owned [1:21:08] tayo [1:21:09] lang [1:21:09] ang [1:21:09] purely [1:21:09] private [1:21:10] kaya [1:21:10] bulag [1:21:11] si [1:21:11] gobyerno [1:21:11] hindi [1:21:12] lang [1:21:12] inutil [1:21:13] bulag [1:21:13] pa [1:21:13] so [1:21:14] that's [1:21:15] why [1:21:16] we're [1:21:17] talking [1:21:17] about [1:21:17] this [1:21:17] so [1:21:18] that [1:21:18] we [1:21:18] will [1:21:18] give [1:21:18] visibility [1:21:19] to [1:21:19] government [1:21:20] and also [1:21:21] powers [1:21:21] to the [1:21:21] government [1:21:22] but [1:21:22] ang tanong ko [1:21:23] is up to what extent [1:21:24] Mr. Chair [1:21:26] kasi [1:21:26] napakasimple [1:21:27] ang component [1:21:28] if you look [1:21:31] at kaninang [1:21:31] present [1:21:31] it's really [1:21:32] the [1:21:33] i-discuss [1:21:38] ko lang [1:21:38] muna [1:21:38] kung [1:21:38] i-flash [1:21:39] yung [1:21:39] kaninang [1:21:40] unbundling [1:21:42] comsec [1:21:43] yung [1:21:43] unbundling [1:21:44] maganda yung [1:21:47] finlash [1:21:47] ni [1:21:48] Director [1:21:50] Reno [1:21:50] kanina [1:21:51] yung [1:21:53] gas [1:21:54] gasoline [1:21:55] or diesel [1:21:55] this is [1:21:58] unbundling [1:21:59] basically [1:21:59] this is [1:21:59] basically [1:22:00] now [1:22:00] unbundling [1:22:01] ginagawa na [1:22:02] ho namin [1:22:02] to Mr. Chair [1:22:02] for the [1:22:03] for the [1:22:04] longest time [1:22:05] so [1:22:05] hindi [1:22:05] ho [1:22:06] talaga [1:22:07] nakikita [1:22:07] ho [1:22:07] talaga [1:22:08] natin [1:22:08] ang hindi [1:22:09] lang [1:22:09] ho [1:22:09] natin [1:22:10] maidictate [1:22:10] nga [1:22:10] lang [1:22:11] ito [1:22:12] Mr. Chair [1:22:13] if you [1:22:13] look at [1:22:14] this is [1:22:14] the [1:22:14] adjustment [1:22:15] this is [1:22:17] the [1:22:17] adjustment [1:22:18] I think [1:22:18] on page [1:22:20] can you [1:22:21] go to [1:22:21] page 5 [1:22:22] the latest [1:22:27] na lang po [1:22:28] kasi [1:22:28] itong [1:22:30] nasa baba [1:22:30] Mr. Chair [1:22:32] if you [1:22:32] look at [1:22:33] the [1:22:33] component [1:22:34] of the [1:22:34] import [1:22:35] cost [1:22:35] the [1:22:36] total [1:22:36] landed [1:22:36] cost [1:22:37] yan ho [1:22:38] talaga [1:22:39] yan [1:22:39] the FOB [1:22:40] is per [1:22:42] oil [1:22:43] company [1:22:44] yan [1:22:44] ngayon [1:22:45] kasi [1:22:45] Mr. Chair [1:22:46] talagang [1:22:47] ginamit [1:22:48] namin [1:22:48] ang maps [1:22:48] kasi [1:22:49] if we [1:22:50] nanotice [1:22:51] ho namin [1:22:51] na [1:22:52] nung [1:22:52] 39 [1:22:53] namin [1:22:53] silang [1:22:54] pasubmitin [1:22:55] ang range [1:22:56] ng adjustment [1:22:57] na gusto [1:22:57] nila [1:22:57] goes as [1:22:58] high as [1:22:58] 13 [1:22:59] peso [1:22:59] per [1:22:59] liter [1:23:00] which is [1:23:01] hindi [1:23:02] talaga [1:23:03] tinanggap [1:23:04] ni [1:23:04] Secretary [1:23:05] hindi [1:23:06] pwede [1:23:06] yan [1:23:06] so [1:23:07] we'd [1:23:08] rather [1:23:08] go [1:23:08] for [1:23:09] the [1:23:09] price [1:23:09] discovery [1:23:10] na [1:23:11] independent [1:23:13] which is [1:23:14] the [1:23:14] mean [1:23:14] of [1:23:14] flat [1:23:15] Singapore [1:23:15] so [1:23:15] inuha [1:23:16] na [1:23:16] namin [1:23:17] ito [1:23:17] and [1:23:17] these [1:23:17] are [1:23:17] really [1:23:18] the [1:23:18] component [1:23:18] lang [1:23:19] hindi [1:23:19] unbundling [1:23:20] yun [1:23:21] well [1:23:21] kasi [1:23:22] we [1:23:23] will [1:23:24] nang [1:23:24] minand [1:23:24] unbundling [1:23:25] nung [1:23:25] presyo [1:23:26] ng oil [1:23:26] companies [1:23:27] hindi [1:23:28] unbundling [1:23:30] ng maps [1:23:30] alam [1:23:31] ko yung [1:23:31] sinasabi [1:23:32] mo [1:23:32] hindi [1:23:32] hindi [1:23:32] yun [1:23:33] yung [1:23:34] minandate [1:23:35] namin [1:23:35] Mr. [1:23:35] Chair [1:23:36] kami [1:23:37] na [1:23:37] lang [1:23:37] ang [1:23:37] nag [1:23:38] unbundling [1:23:38] using [1:23:39] maps [1:23:39] as [1:23:39] base [1:23:40] but [1:23:40] hindi [1:23:41] yun [1:23:41] naman [1:23:41] impresyo [1:23:41] na [1:23:42] bilin [1:23:42] nila [1:23:42] yung [1:23:43] FOB [1:23:45] kasi [1:23:45] yun [1:23:45] again [1:23:46] the range [1:23:47] ng [1:23:47] kanila [1:23:47] Mr. [1:23:48] Chair [1:23:48] for [1:23:49] purchases [1:23:50] I know [1:23:51] sensitive [1:23:52] topic [1:23:52] yan [1:23:53] sa kanila [1:23:53] I know [1:23:54] that [1:23:54] but [1:23:55] I'm [1:23:55] just [1:23:55] saying [1:23:56] that's [1:23:56] why [1:23:56] I'm [1:23:56] asking [1:23:57] the [1:23:57] opinion [1:23:57] of [1:23:57] DOE [1:23:58] is [1:23:59] do we [1:23:59] require [1:23:59] them [1:23:59] under [1:24:00] the [1:24:00] law [1:24:00] or [1:24:00] is [1:24:01] that [1:24:04] negative [1:24:05] impact [1:24:05] on [1:24:06] the [1:24:07] competitiveness [1:24:08] of [1:24:09] the [1:24:09] oil [1:24:10] players [1:24:10] For [1:24:11] transparency [1:24:12] Mr. [1:24:12] Chair [1:24:12] maganda [1:24:13] sa amin [1:24:14] ang [1:24:14] issue [1:24:15] is [1:24:16] how [1:24:16] would [1:24:17] they [1:24:18] be [1:24:18] able [1:24:18] to [1:24:19] really [1:24:19] comply [1:24:20] on [1:24:20] a [1:24:23] scale [1:24:23] that [1:24:23] will [1:24:24] go [1:24:25] from [1:24:26] Tawi-Tawi [1:24:27] to [1:24:27] Batanis [1:24:28] kasi [1:24:29] for example [1:24:30] the delivery [1:24:30] of products [1:24:31] in Dabao [1:24:32] will be [1:24:32] different [1:24:33] the deliveries [1:24:34] in Manila [1:24:35] in Cebu [1:24:36] so [1:24:37] mag [1:24:38] iiba-iba [1:24:39] yan [1:24:39] even [1:24:39] the [1:24:40] freight [1:24:40] cost [1:24:40] No [1:24:41] no [1:24:41] no [1:24:41] purchase [1:24:42] price [1:24:43] lang [1:24:43] muna [1:24:43] wag [1:24:43] mo [1:24:43] muna [1:24:44] tayo [1:24:44] doon [1:24:44] sa [1:24:45] retail [1:24:45] in [1:24:45] purchase [1:24:46] kasi [1:24:46] kung [1:24:46] mahal [1:24:46] ang [1:24:46] bilim mo [1:24:47] mahal [1:24:48] na yung [1:24:48] retail [1:24:48] yung [1:24:49] imported [1:24:50] So [1:24:52] do we [1:24:52] require [1:24:53] them [1:24:53] to [1:24:53] unbundle [1:24:54] up to [1:24:55] that [1:24:55] extent [1:24:56] up to [1:24:56] that [1:24:56] extent [1:24:57] kaya [1:24:58] nga [1:24:58] doon [1:24:58] sa [1:24:58] circular [1:24:59] namin [1:24:59] we [1:25:00] identified [1:25:00] the [1:25:01] unbundling [1:25:01] of [1:25:03] cities [1:25:03] at ginagawa [1:25:04] ba [1:25:04] yun [1:25:05] ng [1:25:05] oil [1:25:05] nung [1:25:06] kami [1:25:07] nag [1:25:07] impose [1:25:07] kami [1:25:08] na [1:25:08] nag [1:25:09] unbundle [1:25:09] for now [1:25:10] kasi [1:25:10] wala [1:25:12] sunod na lang [1:25:12] sila [1:25:13] sa amin [1:25:13] sinabi [1:25:15] na hindi [1:25:15] na kami [1:25:15] kasi [1:25:15] pag [1:25:16] nag [1:25:16] submit [1:25:17] kami [1:25:17] hindi [1:25:17] nyo [1:25:17] naman [1:25:17] ginagamit [1:25:18] kasi [1:25:18] ang gusto [1:25:19] nyo [1:25:19] kinukumpit [1:25:21] talaga [1:25:21] namin [1:25:22] for now [1:25:23] So [1:25:24] in [1:25:24] other [1:25:24] words [1:25:24] hindi [1:25:24] sila [1:25:25] nag [1:25:25] unbundle [1:25:26] Sinusubo [1:25:27] nyo [1:25:27] nalang [1:25:27] yung presyo [1:25:30] yung presyo [1:25:30] yun [1:25:30] yun [1:25:30] yun [1:25:30] yung [1:25:31] sinasabi [1:25:31] mo [1:25:31] how [1:25:32] to [1:25:32] really [1:25:32] assure [1:25:33] if you [1:25:34] look at [1:25:34] the [1:25:34] graph [1:25:35] doon [1:25:37] sa [1:25:37] taas [1:25:38] Parang [1:25:38] may [1:25:38] reaction [1:25:38] itong [1:25:39] mga [1:25:39] naririnig [1:25:40] ko [1:25:40] Parang [1:25:40] hindi [1:25:40] naniniwala [1:25:41] sa iyo [1:25:41] director [1:25:42] Naririnig [1:25:44] ko [1:25:44] bigyan [1:25:45] natin [1:25:45] chairman [1:25:46] yung [1:25:47] mga [1:25:48] oil [1:25:48] companies [1:25:48] parang [1:25:49] hindi [1:25:49] naniniwala [1:25:51] kay [1:25:51] director [1:25:51] rino [1:25:52] yung [1:25:52] mga [1:25:53] oil [1:25:53] companies [1:25:54] But [1:25:54] yun [1:25:54] na nga [1:25:54] ang [1:25:55] sinasabi [1:25:55] nyo [1:25:55] ito [1:25:55] dapat [1:25:56] ang presyo [1:25:56] Ito [1:25:57] muna [1:25:57] ngayon [1:25:57] for the [1:25:58] meantime [1:25:58] may [1:25:58] EO110 [1:25:59] in fact [1:26:01] bulong [1:26:01] which is [1:26:03] also [1:26:04] medyo [1:26:05] angal [1:26:05] dahil [1:26:07] but [1:26:07] in any [1:26:08] case [1:26:08] sinasabihan ko [1:26:09] sila [1:26:09] if you [1:26:10] want [1:26:10] the [1:26:10] unbundling [1:26:10] is for [1:26:11] transparency [1:26:12] yes [1:26:12] but [1:26:13] for now [1:26:13] that [1:26:13] we are [1:26:14] doing [1:26:14] it [1:26:14] the [1:26:15] message [1:26:16] of [1:26:17] unbundling [1:26:17] is [1:26:17] the [1:26:19] consumers [1:26:19] are [1:26:20] protected [1:26:20] because [1:26:21] we know [1:26:21] exactly [1:26:22] the [1:26:22] components [1:26:23] of [1:26:23] their [1:26:23] retail [1:26:24] price [1:26:25] it's [1:26:25] for [1:26:25] transparency [1:26:26] purposes [1:26:27] that's [1:26:27] the [1:26:27] point [1:26:27] I'm [1:26:27] trying [1:26:28] to [1:26:28] make [1:26:28] and [1:26:29] that's [1:26:31] why [1:26:31] I [1:26:31] want [1:26:31] to [1:26:31] get [1:26:31] the [1:26:33] opinion [1:26:33] of [1:26:33] DOE [1:26:34] if [1:26:34] this [1:26:34] unbundling [1:26:35] will [1:26:36] help [1:26:36] in [1:26:38] lowering [1:26:38] down [1:26:38] or [1:26:39] at [1:26:39] least [1:26:39] assuring [1:26:40] the [1:26:40] public [1:26:41] that [1:26:41] we [1:26:41] are [1:26:41] not [1:26:42] being [1:26:42] abused [1:26:43] during [1:26:43] times [1:26:44] of [1:26:44] aberration [1:26:46] may [1:26:46] problem [1:26:46] in [1:26:47] my [1:26:48] opinion [1:26:49] yes [1:26:49] but [1:26:50] I [1:26:50] know [1:26:50] again [1:26:50] I [1:26:51] know [1:26:51] it's [1:26:51] a [1:26:51] sensitive [1:26:52] topic [1:26:52] because [1:26:52] may [1:26:53] trade [1:26:53] secrets [1:26:53] but [1:26:54] if [1:26:55] that [1:26:55] will [1:26:55] protect [1:26:55] the [1:26:56] consumers [1:26:56] then [1:26:56] we [1:26:56] have [1:26:57] to [1:26:57] pursue [1:26:59] that [1:26:59] that's [1:27:00] why [1:27:00] I [1:27:00] want [1:27:00] to [1:27:00] hear [1:27:01] from [1:27:01] the [1:27:01] DOE [1:27:01] to [1:27:05] assure us [1:27:05] the [1:27:05] consumers [1:27:06] that [1:27:06] when [1:27:07] tumataas [1:27:07] the [1:27:07] price [1:27:08] not [1:27:09] know [1:27:09] the [1:27:10] purchase [1:27:11] price [1:27:11] and the [1:27:12] cost [1:27:13] component [1:27:13] above [1:27:14] in [1:27:15] normal [1:27:15] times [1:27:15] mrs. [1:27:16] chair [1:27:16] siguro [1:27:18] balik [1:27:19] tayo [1:27:19] sa [1:27:19] all [1:27:19] direct [1:27:19] because [1:27:20] computation [1:27:21] works [1:27:22] in [1:27:22] normal [1:27:23] times [1:27:23] but [1:27:24] pag [1:27:24] emergency [1:27:25] ito [1:27:26] talaga [1:27:26] ang [1:27:26] naging [1:27:26] magandang [1:27:27] empload [1:27:28] is [1:27:28] i-mandate [1:27:29] ho [1:27:29] namin [1:27:29] muna [1:27:29] i-mandate [1:27:30] iba kasi [1:27:31] yung [1:27:31] sinasabi [1:27:31] mo mandate [1:27:32] iba yung [1:27:32] unbundling [1:27:33] these are [1:27:33] two [1:27:33] different [1:27:34] things [1:27:34] by [1:27:35] mandating [1:27:36] something [1:27:37] kinocompute [1:27:39] ho [1:27:39] namin [1:27:39] at [1:27:39] na-unbundle [1:27:40] at the [1:27:40] same [1:27:40] time [1:27:41] actually [1:27:41] yung [1:27:42] mandate [1:27:43] na yun [1:27:43] kahit [1:27:43] na hindi [1:27:44] abnormal [1:27:45] times [1:27:45] dapat [1:27:45] gawin [1:27:46] yun [1:27:46] baka [1:27:48] hindi [1:27:48] na [1:27:48] all [1:27:49] the [1:27:49] regulations [1:27:49] gawin [1:27:50] nyo [1:27:50] yung [1:27:50] computation [1:27:51] wag [1:27:51] yung [1:27:51] i-impose [1:27:52] ay [1:27:52] of [1:27:53] course [1:27:53] ginagawa [1:27:53] ho [1:27:54] talaga [1:27:54] yan [1:27:54] yes [1:27:57] we're [1:27:59] doing [1:28:00] this [1:28:00] on a [1:28:00] weekly [1:28:00] basis [1:28:01] may [1:28:02] I [1:28:02] also [1:28:02] include [1:28:02] Mr. [1:28:03] Senate [1:28:03] President [1:28:04] Attorney [1:28:04] Reno [1:28:05] oil [1:28:07] companies [1:28:08] argue [1:28:09] that [1:28:09] disclosing [1:28:10] their [1:28:10] costs [1:28:11] and [1:28:11] margins [1:28:12] would [1:28:13] reveal [1:28:13] trade [1:28:14] secrets [1:28:15] yun [1:28:15] po [1:28:15] pinapangalagaan [1:28:16] dahil [1:28:17] may [1:28:17] competition [1:28:18] sa market [1:28:19] di ba [1:28:20] hindi [1:28:20] naman [1:28:20] niya [1:28:21] pwede [1:28:21] sabihin [1:28:21] na [1:28:21] Attorney [1:28:22] Reno [1:28:22] ito [1:28:22] yung [1:28:22] kuha [1:28:23] namin [1:28:23] sa [1:28:23] ganyan [1:28:24] itong [1:28:24] company [1:28:24] kasi [1:28:25] isang [1:28:25] company [1:28:26] pareha [1:28:26] din palang [1:28:26] kumukuha [1:28:28] siya [1:28:28] doon [1:28:28] sa [1:28:28] company [1:28:29] na yun [1:28:29] di ba [1:28:29] so [1:28:30] mas [1:28:30] mura [1:28:30] siguro [1:28:31] nakakuha [1:28:31] siya [1:28:31] ng [1:28:32] discount [1:28:32] but [1:28:32] where [1:28:33] do [1:28:33] we [1:28:34] draw [1:28:34] the [1:28:34] line [1:28:35] between [1:28:36] legitimate [1:28:37] business [1:28:38] confidentiality [1:28:39] and [1:28:41] the [1:28:41] public's [1:28:44] we have [1:28:46] to [1:28:46] balance [1:28:46] also [1:28:47] this [1:28:47] is [1:28:47] business [1:28:48] sir [1:28:48] di po [1:28:48] ba [1:28:49] pero [1:28:49] also [1:28:50] we have [1:28:50] to [1:28:50] look [1:28:50] into [1:28:50] yung [1:28:51] consumer [1:28:52] naman [1:28:52] natin [1:28:53] so [1:28:54] saan [1:28:54] nadudraw [1:28:55] yung [1:28:55] line [1:28:56] diyan [1:28:56] na [1:28:57] between [1:28:58] confidentiality [1:28:59] of [1:28:59] business [1:29:00] and [1:29:00] then [1:29:01] yung [1:29:01] yung [1:29:02] kaalaman [1:29:03] ng mga [1:29:03] kababayan [1:29:04] natin [1:29:04] na [1:29:04] tama [1:29:04] naman [1:29:05] yung [1:29:05] binabayaran [1:29:06] niya [1:29:06] na [1:29:06] hindi [1:29:06] naman [1:29:07] sobra [1:29:08] sobra [1:29:08] yung [1:29:09] hard [1:29:09] earned [1:29:09] money [1:29:10] sobra [1:29:10] yung [1:29:11] bayad [1:29:11] niya [1:29:11] where [1:29:12] do we [1:29:12] draw [1:29:12] the line [1:29:13] there [1:29:13] when [1:29:14] it [1:29:15] comes [1:29:15] to [1:29:15] accounting [1:29:16] wala [1:29:17] ho [1:29:17] talagang [1:29:18] choice [1:29:18] if [1:29:18] you [1:29:19] want [1:29:19] to [1:29:19] understand [1:29:20] the [1:29:21] pump [1:29:22] price [1:29:22] you [1:29:23] really [1:29:23] have [1:29:24] to [1:29:24] unbundle [1:29:24] every [1:29:25] centavo [1:29:26] that's [1:29:26] that's [1:29:27] a given [1:29:28] so [1:29:28] kaya [1:29:28] lang [1:29:29] ang [1:29:29] hangganan [1:29:30] ho [1:29:30] niyan [1:29:30] dapat [1:29:30] sa [1:29:31] confidentiality [1:29:32] is [1:29:32] hanggang [1:29:33] departamento [1:29:33] ho [1:29:34] lang [1:29:34] talaga [1:29:34] yan [1:29:35] now [1:29:35] if [1:29:36] we [1:29:36] want [1:29:36] to [1:29:36] apprise [1:29:37] the [1:29:37] public [1:29:38] we [1:29:38] have [1:29:38] to [1:29:38] remove [1:29:39] all [1:29:39] specific [1:29:40] data [1:29:41] related [1:29:42] to [1:29:43] identification [1:29:43] of [1:29:44] any [1:29:44] specific [1:29:45] company [1:29:45] yan [1:29:46] ho [1:29:46] ang [1:29:47] way [1:29:47] natin [1:29:47] yung [1:29:47] mapangalagaan [1:29:48] ang [1:29:49] sanctity [1:29:51] nung [1:29:51] confidentiality [1:29:52] kasi [1:29:52] hindi [1:29:53] ho [1:29:53] dapat [1:29:53] maipakita [1:29:54] na [1:29:54] kay [1:29:54] XYZ [1:29:56] itong [1:29:56] computation [1:29:57] pero [1:29:58] as far [1:29:58] as [1:29:59] we [1:30:00] who [1:30:00] will [1:30:00] try [1:30:01] to [1:30:01] understand [1:30:02] the [1:30:02] data [1:30:03] hindi [1:30:04] ho [1:30:04] ma-avoid [1:30:04] na [1:30:05] i-account [1:30:06] to [1:30:06] talaga [1:30:07] ng [1:30:07] oil [1:30:07] company [1:30:07] yung [1:30:07] submission [1:30:08] sa [1:30:08] amin [1:30:08] to [1:30:09] the [1:30:09] last [1:30:09] centavo [1:30:09] otherwise [1:30:10] hindi [1:30:10] ho [1:30:10] namin [1:30:10] maintindihan [1:30:11] bakit [1:30:12] ang [1:30:12] computation [1:30:13] mo [1:30:14] 5 [1:30:15] pesos [1:30:15] pero [1:30:16] ang [1:30:17] ina-adjust [1:30:17] mo [1:30:17] ay [1:30:17] 10 [1:30:18] peso [1:30:18] in [1:30:19] short [1:30:19] as [1:30:19] far [1:30:20] as [1:30:20] the [1:30:20] deal [1:30:20] is [1:30:20] concerned [1:30:20] submission [1:30:21] ng [1:30:21] oil [1:30:21] company [1:30:21] dapat [1:30:22] klaro [1:30:23] pero [1:30:23] as [1:30:24] far [1:30:24] as [1:30:24] the [1:30:24] public [1:30:24] is [1:30:25] concerned [1:30:25] pwede [1:30:26] ho [1:30:26] kaming [1:30:26] magrange [1:30:27] na [1:30:27] based [1:30:28] sa [1:30:28] submissions [1:30:28] of [1:30:29] 15 [1:30:30] oil [1:30:30] companies [1:30:30] ang [1:30:31] range [1:30:31] ng [1:30:31] adjustment [1:30:32] ay [1:30:33] from [1:30:33] 5 [1:30:33] to [1:30:34] 7 [1:30:34] pesos [1:30:34] Would [1:30:35] you [1:30:35] agree [1:30:35] sir [1:30:36] kung [1:30:36] let's [1:30:37] I [1:30:37] don't [1:30:37] know [1:30:38] if [1:30:38] they [1:30:38] will [1:30:38] agree [1:30:38] also [1:30:39] na [1:30:40] a [1:30:45] complete [1:30:46] confidential [1:30:47] disclosure [1:30:47] to [1:30:47] the [1:30:48] DOE [1:30:48] ok [1:30:49] number [1:30:50] 2 [1:30:51] second [1:30:51] step [1:30:51] an [1:30:52] aggregated [1:30:53] price [1:30:54] breakdown [1:30:55] made [1:30:55] available [1:30:56] to [1:30:56] consumers [1:30:57] yung [1:30:58] una [1:30:58] po [1:30:58] information [1:30:59] ay [1:30:59] bibigay [1:30:59] niya [1:30:59] confidential [1:31:00] po [1:31:01] para [1:31:01] sa [1:31:02] DOE [1:31:02] consumption [1:31:03] lang [1:31:03] para [1:31:03] ma-adjust [1:31:04] niyong [1:31:04] presyo [1:31:05] yung [1:31:06] pangalawang [1:31:06] step [1:31:07] aggregated [1:31:08] price [1:31:09] breakdown [1:31:09] na [1:31:10] pwede [1:31:10] nyo [1:31:11] sabihin [1:31:11] sa [1:31:12] public [1:31:12] para [1:31:13] naman [1:31:13] na [1:31:13] itatago [1:31:14] ika [1:31:15] nga [1:31:15] yung [1:31:16] kalilang [1:31:16] magkano [1:31:16] pero [1:31:17] alam [1:31:17] ninyo [1:31:18] hindi [1:31:19] kayo [1:31:19] bulag [1:31:20] tapos [1:31:21] siyempre [1:31:21] bigyan [1:31:21] niya [1:31:21] ng [1:31:22] information [1:31:22] ng [1:31:22] mga [1:31:22] tao [1:31:23] ok [1:31:23] lang [1:31:23] kasi [1:31:24] dito [1:31:24] lang [1:31:25] siya [1:31:25] would [1:31:25] that [1:31:26] would [1:31:26] that [1:31:26] work [1:31:27] for [1:31:27] you [1:31:27] and [1:31:28] I [1:31:28] believe [1:31:28] that [1:31:28] will [1:31:28] also [1:31:29] work [1:31:29] for [1:31:29] them [1:31:29] kasi [1:31:30] I [1:31:30] see [1:31:30] some [1:31:31] of [1:31:31] them [1:31:31] na [1:31:31] unang [1:31:32] step [1:31:33] is [1:31:33] like [1:31:33] confidential [1:31:34] disclosure [1:31:35] to [1:31:35] you [1:31:35] sir [1:31:36] ito [1:31:36] lang [1:31:36] ha [1:31:36] wag [1:31:37] may [1:31:37] sabihin [1:31:37] sa [1:31:37] tao [1:31:37] bahala [1:31:38] ka [1:31:38] na [1:31:39] dumiskarte [1:31:39] para [1:31:39] ipaliwanag [1:31:40] sa [1:31:40] babayan [1:31:41] natin [1:31:41] para [1:31:41] maintindi [1:31:42] nila [1:31:42] matanggap [1:31:43] naman nila [1:31:43] how [1:31:44] will [1:31:44] that [1:31:44] sound [1:31:45] yung [1:31:46] dinescribe [1:31:46] ko [1:31:46] kanina [1:31:47] as [1:31:47] far [1:31:48] as [1:31:48] submission [1:31:49] to [1:31:49] the [1:31:49] DOE [1:31:50] kailangan [1:31:50] i-account [1:31:51] to [1:31:51] the [1:31:51] last [1:31:52] centavo [1:31:52] so [1:31:52] you [1:31:52] are [1:31:53] forced [1:31:53] by [1:31:54] accounting [1:31:55] by [1:31:55] accounting [1:31:56] itself [1:31:56] to [1:31:57] identify [1:31:57] yung [1:31:58] component [1:31:59] but [1:31:59] as [1:32:00] far [1:32:00] as [1:32:00] the [1:32:00] general [1:32:00] public [1:32:01] is [1:32:01] concerned [1:32:01] pwede [1:32:01] ho [1:32:02] kaming [1:32:02] mag [1:32:02] range [1:32:02] na [1:32:02] lang [1:32:03] without [1:32:03] mentioning [1:32:04] any [1:32:04] specifics [1:32:05] for [1:32:06] example [1:32:07] yung [1:32:07] pangalan [1:32:07] nagsubmit [1:32:09] kasi [1:32:09] yun [1:32:09] doon [1:32:11] madidefeat [1:32:12] yung [1:32:12] competitiveness [1:32:13] ng [1:32:13] kanilang [1:32:14] pricing [1:32:14] ng [1:32:15] individual [1:32:16] oil [1:32:16] companies [1:32:17] at [1:32:17] same [1:32:18] time [1:32:18] natatago [1:32:18] din po [1:32:19] yung [1:32:19] trade [1:32:20] secrets [1:32:20] nila [1:32:21] di po [1:32:21] ba [1:32:21] nahahide [1:32:22] po yun [1:32:23] para [1:32:23] maprotektahan [1:32:24] din [1:32:24] yung [1:32:25] company [1:32:26] nila [1:32:27] all right [1:32:28] Mr. [1:32:30] Thank you [1:32:31] for that [1:32:32] clarification [1:32:32] chairman [1:32:33] next [1:32:35] is yung [1:32:36] nabuksan [1:32:38] ni [1:32:39] director [1:32:39] rina [1:32:40] yung [1:32:40] strategic [1:32:41] petroleum [1:32:41] reserves [1:32:42] and [1:32:42] I mentioned [1:32:43] to the [1:32:44] chairman [1:32:44] in fact [1:32:44] nag [1:32:44] arrange [1:32:45] si [1:32:45] Senator [1:32:46] Irwin [1:32:46] ng [1:32:47] isang [1:32:47] meeting [1:32:47] with [1:32:47] ADNOC [1:32:48] which [1:32:49] is [1:32:49] the [1:32:49] Abu Dhabi [1:32:50] oil [1:32:50] company [1:32:51] national [1:32:52] oil [1:32:52] company [1:32:52] and [1:32:53] they're [1:32:53] in [1:32:54] that [1:32:54] meeting [1:32:54] namin [1:32:55] Mr. [1:32:56] SP [1:32:56] for [1:32:57] para [1:32:57] sa [1:32:57] kalaman [1:32:58] ng [1:32:58] kalamihan [1:32:58] it was [1:32:59] the [1:32:59] senate [1:32:59] president [1:33:00] who [1:33:00] insisted [1:33:01] na [1:33:01] we [1:33:01] have [1:33:01] to [1:33:01] meet [1:33:02] the [1:33:02] people [1:33:02] from [1:33:03] ADNOC [1:33:03] and [1:33:03] they [1:33:03] flew [1:33:04] here [1:33:04] last [1:33:06] week [1:33:06] just [1:33:06] to [1:33:07] meet [1:33:07] us [1:33:07] kasi [1:33:08] gusto [1:33:08] po [1:33:08] ng [1:33:08] senate [1:33:09] president [1:33:09] natin [1:33:10] na [1:33:10] malatag [1:33:11] na [1:33:12] ito [1:33:12] meron tayo [1:33:12] mga [1:33:13] petroleum [1:33:13] reserves [1:33:14] so [1:33:14] they [1:33:15] agreed [1:33:15] Mr. [1:33:16] President [1:33:17] Yeah [1:33:17] Mr. [1:33:17] Chairman [1:33:18] nabanggit [1:33:20] ko nga [1:33:21] na [1:33:21] ang [1:33:22] PNOC [1:33:22] aside from [1:33:24] the [1:33:24] malampaya [1:33:25] cash flow [1:33:27] ang next [1:33:28] asset [1:33:28] niya [1:33:28] is [1:33:29] lupa [1:33:29] in fact [1:33:30] PNOC [1:33:31] is a [1:33:31] real estate [1:33:32] company [1:33:32] not an [1:33:33] oil [1:33:33] company [1:33:33] misnomer [1:33:35] lang [1:33:36] yung [1:33:36] philippine [1:33:37] national [1:33:37] oil [1:33:37] company [1:33:37] wala [1:33:38] naman [1:33:38] siyang [1:33:38] oil [1:33:38] sa totoo [1:33:39] lang [1:33:39] puro [1:33:40] lupa [1:33:41] diba [1:33:41] so [1:33:42] yung [1:33:43] lupa [1:33:43] na yun [1:33:44] ang [1:33:44] pwedeng [1:33:44] pagtayuan [1:33:45] nitong [1:33:46] mga [1:33:46] strategic [1:33:47] petroleum [1:33:47] reserves [1:33:48] so [1:33:49] sa PNOC [1:33:50] nakasama [1:33:51] natin [1:33:51] ngayon [1:33:51] huwag [1:33:52] na tayo [1:33:52] mag [1:33:53] dili-dali [1:33:53] kasi [1:33:55] itong [1:33:56] ADNOC [1:33:56] ready na [1:33:56] in fact [1:33:57] they're ready [1:33:57] to sign [1:33:58] an MOU [1:33:58] sabi nila [1:33:59] this coming [1:34:01] November [1:34:01] mayroong [1:34:02] isang [1:34:02] event [1:34:03] in [1:34:03] Abu Dhabi [1:34:06] that they're [1:34:07] willing to sign [1:34:07] MOU [1:34:08] with the [1:34:08] philippine [1:34:08] government [1:34:09] ang [1:34:10] kailangan [1:34:11] lang nila [1:34:11] lupa [1:34:12] bahala [1:34:12] nila [1:34:12] sa [1:34:12] tanke [1:34:13] bahala [1:34:13] nila [1:34:14] sa [1:34:14] inventory [1:34:14] they want [1:34:15] to also [1:34:15] sign [1:34:16] arrangement [1:34:17] wherein [1:34:17] we have [1:34:18] first [1:34:18] right [1:34:18] right [1:34:19] of first [1:34:19] refusal [1:34:20] so [1:34:20] maganda [1:34:21] yun [1:34:21] I think [1:34:22] that is [1:34:22] a [1:34:23] pulog [1:34:23] ng [1:34:23] langit [1:34:24] yan [1:34:24] para [1:34:24] sa [1:34:24] atin [1:34:25] so [1:34:25] my [1:34:25] point [1:34:26] there [1:34:26] is [1:34:26] sa PNOC [1:34:27] wag na tayo [1:34:27] magdili-dali [1:34:28] let's [1:34:28] take the [1:34:30] opportunity [1:34:30] total [1:34:31] may lupa [1:34:32] naman [1:34:32] kayo [1:34:33] at [1:34:34] every [1:34:34] budget [1:34:35] season [1:34:36] yan [1:34:36] nilang [1:34:36] pinag-uusapan [1:34:37] natin [1:34:37] anong [1:34:38] gagawin [1:34:38] nyo [1:34:38] sa inyong [1:34:39] pera [1:34:40] marami [1:34:40] kayong [1:34:40] pera [1:34:41] kaya [1:34:41] anong [1:34:41] naiisip [1:34:42] may solar [1:34:43] rooftop [1:34:43] mayroong [1:34:44] waste [1:34:44] to [1:34:44] energy [1:34:45] mayroong [1:34:46] electric [1:34:46] vehicle [1:34:47] na wala [1:34:47] namang [1:34:47] connection [1:34:48] sa oil [1:34:48] so [1:34:49] ito [1:34:49] na yun [1:34:50] diba [1:34:50] so [1:34:51] I'm [1:34:52] saying [1:34:52] this [1:34:52] because [1:34:53] this [1:34:54] opportunity [1:34:54] is [1:34:55] very rare [1:34:56] to [1:34:56] once [1:34:57] na [1:34:58] pumili [1:34:58] sila [1:34:59] ibang [1:34:59] lugar [1:34:59] wala [1:35:00] na tayong [1:35:00] pupuntahan [1:35:01] so [1:35:02] I'm [1:35:03] just [1:35:03] laying [1:35:04] this [1:35:04] to [1:35:04] the [1:35:05] DOE [1:35:05] and [1:35:05] PNOC [1:35:06] so [1:35:06] that [1:35:06] we [1:35:07] grab [1:35:07] the [1:35:07] opportunity [1:35:08] right [1:35:09] away [1:35:09] thank [1:35:10] you [1:35:10] Mr. [1:35:10] Chairman [1:35:11] thank [1:35:12] you [1:35:12] let's [1:35:15] let's [1:35:15] okay [1:35:17] well [1:35:18] we've [1:35:19] heard [1:35:20] already [1:35:20] from [1:35:20] the [1:35:20] Energy [1:35:21] Regulatory [1:35:21] Commission [1:35:22] what [1:35:22] about [1:35:23] the [1:35:23] Department [1:35:25] of [1:35:26] Trade [1:35:26] Industry [1:35:26] would [1:35:28] you [1:35:28] have [1:35:28] any [1:35:28] inputs [1:35:30] there [1:35:31] ma'am [1:35:32] good [1:35:33] morning [1:35:33] Mr. [1:35:33] Chair [1:35:34] Abigail Katapang [1:35:34] from the [1:35:35] Board [1:35:36] of [1:35:36] Investments [1:35:37] so [1:35:37] let me [1:35:37] just [1:35:38] read [1:35:38] our [1:35:40] position [1:35:40] with [1:35:41] regards [1:35:42] to [1:35:42] establishing [1:35:43] a [1:35:43] strategic [1:35:43] petroleum [1:35:44] fuel [1:35:44] reserve [1:35:45] so [1:35:47] the [1:35:48] DTI [1:35:48] supports [1:35:49] the [1:35:49] establishment [1:35:50] of a [1:35:50] national [1:35:51] strategic [1:35:51] petroleum [1:35:52] or [1:35:52] fuel [1:35:53] reserve [1:35:53] and [1:35:53] recommends [1:35:54] that [1:35:54] the [1:35:54] measure [1:35:55] or [1:35:55] a [1:35:55] consolidated [1:35:56] substitute [1:35:56] bill [1:35:57] be [1:35:57] framed [1:35:58] not [1:35:58] only [1:35:58] as [1:35:59] an [1:35:59] energy [1:35:59] security [1:36:00] facility [1:36:00] but [1:36:01] also [1:36:01] as [1:36:02] an [1:36:02] industry [1:36:02] development [1:36:03] initiative [1:36:04] for [1:36:04] the [1:36:04] country's [1:36:04] bulk [1:36:05] storage [1:36:05] terminaling [1:36:06] and [1:36:07] distribution [1:36:08] sector [1:36:08] the [1:36:09] department [1:36:09] recommends [1:36:10] a [1:36:10] careful [1:36:11] assessment [1:36:12] of the [1:36:13] fiscal [1:36:13] operational [1:36:13] and [1:36:14] infrastructure [1:36:15] requirements [1:36:16] for [1:36:16] establishing [1:36:17] and [1:36:17] maintaining [1:36:17] a [1:36:18] strategic [1:36:18] petroleum [1:36:19] reserve [1:36:19] this [1:36:20] assessment [1:36:21] should [1:36:22] include [1:36:22] evaluating [1:36:23] whether [1:36:23] the [1:36:24] reserve [1:36:24] should [1:36:24] be [1:36:25] fully [1:36:25] government [1:36:26] owned [1:36:26] and [1:36:27] managed [1:36:27] or [1:36:28] implemented [1:36:28] through [1:36:29] a [1:36:29] shared [1:36:29] responsibility [1:36:30] framework [1:36:31] involving [1:36:31] the [1:36:32] government [1:36:32] the oil [1:36:33] industry [1:36:33] and [1:36:34] were [1:36:34] appropriate [1:36:35] international [1:36:36] partners [1:36:37] so [1:36:40] specifically [1:36:41] DTI [1:36:42] recommends [1:36:43] that [1:36:43] the [1:36:43] measure [1:36:44] one [1:36:44] expressly [1:36:45] recognized [1:36:46] private [1:36:46] sector [1:36:47] participation [1:36:48] in the [1:36:48] financing [1:36:49] construction [1:36:50] and [1:36:51] operation [1:36:51] of [1:36:52] reserve [1:36:52] related [1:36:53] storage [1:36:53] and [1:36:54] downstream [1:36:54] infrastructure [1:36:55] including [1:36:56] through [1:36:57] capacity [1:36:58] leasing [1:36:58] ticketing [1:36:59] or similar [1:37:00] contractual [1:37:01] arrangements [1:37:02] with [1:37:02] existing [1:37:03] and [1:37:03] new [1:37:03] private [1:37:04] terminals [1:37:04] rather [1:37:05] than [1:37:05] relying [1:37:06] solely [1:37:06] on [1:37:07] government [1:37:07] built [1:37:08] facilities [1:37:08] second [1:37:09] we [1:37:10] expressly [1:37:10] provide [1:37:11] for [1:37:12] the [1:37:12] availment [1:37:13] of [1:37:13] incentives [1:37:14] under [1:37:14] section [1:37:14] 9 [1:37:15] of [1:37:15] RA [1:37:15] 8479 [1:37:17] pursuant [1:37:18] to the [1:37:18] special [1:37:18] laws [1:37:19] category [1:37:19] of [1:37:20] 2026 [1:37:21] SIPP [1:37:22] for [1:37:23] reserve [1:37:23] related [1:37:24] storage [1:37:24] terminaling [1:37:25] and [1:37:26] distribution [1:37:27] projects [1:37:27] to give [1:37:28] investors [1:37:29] certainty [1:37:30] that such [1:37:31] projects [1:37:32] are [1:37:32] registrable [1:37:33] with [1:37:33] the [1:37:34] BOI [1:37:34] crowd [1:37:35] in [1:37:35] private [1:37:35] capital [1:37:36] and [1:37:36] ease [1:37:37] the [1:37:37] fiscal [1:37:37] burden [1:37:38] of [1:37:38] the [1:37:38] reserve [1:37:38] third [1:37:39] promote [1:37:40] the [1:37:40] strategic [1:37:41] dispersal [1:37:42] of [1:37:42] reserve [1:37:42] facilities [1:37:43] across [1:37:43] Luzon [1:37:44] Visayas [1:37:44] and Mindanao [1:37:45] linked [1:37:46] to [1:37:46] ports [1:37:47] economic [1:37:48] zones [1:37:48] and [1:37:49] logistic [1:37:49] corridors [1:37:50] so [1:37:50] that [1:37:51] the [1:37:51] reserve [1:37:51] simultaneously [1:37:53] strengthens [1:37:54] regional [1:37:54] fuel [1:37:54] resilience [1:37:55] and [1:37:56] catalyzes [1:37:57] countryside [1:37:57] industry [1:37:58] development [1:37:59] and [1:37:59] fourth [1:38:00] build [1:38:01] in [1:38:01] future [1:38:01] fuel [1:38:02] readiness [1:38:02] by [1:38:04] allowing [1:38:04] reserve [1:38:05] related [1:38:05] infrastructure [1:38:07] to be [1:38:08] designed [1:38:08] or [1:38:08] retrofitted [1:38:09] for [1:38:09] biofuel [1:38:10] blending [1:38:11] and [1:38:11] emerging [1:38:12] alternative [1:38:12] and [1:38:13] sustainable [1:38:14] fuels [1:38:14] consistent [1:38:15] with the [1:38:16] green [1:38:16] transition [1:38:16] thrust [1:38:17] of [1:38:17] of the [1:38:18] 2026 [1:38:18] SIPP [1:38:19] so [1:38:20] that [1:38:20] today's [1:38:21] investments [1:38:21] remain [1:38:22] productive [1:38:22] industrial [1:38:23] assets [1:38:24] as the [1:38:24] country's [1:38:25] fuel mix [1:38:26] evolves [1:38:26] so [1:38:27] in light [1:38:27] of this [1:38:28] developments [1:38:28] Mr. [1:38:29] Chair [1:38:29] the DTI [1:38:30] supports [1:38:31] the conduct [1:38:32] of [1:38:32] legislative [1:38:32] inquiries [1:38:33] to [1:38:33] comprehensively [1:38:34] assess [1:38:35] the [1:38:35] adequacy [1:38:36] of the [1:38:37] current [1:38:37] legal [1:38:38] and [1:38:38] regulatory [1:38:39] framework [1:38:39] governing [1:38:40] the [1:38:40] downstream [1:38:41] oil [1:38:41] industry [1:38:42] and [1:38:42] the [1:38:42] country's [1:38:43] energy [1:38:44] security [1:38:44] policies [1:38:45] such [1:38:46] inquiries [1:38:46] provide [1:38:47] an [1:38:47] opportunity [1:38:48] to [1:38:49] identify [1:38:49] legislative [1:38:50] and [1:38:50] policy [1:38:51] measures [1:38:51] that [1:38:52] will [1:38:52] strengthen [1:38:52] the [1:38:53] country's [1:38:54] resilience [1:38:54] enhance [1:38:55] energy [1:38:56] security [1:38:56] and [1:38:57] reduce [1:38:57] the [1:38:58] risk [1:38:58] of [1:38:58] similar [1:38:58] vulnerabilities [1:38:59] during [1:39:00] future [1:39:01] supply [1:39:02] disruptions [1:39:03] thank you [1:39:03] Mr. [1:39:04] Chair [1:39:04] thank you [1:39:05] representative [1:39:06] from the [1:39:06] department [1:39:07] of [1:39:07] trade [1:39:07] and [1:39:07] industry [1:39:08] we [1:39:08] go [1:39:08] next [1:39:09] to [1:39:09] the [1:39:10] department [1:39:10] of [1:39:11] economy [1:39:11] planning [1:39:12] and [1:39:12] development [1:39:13] or [1:39:13] dep [1:39:13] dev [1:39:13] but [1:39:14] let me [1:39:15] remind [1:39:15] our [1:39:16] resource [1:39:17] persons [1:39:17] to [1:39:18] please [1:39:18] keep [1:39:18] your [1:39:19] answers [1:39:19] responsive [1:39:19] concise [1:39:21] and [1:39:21] straightforward [1:39:22] in the [1:39:22] interest [1:39:22] of [1:39:23] time [1:39:23] let's [1:39:24] hear [1:39:24] from [1:39:24] the [1:39:24] dep [1:39:25] dev [1:39:25] do [1:39:26] you [1:39:26] have [1:39:26] any [1:39:26] representative [1:39:27] from [1:39:27] dep [1:39:27] dev [1:39:28] here [1:39:28] all right [1:39:31] then [1:39:31] we [1:39:31] move [1:39:32] on [1:39:32] to [1:39:32] the [1:39:32] Philippine [1:39:33] competition [1:39:33] commission [1:39:34] your [1:39:35] thoughts [1:39:36] on [1:39:36] this [1:39:36] PCC [1:39:37] morning [1:39:38] Mr. [1:39:39] Chair [1:39:39] and [1:39:39] Senate [1:39:39] President [1:39:40] we [1:39:40] have [1:39:40] submitted [1:39:41] our [1:39:41] position [1:39:41] paper [1:39:42] last [1:39:42] August [1:39:43] and [1:39:43] we [1:39:43] are [1:39:43] generally [1:39:44] supportive [1:39:45] of the [1:39:45] bill [1:39:46] to amend [1:39:46] the [1:39:46] oil [1:39:46] deregulation [1:39:47] law [1:39:47] as well [1:39:48] as to [1:39:48] establish [1:39:49] a [1:39:50] fuel [1:39:50] reserve [1:39:51] we [1:39:51] just [1:39:52] have [1:39:52] proposals [1:39:52] or we [1:39:53] suggest [1:39:54] caution [1:39:54] on certain [1:39:55] provisions [1:39:56] since [1:39:56] this [1:39:57] might [1:39:57] promote [1:39:58] tacit [1:39:59] collusion [1:39:59] but overall [1:40:00] we are [1:40:00] supportive [1:40:01] and we [1:40:01] are [1:40:02] also [1:40:02] conducting [1:40:03] a [1:40:03] fuel [1:40:03] study [1:40:04] which [1:40:05] aims [1:40:05] to [1:40:05] study [1:40:06] Mr. [1:40:07] Chair [1:40:07] the [1:40:08] phenomena [1:40:08] you [1:40:08] described [1:40:10] earlier [1:40:10] so we [1:40:11] aim [1:40:11] to assess [1:40:11] asymmetry [1:40:12] in price [1:40:12] adjustments [1:40:13] or when [1:40:14] stations [1:40:14] price [1:40:15] increase [1:40:16] rapidly [1:40:16] with [1:40:16] international [1:40:17] prices [1:40:17] but adjust [1:40:18] slowly [1:40:18] when [1:40:19] these [1:40:19] cost [1:40:19] decrease [1:40:20] so we've [1:40:20] sent [1:40:20] requests [1:40:21] for [1:40:21] information [1:40:22] to [1:40:22] oil [1:40:23] companies [1:40:23] as well [1:40:23] as [1:40:24] to [1:40:24] DOE [1:40:24] and [1:40:24] we [1:40:25] are [1:40:25] we [1:40:25] received [1:40:26] some [1:40:26] data [1:40:26] Mr. [1:40:27] Chair [1:40:27] and we [1:40:28] are [1:40:28] already [1:40:28] analyzing [1:40:29] so you [1:40:29] agree [1:40:30] with [1:40:30] this [1:40:30] unbundling [1:40:31] of [1:40:31] prices [1:40:32] right [1:40:32] PCC [1:40:33] yes [1:40:34] Mr. [1:40:34] Chair [1:40:35] we [1:40:35] agree [1:40:35] thank [1:40:36] you [1:40:36] ma'am [1:40:38] okay [1:40:38] well [1:40:38] we [1:40:39] go [1:40:39] now [1:40:39] to [1:40:39] the [1:40:39] Department [1:40:39] of [1:40:40] Finance [1:40:40] is there [1:40:41] a [1:40:41] representative [1:40:41] from [1:40:41] the [1:40:42] Department [1:40:42] of [1:40:42] Finance [1:40:42] here [1:40:43] let's [1:40:46] hear [1:40:46] from [1:40:46] you [1:40:46] DOF [1:40:47] sir [1:40:47] good [1:40:48] morning [1:40:48] I'm [1:40:50] from [1:40:50] the [1:40:50] Bureau [1:40:51] of [1:40:51] Customs [1:40:52] not [1:40:52] the [1:40:53] mother [1:40:53] agency [1:40:54] has [1:40:55] fully [1:40:56] supports [1:40:57] the [1:40:57] program [1:40:58] specifically [1:40:59] for [1:40:59] the Bureau [1:41:00] of [1:41:00] Customs [1:41:00] being [1:41:01] implementing [1:41:02] agency [1:41:02] we [1:41:03] submit [1:41:03] to [1:41:03] the [1:41:03] wisdom [1:41:04] of [1:41:04] the [1:41:05] legislature [1:41:05] in [1:41:05] terms [1:41:06] of [1:41:06] this [1:41:06] bill [1:41:06] thank you [1:41:08] all right [1:41:08] thank you [1:41:09] Department [1:41:11] of [1:41:11] Transportation [1:41:12] together [1:41:13] with [1:41:13] LTO [1:41:14] and [1:41:14] LTFRB [1:41:16] before [1:41:17] we have [1:41:17] a representative [1:41:18] from [1:41:18] the Department [1:41:19] of [1:41:19] Transportation [1:41:20] so [1:41:20] Attorney [1:41:21] Alarcon [1:41:21] let me [1:41:22] ask you [1:41:23] this [1:41:23] quickly [1:41:23] kumusta [1:41:24] po yung [1:41:25] fuel [1:41:25] subsidies [1:41:26] po [1:41:26] natin [1:41:26] nung [1:41:27] pumutok [1:41:28] itong [1:41:28] Gera [1:41:29] sa [1:41:29] Iran [1:41:29] lahat [1:41:30] po ba [1:41:30] nabigyan [1:41:31] ng [1:41:31] subsidiya [1:41:32] mga [1:41:32] transport [1:41:34] groups [1:41:34] natin [1:41:35] pati [1:41:35] mga [1:41:35] riders [1:41:36] po [1:41:36] natin [1:41:37] nabigyan [1:41:37] po [1:41:37] ba [1:41:38] equally [1:41:39] fairly [1:41:39] pati [1:41:40] sa mga [1:41:40] probinsya [1:41:40] kasi [1:41:41] nagtulong [1:41:41] tulong [1:41:42] na po [1:41:42] doon [1:41:42] yung [1:41:43] farmers [1:41:44] were [1:41:44] taken [1:41:45] care of [1:41:45] by the [1:41:46] Department [1:41:46] of [1:41:46] Agriculture [1:41:47] yung [1:41:48] iba [1:41:48] naman [1:41:48] po [1:41:49] were [1:41:49] taken [1:41:50] care of [1:41:50] the [1:41:50] DOTR [1:41:51] tapos [1:41:52] yung [1:41:52] DSWD [1:41:53] also [1:41:53] helped [1:41:54] mabuti [1:41:54] lang po [1:41:54] tinaasa [1:41:55] natin [1:41:55] yung [1:41:55] AX [1:41:57] ng [1:41:57] DSWD [1:41:58] kaya [1:41:58] malaki [1:41:58] na [1:41:58] tulong [1:41:59] kumusta [1:41:59] po [1:41:59] yun [1:42:00] nabigyan [1:42:02] po ba [1:42:02] ng [1:42:02] ayuda [1:42:02] lahat [1:42:03] ng [1:42:03] first [1:42:04] few [1:42:04] weeks [1:42:05] ng [1:42:05] Iran [1:42:06] crisis [1:42:07] sir [1:42:07] good morning [1:42:09] Mr. Chair [1:42:09] good morning [1:42:10] Senate [1:42:10] President [1:42:11] as of [1:42:12] now [1:42:13] Mr. Chair [1:42:13] we are [1:42:14] currently [1:42:14] rolling out [1:42:15] 2.5 [1:42:16] billion [1:42:16] fuel [1:42:17] subsidy [1:42:18] program [1:42:19] we are [1:42:20] 2.5 [1:42:21] million [1:42:21] of subsidy [1:42:22] billion [1:42:22] worth [1:42:24] of [1:42:25] 2.5 [1:42:26] billion [1:42:26] pesos [1:42:27] mga [1:42:27] estimate [1:42:28] po [1:42:28] magkano [1:42:28] po [1:42:29] total [1:42:29] nito [1:42:29] mga [1:42:30] ilang [1:42:30] liters [1:42:31] po [1:42:31] ito [1:42:32] Mr. Chair [1:42:33] what we are [1:42:35] doing [1:42:35] is [1:42:35] we have [1:42:36] two [1:42:36] components [1:42:37] for the [1:42:37] fuel [1:42:38] subsidy [1:42:38] program [1:42:39] first is [1:42:39] the [1:42:40] direct [1:42:41] transfer [1:42:41] of [1:42:41] cash [1:42:42] wherein [1:42:42] we are [1:42:42] giving [1:42:43] instant [1:42:44] cash [1:42:44] to the [1:42:45] public [1:42:46] utility [1:42:46] drivers [1:42:47] and [1:42:47] operators [1:42:47] and [1:42:48] then [1:42:48] we also [1:42:48] have [1:42:49] this [1:42:49] 12 [1:42:51] peso [1:42:51] per [1:42:51] liter [1:42:52] fuel [1:42:52] discount [1:42:53] where [1:42:54] the [1:42:54] drivers [1:42:55] can [1:42:55] go to [1:42:56] the [1:42:56] gas [1:42:56] station [1:42:57] and [1:42:57] then [1:42:57] they [1:42:57] can [1:42:57] avail [1:42:58] of [1:42:58] the [1:42:58] 12 [1:42:59] pesos [1:42:59] per liter [1:43:00] and [1:43:00] then [1:43:01] we are [1:43:02] allowing [1:43:02] them [1:43:02] to [1:43:03] have [1:43:04] a [1:43:04] maximum [1:43:04] of [1:43:05] 150 [1:43:05] liters [1:43:06] per [1:43:07] week [1:43:08] to [1:43:08] consume [1:43:09] with [1:43:09] discount [1:43:10] Mr. Chair [1:43:10] ongoing [1:43:11] ito [1:43:11] nationwide [1:43:12] or [1:43:12] dito [1:43:12] lang [1:43:13] sa [1:43:13] Metro [1:43:13] Manila [1:43:13] kasi [1:43:14] may [1:43:14] mga [1:43:14] nakikita [1:43:15] po [1:43:15] gas [1:43:15] stations [1:43:16] na [1:43:16] 12% [1:43:17] off [1:43:18] for [1:43:18] public [1:43:19] utility [1:43:19] etc. [1:43:20] or [1:43:20] dito [1:43:21] lang [1:43:21] po [1:43:21] sa [1:43:21] Metro [1:43:21] Manila [1:43:22] yan [1:43:22] yung [1:43:22] discounts [1:43:23] na [1:43:24] yan [1:43:24] Mr. [1:43:25] Mr. Chair [1:43:26] it's [1:43:26] nationwide [1:43:26] Mr. Chair [1:43:27] It's [1:43:28] nationwide [1:43:28] Yes [1:43:29] Mr. Chair [1:43:29] Pero [1:43:30] paano [1:43:30] po yung [1:43:30] mga [1:43:31] lugar [1:43:31] mga [1:43:31] provinces [1:43:32] lalo [1:43:32] po [1:43:33] doon [1:43:33] sa [1:43:33] Palawan [1:43:34] may [1:43:34] island [1:43:34] po [1:43:34] doon [1:43:35] na [1:43:35] wala [1:43:35] naman [1:43:35] po [1:43:35] gasolinahan [1:43:36] bumibili [1:43:38] pa yung [1:43:39] mga [1:43:39] may [1:43:39] nagpapatakbo [1:43:40] ng [1:43:40] gasolinahan [1:43:41] dinadala [1:43:42] sa isla [1:43:42] na yun [1:43:42] paano [1:43:43] po [1:43:43] makaka [1:43:43] available [1:43:44] ng [1:43:44] discount [1:43:44] po [1:43:44] yung [1:43:45] ating [1:43:45] mga [1:43:45] tricycle [1:43:46] driver [1:43:47] doon [1:43:47] yung [1:43:48] ating [1:43:48] mga [1:43:48] manging [1:43:55] case in [1:43:57] point [1:43:57] doon [1:43:58] po [1:43:58] sa [1:43:58] Buswang [1:43:59] wala [1:44:00] po [1:44:00] talaga [1:44:00] silang [1:44:00] gasolinahan [1:44:01] kundi [1:44:02] yung mga [1:44:02] tao [1:44:03] lang [1:44:03] negosyo [1:44:04] pupunta [1:44:04] doon [1:44:04] sa [1:44:04] main [1:44:05] island [1:44:05] ng [1:44:05] Palawan [1:44:06] bibili [1:44:06] ng [1:44:06] crudo [1:44:07] gasolina [1:44:08] drum [1:44:08] drum [1:44:09] tsaka [1:44:09] ibibenta [1:44:10] sa [1:44:10] mga [1:44:10] tinda [1:44:10] tindahan [1:44:11] papano [1:44:11] po [1:44:11] makakuha [1:44:12] ng [1:44:12] discount [1:44:12] yun [1:44:13] Mr. [1:44:15] Chair [1:44:15] for [1:44:16] that [1:44:16] I'm [1:44:18] not aware [1:44:18] right [1:44:18] now [1:44:19] on [1:44:19] how [1:44:20] we [1:44:20] are [1:44:20] doing [1:44:20] when [1:44:21] it [1:44:21] comes [1:44:21] to [1:44:21] our [1:44:22] far [1:44:22] flung [1:44:23] provinces [1:44:23] but [1:44:24] probably [1:44:25] they [1:44:25] can [1:44:25] avail [1:44:25] of [1:44:25] the [1:44:26] cash [1:44:27] incentives [1:44:28] that [1:44:28] are [1:44:28] being [1:44:28] given [1:44:29] by [1:44:29] the [1:44:30] LTF [1:44:31] RB [1:44:31] Mr. [1:44:31] Chair [1:44:32] I want [1:44:33] to hear [1:44:33] your [1:44:34] comments [1:44:34] now [1:44:35] regarding [1:44:35] this [1:44:36] petroleum [1:44:36] reserve [1:44:37] Mr. [1:44:38] Chair [1:44:38] good [1:44:39] morning [1:44:39] again [1:44:39] the [1:44:40] Department [1:44:40] of [1:44:41] Transportation [1:44:41] through [1:44:42] our [1:44:42] Secretary [1:44:43] Giovanni [1:44:43] Lopez [1:44:44] fully [1:44:45] supports [1:44:45] the [1:44:46] bill [1:44:46] regarding [1:44:47] the [1:44:47] transparency [1:44:47] in [1:44:48] the [1:44:48] Philippine [1:44:48] downstream [1:44:49] oil [1:44:49] industry [1:44:50] and [1:44:51] the [1:44:51] Philippine [1:44:51] Strategic [1:44:52] Petroleum [1:44:53] Reserve [1:44:53] actually [1:44:54] Mr. [1:44:55] Chair [1:44:55] we [1:44:55] really [1:44:56] commend [1:44:56] the [1:44:56] Senate [1:44:56] in [1:44:57] seeking [1:44:57] to [1:44:58] pass [1:44:58] this [1:44:58] bill [1:44:59] because [1:44:59] fuel [1:45:00] crisis [1:45:01] is [1:45:01] a [1:45:01] recurring [1:45:02] problem [1:45:02] it [1:45:03] is [1:45:03] not [1:45:03] an [1:45:03] extraordinary [1:45:04] thing [1:45:05] that [1:45:05] we [1:45:05] experience [1:45:06] once [1:45:06] in a [1:45:06] while [1:45:06] but [1:45:07] we [1:45:07] experience [1:45:07] this [1:45:08] year [1:45:09] in [1:45:09] year [1:45:09] out [1:45:09] so [1:45:10] we [1:45:10] are [1:45:10] hoping [1:45:11] Mr. [1:45:11] Chair [1:45:11] that [1:45:12] the [1:45:12] bills [1:45:13] that [1:45:13] the [1:45:13] Senate [1:45:14] are [1:45:14] proposing [1:45:15] could [1:45:16] be [1:45:17] passed [1:45:17] during [1:45:17] this [1:45:18] 20th [1:45:18] Congress [1:45:18] Mr. [1:45:19] Chair [1:45:19] so [1:45:20] we [1:45:20] fully [1:45:20] support [1:45:21] Mr. [1:45:21] Chair [1:45:21] the [1:45:25] it's [1:45:26] the [1:45:26] stand [1:45:26] for [1:45:27] of [1:45:27] the [1:45:27] Department [1:45:27] of [1:45:28] Transportation [1:45:28] right [1:45:29] yes [1:45:30] Mr. [1:45:30] Chair [1:45:30] okay [1:45:30] the [1:45:32] Department [1:45:33] of Agriculture [1:45:34] are you [1:45:34] here [1:45:34] together [1:45:35] with [1:45:35] Philippine [1:45:35] Coconut [1:45:36] Authority [1:45:36] and [1:45:37] Sugar [1:45:37] Regulatory [1:45:37] Administration [1:45:38] yeah [1:45:39] we [1:45:39] are [1:45:39] here [1:45:39] sir [1:45:39] thank [1:45:40] you [1:45:40] yeah [1:45:41] so [1:45:41] we [1:45:42] would [1:45:43] like [1:45:43] to [1:45:43] manifest [1:45:43] that [1:45:44] we [1:45:44] support [1:45:45] the [1:45:45] legislative [1:45:47] measure [1:45:48] sir [1:45:49] to [1:45:50] enhance [1:45:51] energy [1:45:51] security [1:45:52] and [1:45:52] price [1:45:53] transparency [1:45:53] we [1:45:55] just [1:45:55] would [1:45:56] like [1:45:56] to [1:45:56] inform [1:45:56] the [1:45:57] share [1:45:58] that [1:45:58] the [1:45:59] total [1:46:00] consumption [1:46:01] of [1:46:01] agriculture [1:46:02] is [1:46:02] about [1:46:02] 200 [1:46:03] million [1:46:03] liters [1:46:04] per [1:46:04] year [1:46:04] so [1:46:05] if [1:46:05] we [1:46:06] for [1:46:06] example [1:46:07] have [1:46:08] a [1:46:08] 90 [1:46:10] day [1:46:10] reserve [1:46:12] so [1:46:12] we [1:46:12] need [1:46:12] about [1:46:13] 50 [1:46:13] million [1:46:14] liters [1:46:14] for [1:46:15] the [1:46:15] 90 [1:46:15] days [1:46:16] and [1:46:17] this [1:46:17] is [1:46:17] very [1:46:17] strategic [1:46:18] for [1:46:18] us [1:46:19] because [1:46:19] the [1:46:20] farming [1:46:21] sector [1:46:21] is [1:46:22] having [1:46:22] about [1:46:22] 25% [1:46:23] in [1:46:24] terms [1:46:24] of [1:46:24] energy [1:46:25] and [1:46:25] power [1:46:25] cost [1:46:27] contribution [1:46:28] precisely [1:46:29] because [1:46:30] for [1:46:30] fuel [1:46:30] and [1:46:31] for [1:46:31] power [1:46:33] and [1:46:34] we [1:46:34] must [1:46:34] all [1:46:34] remember [1:46:35] that [1:46:35] agriculture [1:46:36] is [1:46:36] a [1:46:36] seasonal [1:46:37] endeavor [1:46:38] and [1:46:39] in [1:46:40] terms [1:46:40] of [1:46:40] power [1:46:40] we [1:46:41] are [1:46:41] having [1:46:41] a [1:46:42] demand [1:46:42] charge [1:46:42] for [1:46:43] the [1:46:43] power [1:46:43] but [1:46:44] sometimes [1:46:44] we [1:46:45] are [1:46:45] not [1:46:46] using [1:46:46] 365 [1:46:47] days [1:46:49] of [1:46:50] power [1:46:50] a [1:46:50] year [1:46:51] precisely [1:46:51] because [1:46:52] of [1:46:52] the [1:46:52] season [1:46:52] there [1:46:53] are [1:46:54] some [1:46:54] days [1:46:54] that [1:46:54] we [1:46:55] are [1:46:55] not [1:46:55] using [1:46:55] our [1:46:55] power [1:46:56] but [1:46:56] the [1:46:56] problem [1:46:56] is [1:46:57] that [1:46:57] you [1:46:57] need [1:46:57] to [1:46:57] pay [1:46:58] a [1:46:59] demand [1:46:59] charge [1:47:00] every [1:47:00] month [1:47:00] because [1:47:01] that's [1:47:02] the [1:47:02] policy [1:47:03] so [1:47:04] in [1:47:05] other [1:47:05] words [1:47:05] the [1:47:05] contribution [1:47:06] of [1:47:06] inflation [1:47:07] in [1:47:07] terms [1:47:08] of [1:47:08] food [1:47:09] production [1:47:09] is [1:47:09] 25% [1:47:10] so [1:47:11] we [1:47:12] are [1:47:12] now [1:47:12] having [1:47:12] a [1:47:13] program [1:47:14] for [1:47:15] the [1:47:16] waste [1:47:16] to [1:47:16] energy [1:47:16] meaning [1:47:17] our [1:47:17] manure [1:47:17] will [1:47:18] be [1:47:18] turned [1:47:18] into [1:47:19] energy [1:47:19] and [1:47:20] we [1:47:20] also [1:47:20] have [1:47:20] a [1:47:20] program [1:47:21] for [1:47:21] agri [1:47:22] and [1:47:22] agua [1:47:22] voltage [1:47:23] meaning [1:47:24] that [1:47:24] we [1:47:25] will [1:47:25] coexist [1:47:27] with [1:47:27] the [1:47:28] program [1:47:28] for [1:47:29] the [1:47:29] solar [1:47:30] power [1:47:30] for [1:47:31] our [1:47:31] fish [1:47:31] pan [1:47:32] whereby [1:47:33] there [1:47:33] will [1:47:33] be [1:47:34] solar [1:47:35] power [1:47:35] on [1:47:35] top [1:47:36] but [1:47:36] food [1:47:36] security [1:47:37] by way [1:47:37] of [1:47:38] fish [1:47:39] pan [1:47:39] below [1:47:40] for [1:47:40] food [1:47:41] security [1:47:41] and [1:47:41] also [1:47:42] for [1:47:42] agriculture [1:47:42] down [1:47:43] livestock [1:47:44] and [1:47:45] several [1:47:46] kinds [1:47:46] of [1:47:47] high [1:47:48] value [1:47:48] crops [1:47:49] and [1:47:49] then [1:47:49] solar [1:47:50] power [1:47:50] on [1:47:51] top [1:47:51] this [1:47:51] is [1:47:51] the [1:47:52] program [1:47:52] for [1:47:53] our [1:47:54] energy [1:47:54] for [1:47:55] food [1:47:55] security [1:47:56] so [1:47:56] these [1:47:56] are [1:47:56] the [1:47:56] things [1:47:57] that [1:47:57] are [1:47:57] being [1:47:58] challenged [1:47:58] by [1:47:59] agriculture [1:47:59] so [1:48:00] we [1:48:00] fully [1:48:01] support [1:48:01] in this [1:48:02] in this [1:48:04] committee [1:48:05] for the [1:48:05] enhancing [1:48:07] the [1:48:08] measures [1:48:08] for [1:48:09] food [1:48:10] for [1:48:11] supply [1:48:11] for [1:48:12] fuel [1:48:12] and [1:48:13] for [1:48:14] energy [1:48:14] security [1:48:15] sir [1:48:15] thank you [1:48:16] may [1:48:16] may I [1:48:16] just [1:48:17] ask [1:48:19] you [1:48:19] ano [1:48:21] po [1:48:21] yung [1:48:21] status [1:48:22] ng [1:48:22] fuel [1:48:23] subsidies [1:48:23] po [1:48:24] natin [1:48:24] dahil [1:48:25] hanggang [1:48:26] ngayon [1:48:26] may [1:48:26] problema [1:48:26] po [1:48:27] tayo [1:48:27] sa [1:48:27] petrolyo [1:48:28] natin [1:48:29] kumusta [1:48:29] naman [1:48:30] po [1:48:30] halos [1:48:31] lahat [1:48:31] po [1:48:31] ba [1:48:31] ng [1:48:31] farmers [1:48:32] natin [1:48:32] fisher [1:48:33] folks [1:48:33] yung [1:48:33] fisher [1:48:34] folks [1:48:34] po [1:48:34] natin [1:48:34] minsan [1:48:35] nakakalimutan [1:48:35] natin [1:48:36] gumagamit [1:48:36] po yung [1:48:36] araw [1:48:37] araw [1:48:37] ng [1:48:37] makina [1:48:38] na [1:48:39] nabibigyan [1:48:39] po [1:48:39] ba [1:48:40] ng [1:48:40] subsidy [1:48:40] nationwide [1:48:41] o may [1:48:42] mga [1:48:42] piling [1:48:42] lugar [1:48:42] lang [1:48:43] na [1:48:43] nabigyan [1:48:44] po [1:48:44] ninyo [1:48:45] na [1:48:45] fuel [1:48:45] subsidy [1:48:46] sa DA [1:48:46] on the [1:48:48] year [1:48:49] of [1:48:49] 2025 [1:48:51] we are [1:48:51] 99% [1:48:52] sir [1:48:53] for our [1:48:53] distribution [1:48:54] kasi [1:48:55] nakaka [1:48:55] card [1:48:55] na [1:48:56] sila [1:48:56] for [1:48:57] this [1:48:57] time [1:48:57] around [1:48:57] we [1:48:58] receive [1:48:58] a [1:48:59] 3 [1:48:59] billion [1:48:59] subsidy [1:49:01] or [1:49:02] funds [1:49:02] from [1:49:02] the [1:49:03] uplift [1:49:03] coming [1:49:04] from [1:49:04] the [1:49:05] president [1:49:05] so [1:49:05] this [1:49:06] is [1:49:06] distributed [1:49:07] to [1:49:07] fishery [1:49:08] 1 [1:49:09] billion [1:49:09] farmers [1:49:10] 1 [1:49:10] billion [1:49:11] and [1:49:11] trackers [1:49:12] 1 [1:49:13] billion [1:49:14] for [1:49:14] logistics [1:49:14] sir [1:49:15] 99% [1:49:18] ito [1:49:20] pong [1:49:21] pagputok [1:49:21] po [1:49:21] ng [1:49:22] problema [1:49:22] sa [1:49:23] Iran [1:49:23] na [1:49:24] bigyan [1:49:25] po [1:49:25] natin [1:49:25] yung [1:49:25] mga [1:49:26] mga [1:49:26] isda [1:49:26] natin [1:49:28] ito [1:49:28] nga [1:49:28] yung [1:49:29] uplift [1:49:29] sir [1:49:29] this [1:49:31] uplift [1:49:31] we [1:49:32] just [1:49:32] na [1:49:33] download [1:49:33] lang [1:49:33] bago [1:49:34] ang [1:49:35] fund [1:49:35] we [1:49:36] received [1:49:37] 6.2 [1:49:38] billion [1:49:38] and [1:49:39] out [1:49:39] of [1:49:39] the [1:49:39] 6.2 [1:49:40] billion [1:49:40] we [1:49:40] have [1:49:41] 3 [1:49:41] billion [1:49:41] for [1:49:41] divided [1:49:43] for [1:49:43] fuel [1:49:44] for [1:49:44] farmers [1:49:44] and [1:49:45] fuel [1:49:45] for [1:49:46] fishery [1:49:46] and [1:49:47] for [1:49:47] logistics [1:49:47] sir [1:49:48] for [1:49:48] tracking [1:49:48] was [1:49:49] that [1:49:49] enough [1:49:50] but [1:49:53] that's [1:49:53] the only [1:49:54] money [1:49:54] that we [1:49:54] have [1:49:55] sir [1:49:55] all [1:49:55] right [1:49:56] do you [1:49:57] have [1:49:57] any [1:49:57] further [1:49:57] questions [1:49:58] sp [1:49:58] all [1:50:01] right [1:50:01] let's [1:50:03] hear it [1:50:03] from [1:50:03] philippine [1:50:04] coconut [1:50:04] authority [1:50:05] thank you [1:50:10] very much [1:50:11] mr. [1:50:11] chair [1:50:12] in the [1:50:13] philippine [1:50:13] coconut [1:50:14] authority [1:50:14] we are [1:50:15] in support [1:50:16] of the [1:50:16] establishing [1:50:17] of the [1:50:18] philippine [1:50:18] strategic [1:50:19] petroleum [1:50:19] reserve [1:50:20] however we [1:50:21] have to [1:50:22] look also [1:50:22] an [1:50:22] alternative [1:50:23] which is [1:50:23] the [1:50:24] coconut [1:50:24] to [1:50:25] coconut [1:50:26] metal [1:50:26] ester [1:50:26] and we [1:50:27] urge to [1:50:28] this [1:50:28] body [1:50:28] that [1:50:28] we should [1:50:29] also [1:50:30] review [1:50:30] the [1:50:31] budget [1:50:31] of the [1:50:32] philippine [1:50:32] coconut [1:50:32] authority [1:50:33] by means [1:50:34] of giving [1:50:35] us budget [1:50:35] in the [1:50:36] massive [1:50:37] planting [1:50:37] and for [1:50:38] the [1:50:38] fertilization [1:50:39] so we've [1:50:40] been receiving [1:50:41] a very [1:50:41] small [1:50:42] amount [1:50:43] in this [1:50:43] areas [1:50:44] and [1:50:45] that's [1:50:46] that's [1:50:46] the [1:50:46] appeal [1:50:47] of the [1:50:48] authority [1:50:49] so that [1:50:50] we can [1:50:50] be able [1:50:51] really [1:50:51] to help [1:50:52] in the [1:50:53] produce [1:50:53] of more [1:50:54] CME [1:50:55] and we [1:50:56] will be [1:50:56] glad [1:50:57] to do [1:50:57] that [1:50:57] because [1:50:58] that's [1:50:58] also [1:50:58] our [1:50:58] mandate [1:50:59] not only [1:51:00] for [1:51:00] the [1:51:00] CME [1:51:01] but [1:51:01] for [1:51:02] the [1:51:02] environment [1:51:03] concern [1:51:03] and the [1:51:03] clean [1:51:04] air [1:51:05] act [1:51:05] so [1:51:05] that's [1:51:06] the [1:51:06] prayer [1:51:07] also [1:51:08] of [1:51:08] the [1:51:08] Philippine [1:51:08] coconut [1:51:09] authority [1:51:09] in terms [1:51:10] of [1:51:11] looking [1:51:12] at [1:51:13] a [1:51:13] petroleum [1:51:14] reserve [1:51:14] then [1:51:15] equally [1:51:15] we should [1:51:16] be given [1:51:16] also [1:51:17] attention [1:51:17] in our [1:51:18] feedstock [1:51:19] especially [1:51:19] that we [1:51:20] would like [1:51:21] to improve [1:51:21] the production [1:51:22] via [1:51:23] by massive [1:51:24] planting [1:51:25] that's [1:51:25] the long [1:51:26] term [1:51:26] and the [1:51:26] short [1:51:27] term [1:51:27] is [1:51:27] the [1:51:27] fertilization [1:51:28] our [1:51:29] fertilizations [1:51:30] were only [1:51:30] given [1:51:30] about [1:51:31] 153 [1:51:33] million [1:51:34] a year [1:51:35] and it [1:51:35] can only [1:51:36] fertilize [1:51:37] about [1:51:38] 1% [1:51:39] of the [1:51:40] number [1:51:40] of [1:51:41] coconut [1:51:42] palm [1:51:42] in the [1:51:43] country [1:51:43] which is [1:51:44] 345 [1:51:45] million [1:51:46] palm [1:51:47] that [1:51:47] contributes [1:51:48] 14.7 [1:51:50] billion [1:51:50] nuts [1:51:51] per year [1:51:51] and out [1:51:52] of that [1:51:53] 14 [1:51:53] billion [1:51:54] nuts [1:51:54] 2.8 [1:51:56] billion [1:51:57] is [1:51:57] going [1:51:58] to [1:51:59] CME [1:51:59] and [1:52:00] there [1:52:00] is [1:52:00] a shortage [1:52:01] of [1:52:01] feedstock [1:52:02] that's [1:52:02] why [1:52:02] we're [1:52:03] pushing [1:52:03] much [1:52:04] on our [1:52:05] program [1:52:05] and fertilization [1:52:06] so that [1:52:07] we can [1:52:07] increase [1:52:07] the [1:52:08] production [1:52:08] and [1:52:09] especially [1:52:09] also [1:52:09] for [1:52:10] the [1:52:10] massive [1:52:10] planting [1:52:10] thank you [1:52:11] Mr. [1:52:11] Chair [1:52:12] what's [1:52:14] going on [1:52:15] there [1:52:15] well [1:52:15] now [1:52:16] it's [1:52:17] 3% [1:52:19] but [1:52:20] with [1:52:21] our [1:52:21] meeting [1:52:23] with [1:52:23] DOE [1:52:24] I think [1:52:25] we will [1:52:26] be [1:52:26] increased [1:52:26] by next [1:52:27] year [1:52:27] at [1:52:27] 4% [1:52:28] 4% [1:52:28] yes [1:52:29] sir [1:52:29] will [1:52:30] you [1:52:30] be [1:52:30] joining [1:52:30] us [1:52:31] budget [1:52:31] hearing [1:52:31] on [1:52:31] Monday [1:52:32] I [1:52:32] think [1:52:33] your [1:52:33] problem [1:52:34] with [1:52:34] budget [1:52:34] has [1:52:35] to be [1:52:35] taken [1:52:35] up [1:52:36] during [1:52:36] the [1:52:36] budget [1:52:36] hearing [1:52:37] on [1:52:37] Monday [1:52:37] thank [1:52:38] you [1:52:38] very [1:52:38] much [1:52:38] yeah [1:52:39] all [1:52:39] right [1:52:39] sugar [1:52:40] regulatory [1:52:40] administration [1:52:41] sir [1:52:42] let's [1:52:42] hear [1:52:42] from [1:52:43] you [1:52:43] good [1:52:45] morning [1:52:45] Mr. [1:52:45] Chair [1:52:45] good [1:52:46] morning [1:52:46] SP [1:52:46] yes [1:52:48] the [1:52:48] SRA [1:52:49] fully [1:52:49] supports [1:52:50] the [1:52:51] enhancement [1:52:51] of [1:52:51] our [1:52:52] fuel [1:52:52] reserves [1:52:53] the [1:52:53] sugar [1:52:54] industry [1:52:54] is [1:52:55] very [1:52:55] fuel [1:52:55] dependent [1:52:56] as [1:52:56] well [1:52:56] we [1:52:58] basically [1:52:58] need [1:52:59] diesel [1:53:00] for [1:53:00] our [1:53:00] irrigation [1:53:01] and [1:53:02] land [1:53:03] prep [1:53:03] purposes [1:53:04] as [1:53:04] well [1:53:04] as [1:53:05] we [1:53:05] are [1:53:05] very [1:53:05] heavy [1:53:06] on [1:53:06] the [1:53:06] logistics [1:53:06] side [1:53:07] as [1:53:07] well [1:53:07] when [1:53:09] it [1:53:09] comes [1:53:09] to [1:53:09] diesel [1:53:10] and [1:53:11] also [1:53:12] when [1:53:13] it [1:53:13] comes [1:53:13] to [1:53:14] as [1:53:15] mentioned [1:53:15] by [1:53:16] my [1:53:16] colleague [1:53:16] from [1:53:17] the [1:53:17] PCA [1:53:17] we [1:53:18] also [1:53:19] pray [1:53:19] for [1:53:19] our [1:53:22] 2 [1:53:22] billion [1:53:22] SIDA [1:53:23] sana [1:53:23] mainly [1:53:25] because [1:53:25] our [1:53:26] sugar [1:53:28] production [1:53:29] has [1:53:29] been [1:53:29] going [1:53:29] up [1:53:30] the [1:53:31] initial [1:53:31] three [1:53:32] years [1:53:32] right [1:53:32] now [1:53:33] we're [1:53:33] encountering [1:53:33] an [1:53:35] El Nino [1:53:35] problem [1:53:36] which [1:53:36] will [1:53:37] make [1:53:38] the [1:53:38] industry [1:53:38] more [1:53:39] dependent [1:53:40] on [1:53:40] fuel [1:53:40] actually [1:53:41] and [1:53:42] the [1:53:42] fuel [1:53:43] costs [1:53:43] have [1:53:43] gone [1:53:44] very [1:53:45] high [1:53:45] and [1:53:45] we're [1:53:46] also [1:53:46] very [1:53:47] heavy [1:53:48] on [1:53:48] fertilization [1:53:49] which [1:53:49] is [1:53:49] also [1:53:50] petroleum [1:53:50] based [1:53:51] now [1:53:52] for [1:53:52] the [1:53:52] sugar [1:53:52] industry [1:53:53] we [1:53:53] also [1:53:53] supply [1:53:54] our [1:53:56] feedstock [1:53:56] for [1:53:57] the [1:53:57] 350 [1:53:59] million [1:54:00] liters [1:54:02] more or [1:54:02] less [1:54:03] of [1:54:03] bioethanol [1:54:04] being [1:54:04] used [1:54:04] blended [1:54:05] with [1:54:06] our [1:54:06] gasoline [1:54:06] so [1:54:06] any [1:54:07] improvement [1:54:08] in the [1:54:08] production [1:54:09] of [1:54:09] sugar [1:54:10] cane [1:54:10] will [1:54:11] improve [1:54:11] our [1:54:12] production [1:54:14] on [1:54:14] the [1:54:15] ethanol [1:54:15] side [1:54:15] making [1:54:16] us [1:54:16] less [1:54:16] dependent [1:54:17] on [1:54:17] foreign [1:54:19] fuels [1:54:19] concurrently [1:54:21] our [1:54:21] distilleries [1:54:22] I think [1:54:22] have a [1:54:22] capacity [1:54:23] of [1:54:23] about [1:54:23] 550 [1:54:25] and [1:54:26] they're [1:54:26] producing [1:54:26] only [1:54:27] 350 [1:54:28] million [1:54:28] so [1:54:28] the [1:54:29] department [1:54:30] of [1:54:30] agriculture [1:54:31] and [1:54:31] the [1:54:32] DOE [1:54:32] have [1:54:33] been [1:54:33] working [1:54:33] on [1:54:34] alternative [1:54:34] locally [1:54:35] produced [1:54:36] feedstock [1:54:36] to [1:54:37] maximize [1:54:37] our [1:54:38] ethanol [1:54:39] production [1:54:40] there's [1:54:41] there's [1:54:41] also [1:54:42] talks [1:54:42] of [1:54:43] increasing [1:54:43] the [1:54:44] blending [1:54:44] to [1:54:44] E15 [1:54:45] in the [1:54:46] hope [1:54:46] that [1:54:46] we [1:54:47] will [1:54:47] lower [1:54:47] our [1:54:48] fuel [1:54:49] costs [1:54:50] so [1:54:50] that's [1:54:51] that's [1:54:51] Mr. Chair [1:54:51] thank you [1:54:52] very much [1:54:52] SP [1:54:53] thank you [1:54:54] thank you [1:54:54] Mr. [1:54:55] Ascona [1:54:56] actually [1:54:56] looking at [1:54:57] the [1:54:57] presentation [1:54:59] of [1:54:59] DOE [1:55:00] can we [1:55:01] flash [1:55:01] this [1:55:02] concept [1:55:02] page [1:55:03] two [1:55:03] page [1:55:05] two [1:55:06] for [1:55:07] gasoline [1:55:08] and [1:55:08] this [1:55:09] has been [1:55:09] a [1:55:10] concern [1:55:11] and [1:55:11] an issue [1:55:12] with [1:55:12] the [1:55:13] petroleum [1:55:13] companies [1:55:14] ito [1:55:14] from [1:55:14] the [1:55:14] DOE [1:55:15] if you [1:55:16] look [1:55:16] at [1:55:16] the [1:55:17] if you [1:55:19] look [1:55:19] at [1:55:19] the [1:55:20] imported [1:55:22] cost [1:55:23] of [1:55:24] ethanol [1:55:24] for [1:55:26] the [1:55:27] dates [1:55:27] October [1:55:28] 5 to [1:55:28] 9 [1:55:29] it's [1:55:29] 4 [1:55:30] pesos [1:55:30] and [1:55:31] 2 [1:55:31] centavos [1:55:32] domestic [1:55:34] yan [1:55:34] ang [1:55:34] imported [1:55:35] is [1:55:36] 2 [1:55:36] pesos [1:55:36] and [1:55:36] 31 [1:55:37] so [1:55:38] ang [1:55:38] laki [1:55:38] ng [1:55:38] discrepancy [1:55:39] almost [1:55:40] almost [1:55:41] two [1:55:41] times [1:55:41] and [1:55:43] that's [1:55:44] that's [1:55:46] why [1:55:46] merong [1:55:46] merong [1:55:47] mga [1:55:47] proposals [1:55:48] to allow [1:55:50] imported [1:55:51] to [1:55:52] come in [1:55:52] because [1:55:53] alagang [1:55:54] napakamura [1:55:55] yung [1:55:55] imported [1:55:56] but [1:55:57] I [1:55:57] also [1:55:57] take [1:55:58] this [1:55:58] with [1:55:58] a [1:55:58] lot [1:55:58] of [1:55:58] caution [1:55:59] because [1:55:59] mamamatay [1:56:00] naman [1:56:00] yung [1:56:01] ating [1:56:01] local [1:56:01] farmers [1:56:02] mamamatay [1:56:03] naman [1:56:03] yung [1:56:03] ating [1:56:04] ethanol [1:56:04] industry [1:56:05] na [1:56:05] nagpatayun [1:56:05] ng [1:56:06] planta [1:56:06] but [1:56:07] we [1:56:07] cannot [1:56:07] also [1:56:08] let [1:56:08] this [1:56:08] issue [1:56:10] go [1:56:11] untouched [1:56:12] or [1:56:13] unscathed [1:56:13] we [1:56:13] have [1:56:14] to [1:56:14] deal [1:56:14] with [1:56:15] this [1:56:15] issue [1:56:15] this [1:56:15] is [1:56:16] a [1:56:16] productivity [1:56:16] issue [1:56:17] we're [1:56:18] not [1:56:18] productive [1:56:19] compared [1:56:20] to [1:56:20] Brazil [1:56:21] compared [1:56:22] to [1:56:22] the [1:56:24] southern [1:56:25] states [1:56:25] of [1:56:25] America [1:56:26] so we're [1:56:28] not [1:56:28] competitive [1:56:29] in other [1:56:29] words [1:56:29] productivity [1:56:30] and [1:56:30] competitive [1:56:31] competition [1:56:33] issue [1:56:34] so [1:56:34] I just [1:56:36] want [1:56:36] to [1:56:36] flag [1:56:37] the [1:56:37] SRA [1:56:37] na [1:56:38] matagal [1:56:38] na [1:56:38] itong [1:56:39] issue [1:56:39] na [1:56:39] ito [1:56:39] and [1:56:40] there's [1:56:40] pressure [1:56:40] really [1:56:41] to [1:56:42] allow [1:56:42] imported [1:56:43] ethanol [1:56:44] to [1:56:44] come in [1:56:45] if we [1:56:46] want [1:56:46] to [1:56:46] maintain [1:56:47] the [1:56:47] current [1:56:48] blend [1:56:48] right [1:56:49] now [1:56:49] increasing [1:56:51] the [1:56:51] blend [1:56:51] will [1:56:52] not [1:56:52] be [1:56:53] beneficial [1:56:53] to [1:56:54] pricing [1:56:54] because [1:56:55] we [1:56:55] will [1:56:55] just [1:56:55] increase [1:56:56] first [1:56:57] hindi [1:56:57] natin [1:56:58] matutulungan [1:56:58] yung [1:56:58] local [1:56:59] farmers [1:56:59] natin [1:57:00] kasi [1:57:01] mag [1:57:01] import [1:57:01] lang [1:57:02] tayo [1:57:03] and [1:57:03] then [1:57:03] second [1:57:03] kung [1:57:06] local [1:57:07] naman [1:57:07] ipaprioritize [1:57:08] natin [1:57:09] assuming [1:57:09] they can [1:57:10] increase [1:57:10] production [1:57:10] mahal [1:57:11] naman [1:57:11] yung [1:57:11] local [1:57:12] natin [1:57:12] so [1:57:13] it's [1:57:13] really [1:57:13] a [1:57:13] productivity [1:57:14] issue [1:57:14] how [1:57:14] do [1:57:14] we [1:57:15] make [1:57:15] it [1:57:15] productive [1:57:16] and [1:57:17] therefore [1:57:17] competitive [1:57:18] you [1:57:20] might [1:57:20] have a [1:57:20] comment [1:57:21] I [1:57:21] know [1:57:21] this [1:57:21] is [1:57:22] a [1:57:22] complicated [1:57:23] problem [1:57:23] but [1:57:23] I [1:57:24] just [1:57:26] want [1:57:26] to [1:57:26] flag [1:57:26] SRA [1:57:27] and [1:57:27] if [1:57:27] you [1:57:27] have [1:57:27] a [1:57:28] comment [1:57:28] feel [1:57:29] free [1:57:29] to [1:57:29] thank [1:57:31] you [1:57:31] Mr. [1:57:32] Chair [1:57:32] thank [1:57:32] you [1:57:32] SP [1:57:33] yes [1:57:34] we [1:57:35] are [1:57:36] there [1:57:37] are [1:57:38] certain [1:57:38] places [1:57:39] in [1:57:39] the [1:57:40] Philippines [1:57:40] that [1:57:40] produce [1:57:41] sugarcane [1:57:43] we'll [1:57:43] just [1:57:43] talk [1:57:43] about [1:57:43] sugarcane [1:57:44] that's [1:57:45] the [1:57:45] main [1:57:45] feedstock [1:57:46] in a [1:57:47] globally [1:57:48] competitive [1:57:49] scale [1:57:49] but [1:57:49] we have [1:57:50] so many [1:57:51] areas [1:57:51] especially [1:57:52] in [1:57:53] Luzon [1:57:53] and [1:57:54] some [1:57:54] parts [1:57:55] of [1:57:55] the [1:57:55] Visayas [1:57:55] which [1:57:56] brings down [1:58:00] our [1:58:00] national [1:58:01] average [1:58:02] so [1:58:03] we [1:58:03] do [1:58:04] agree [1:58:04] that [1:58:04] we [1:58:04] need [1:58:05] to [1:58:05] work [1:58:05] on [1:58:05] that [1:58:06] and [1:58:06] on [1:58:06] the [1:58:07] cost [1:58:07] of [1:58:07] the [1:58:07] local [1:58:08] ethanol [1:58:08] our [1:58:09] the [1:58:11] price [1:58:11] is [1:58:12] based [1:58:12] on [1:58:12] 50% [1:58:13] cost [1:58:14] of [1:58:14] molasses [1:58:15] and [1:58:15] cost [1:58:15] of [1:58:16] sugar [1:58:16] and [1:58:17] cost [1:58:18] of [1:58:18] molasses [1:58:18] in [1:58:19] the [1:58:19] Philippines [1:58:19] is [1:58:19] basically [1:58:20] the [1:58:20] global [1:58:23] benchmark [1:58:24] for [1:58:24] molasses [1:58:26] price [1:58:27] and [1:58:29] the [1:58:29] domestic [1:58:30] sugar [1:58:31] cost [1:58:32] is [1:58:32] also [1:58:32] higher [1:58:33] so [1:58:34] that [1:58:35] makes [1:58:36] the [1:58:36] local [1:58:37] ethanol [1:58:37] close [1:58:38] to [1:58:38] double [1:58:39] of [1:58:39] imported [1:58:40] so [1:58:40] what [1:58:41] happens [1:58:42] since [1:58:43] we need [1:58:43] about [1:58:44] at [1:58:44] E10 [1:58:45] we need [1:58:45] about [1:58:46] 750 [1:58:46] million [1:58:47] liters [1:58:48] of [1:58:48] ethanol [1:58:48] yung [1:58:49] local [1:58:49] production [1:58:50] po [1:58:50] natin [1:58:50] nasa [1:58:51] 350 [1:58:51] lang [1:58:51] so [1:58:52] the [1:58:52] price [1:58:53] of [1:58:53] ethanol [1:58:53] gets [1:58:53] watered [1:58:54] down [1:58:54] by [1:58:54] the [1:58:55] cheaper [1:58:55] imported [1:58:56] that [1:58:56] we [1:58:56] need [1:58:56] to [1:58:57] bring [1:58:57] in [1:58:57] hence [1:58:58] the [1:58:58] study [1:59:01] now [1:59:02] being done [1:59:03] by [1:59:03] DA [1:59:03] to [1:59:04] give [1:59:04] them [1:59:04] an [1:59:05] alternative [1:59:05] feedstock [1:59:06] for [1:59:07] the [1:59:07] remaining [1:59:08] 200 [1:59:08] million [1:59:11] liters [1:59:11] plant [1:59:12] capacity [1:59:13] which [1:59:13] will [1:59:14] produce [1:59:14] cheaper [1:59:15] ethanol [1:59:16] we're [1:59:17] looking at [1:59:18] corn [1:59:18] actually [1:59:18] plus [1:59:21] if we [1:59:22] move [1:59:22] to [1:59:22] E15 [1:59:23] it will [1:59:23] further [1:59:24] bring down [1:59:25] the [1:59:25] composite [1:59:25] price [1:59:26] basically [1:59:26] of [1:59:27] local [1:59:27] and [1:59:28] domestic [1:59:28] so [1:59:29] may [1:59:29] limit [1:59:30] naman [1:59:30] po [1:59:30] yung [1:59:30] local [1:59:31] plants [1:59:31] kasi [1:59:31] po [1:59:32] sa [1:59:32] production [1:59:32] nasa [1:59:32] 550 [1:59:33] po [1:59:33] sir [1:59:35] SP [1:59:35] so [1:59:36] that's [1:59:37] that's [1:59:37] just [1:59:37] a [1:59:37] comment [1:59:38] I know [1:59:38] it's [1:59:38] a [1:59:38] long [1:59:39] term [1:59:39] problem [1:59:39] but [1:59:39] we [1:59:39] really [1:59:40] need [1:59:40] to [1:59:40] work [1:59:40] on [1:59:41] our [1:59:41] productivity [1:59:42] per [1:59:42] hectare [1:59:43] po [1:59:43] on [1:59:43] the [1:59:43] sugar [1:59:44] cane [1:59:44] side [1:59:44] to [1:59:44] bring [1:59:45] the [1:59:45] costs [1:59:45] down [1:59:46] po [1:59:46] actually [1:59:47] to [1:59:48] be [1:59:48] honest [1:59:48] about [1:59:48] it [1:59:49] there [1:59:51] was [1:59:52] a [1:59:53] proposal [1:59:53] to [1:59:54] allow [1:59:55] ito [1:59:56] lang [1:59:56] during [1:59:56] the [1:59:56] state [1:59:57] of [1:59:58] emergency [1:59:58] to [1:59:59] allow [1:59:59] imported [1:59:59] to [2:00:00] come [2:00:00] in [2:00:00] but [2:00:01] the [2:00:01] Senate [2:00:02] did [2:00:02] not [2:00:02] agree [2:00:02] to [2:00:02] that [2:00:03] because [2:00:03] kawawa [2:00:04] nga [2:00:04] farmers [2:00:05] natin [2:00:05] kawawa [2:00:06] yung [2:00:07] mga [2:00:07] ethanol [2:00:07] plants [2:00:08] na [2:00:08] patayo [2:00:08] di [2:00:09] patay [2:00:09] ka [2:00:09] agad [2:00:10] sila [2:00:10] so [2:00:10] we [2:00:11] balanced [2:00:12] pricing [2:00:13] with [2:00:13] livelihood [2:00:14] as [2:00:14] well [2:00:14] so [2:00:15] tumaas [2:00:18] na [2:00:18] yung [2:00:18] presyo [2:00:18] ng [2:00:18] bilhin [2:00:19] wala [2:00:19] pa [2:00:19] silang [2:00:19] trabaho [2:00:20] din [2:00:20] mas [2:00:21] mas [2:00:21] problematic [2:00:23] yun [2:00:23] so [2:00:23] that's [2:00:24] why [2:00:24] we [2:00:25] balance [2:00:25] that [2:00:25] but [2:00:26] I [2:00:26] hear [2:00:26] now [2:00:26] there's [2:00:27] a [2:00:27] proposal [2:00:27] by [2:00:28] increasing [2:00:28] the [2:00:28] blend [2:00:29] we [2:00:29] dilute [2:00:30] the [2:00:30] pricing [2:00:31] of [2:00:31] the [2:00:31] local [2:00:31] so [2:00:32] maybe [2:00:32] that's [2:00:33] something [2:00:33] that [2:00:33] we [2:00:34] can [2:00:34] as a [2:00:36] comment [2:00:36] from [2:00:36] DOE [2:00:37] and [2:00:37] the [2:00:37] committee [2:00:37] can [2:00:38] study [2:00:38] Thank [2:00:40] you [2:00:41] SP [2:00:41] yes [2:00:42] and [2:00:42] we [2:00:42] the [2:00:43] sugar [2:00:43] farmers [2:00:44] greatly [2:00:44] appreciate [2:00:45] what [2:00:45] what [2:00:46] the [2:00:46] senate [2:00:46] has [2:00:46] done [2:00:47] Mr. [2:00:47] Chair [2:00:47] to [2:00:48] protect [2:00:49] the [2:00:49] industry [2:00:49] kasi [2:00:50] po [2:00:50] yung [2:00:50] molasses [2:00:51] po [2:00:51] natin [2:00:51] we [2:00:52] produce [2:00:52] close [2:00:53] to [2:00:53] a [2:00:53] million [2:00:53] tons [2:00:54] of [2:00:54] molasses [2:00:54] and [2:00:55] the [2:00:55] main [2:00:55] market [2:00:55] is [2:00:56] the [2:00:56] ethanol [2:00:56] market [2:00:57] pag [2:00:57] nawala [2:00:57] po [2:00:58] yung [2:00:58] etanol [2:00:58] plants [2:00:59] natin [2:00:59] na [2:00:59] local [2:00:59] po [2:01:00] we [2:01:00] will [2:01:01] not [2:01:01] know [2:01:01] what [2:01:01] to [2:01:02] do [2:01:02] with [2:01:02] our [2:01:02] local [2:01:03] molasses [2:01:03] po [2:01:03] kawawa [2:01:04] talaga [2:01:04] yung [2:01:04] farmers [2:01:04] so [2:01:05] that [2:01:05] is [2:01:05] greatly [2:01:06] appreciated [2:01:06] by [2:01:07] the [2:01:07] SRA [2:01:08] and [2:01:08] the [2:01:08] sugar [2:01:08] industry [2:01:09] po [2:01:09] all [2:01:11] right [2:01:12] thank [2:01:12] you [2:01:12] very [2:01:13] much [2:01:13] Mr. [2:01:15] Ascona [2:01:15] we [2:01:16] now [2:01:16] move [2:01:17] to [2:01:17] the [2:01:18] various [2:01:18] oil [2:01:19] companies [2:01:20] let's [2:01:21] hear [2:01:21] from [2:01:22] Petron [2:01:22] Corporation [2:01:23] sir [2:01:23] I'd [2:01:24] like [2:01:24] to [2:01:24] hear [2:01:25] your [2:01:25] thoughts [2:01:26] about [2:01:26] ito [2:01:27] what [2:01:27] we [2:01:27] have [2:01:28] on [2:01:29] bundling [2:01:29] of [2:01:30] prices [2:01:30] what [2:01:31] do [2:01:31] you [2:01:31] have [2:01:32] Ms. [2:01:33] Mia [2:01:33] De [2:01:33] Los [2:01:34] Reyes [2:01:34] Mr. [2:01:37] Chair [2:01:37] Mr. [2:01:38] Senate [2:01:38] President [2:01:39] good [2:01:39] morning [2:01:39] we [2:01:40] actually [2:01:41] Mr. [2:01:41] Chair [2:01:42] we [2:01:42] submitted [2:01:42] our [2:01:42] position [2:01:43] paper [2:01:43] on [2:01:43] the [2:01:44] various [2:01:44] bills [2:01:44] amending [2:01:45] the [2:01:45] regulation [2:01:46] law [2:01:47] I'd [2:01:48] like [2:01:48] to [2:01:49] just [2:01:49] particularly [2:01:50] highlight [2:01:50] that [2:01:51] in the [2:01:52] case [2:01:52] of [2:01:53] SPR [2:01:53] Petron [2:01:54] is fully [2:01:54] supportive [2:01:55] of the [2:01:55] government's [2:01:56] direction [2:01:57] to [2:01:58] institutionalize [2:01:59] and [2:02:00] come up [2:02:01] with a [2:02:01] government [2:02:02] managed [2:02:03] stockpile [2:02:04] it became [2:02:06] very apparent [2:02:07] there's a need [2:02:08] really [2:02:08] to have [2:02:09] that [2:02:09] strategic [2:02:09] reserve [2:02:10] given [2:02:11] the [2:02:11] last [2:02:11] few [2:02:12] months [2:02:12] and [2:02:13] we've [2:02:15] been [2:02:15] working [2:02:15] closely [2:02:16] with [2:02:16] the [2:02:16] DOE [2:02:17] we're [2:02:18] part [2:02:18] of [2:02:18] the [2:02:19] technical [2:02:19] working [2:02:19] group [2:02:20] in [2:02:20] that [2:02:20] respect [2:02:21] thank [2:02:22] you [2:02:22] sir [2:02:22] thank [2:02:23] you [2:02:23] Ms. [2:02:23] Mia [2:02:24] De [2:02:24] Los [2:02:24] Reyes [2:02:24] for [2:02:25] that [2:02:25] statement [2:02:27] we go [2:02:29] now to [2:02:30] Filipinas [2:02:30] Shell [2:02:31] Corporation [2:02:31] I'll [2:02:32] be [2:02:32] the [2:02:33] same [2:02:33] question [2:02:34] attorney [2:02:34] Vincent [2:02:34] Juan [2:02:35] thank [2:02:35] you [2:02:36] Mr. [2:02:36] Chair [2:02:36] and [2:02:36] Honorable [2:02:37] Senate [2:02:37] President [2:02:38] for [2:02:38] Shell [2:02:39] we [2:02:39] support [2:02:40] the [2:02:40] objective [2:02:41] of [2:02:41] the [2:02:41] Senate [2:02:42] to [2:02:42] protect [2:02:42] consumers [2:02:43] and [2:02:44] enhance [2:02:44] transparency [2:02:45] in fact [2:02:46] since [2:02:46] day one [2:02:47] of the [2:02:47] price [2:02:48] unbundling [2:02:49] initiative [2:02:49] we've been [2:02:50] working [2:02:50] closely [2:02:51] and [2:02:51] complying [2:02:51] with [2:02:52] the [2:02:53] DOE [2:02:54] we also [2:02:55] appreciate [2:02:56] Mr. [2:02:57] Chair [2:02:57] the principles [2:02:58] that you've [2:02:59] shared [2:02:59] particularly [2:03:00] in the [2:03:01] last [2:03:01] hearing [2:03:01] about [2:03:01] the [2:03:02] balance [2:03:02] between [2:03:03] consumer [2:03:03] protection [2:03:04] at the [2:03:04] same [2:03:04] time [2:03:05] protecting [2:03:06] investors [2:03:06] because [2:03:07] these are [2:03:07] crucial [2:03:07] in our [2:03:08] energy [2:03:09] security [2:03:10] and [2:03:10] what [2:03:10] the [2:03:10] Senate [2:03:10] President [2:03:11] said [2:03:11] very [2:03:12] important [2:03:12] to [2:03:13] have [2:03:13] that [2:03:13] free [2:03:13] market [2:03:13] competition [2:03:14] we also [2:03:15] appreciate [2:03:15] the [2:03:16] measures [2:03:17] to [2:03:17] balance [2:03:17] this [2:03:18] as [2:03:18] well [2:03:18] with [2:03:19] other [2:03:19] legislative [2:03:20] considerations [2:03:20] like [2:03:21] what [2:03:21] the [2:03:21] Philippine [2:03:22] Competition [2:03:23] Commission [2:03:23] said [2:03:24] about [2:03:24] avoiding [2:03:25] illicit [2:03:26] tacit [2:03:26] collusion [2:03:27] that is [2:03:28] on the [2:03:28] unbundling [2:03:29] second [2:03:30] on the [2:03:30] strategic [2:03:31] petroleum [2:03:31] reserve [2:03:32] we fully [2:03:33] supported [2:03:33] Mr. [2:03:33] Chair [2:03:34] in fact [2:03:34] we've [2:03:35] been [2:03:35] meeting [2:03:35] with [2:03:35] the [2:03:36] PNOC [2:03:37] and [2:03:37] the [2:03:37] Energy [2:03:39] Research [2:03:40] Institute [2:03:40] of the [2:03:41] ASEAN [2:03:41] in the [2:03:41] past [2:03:41] weeks [2:03:42] to [2:03:42] collaborate [2:03:43] on how [2:03:43] we can [2:03:44] forward [2:03:44] this [2:03:45] conversation [2:03:46] and just [2:03:47] to close [2:03:47] this [2:03:48] there was [2:03:49] a mention [2:03:49] about [2:03:49] the [2:03:50] fuel [2:03:50] subsidy [2:03:50] we want [2:03:51] just to [2:03:52] highlight [2:03:52] that [2:03:52] Shell [2:03:52] has been [2:03:53] there [2:03:53] since [2:03:53] day [2:03:54] one [2:03:54] when [2:03:54] we [2:03:54] implemented [2:03:55] this [2:03:55] fuel [2:03:55] subsidy [2:03:56] working [2:03:56] closely [2:03:57] with [2:03:57] our [2:03:57] stakeholders [2:03:58] thank [2:03:58] you [2:03:58] Mr. [2:03:59] Chair [2:03:59] thank [2:03:59] you [2:04:00] I've [2:04:00] seen [2:04:00] a lot [2:04:01] of [2:04:01] Shell [2:04:02] stations [2:04:03] on my [2:04:03] way [2:04:03] home [2:04:04] I think [2:04:04] two or [2:04:04] three [2:04:05] of [2:04:05] them [2:04:06] coming [2:04:08] here [2:04:08] going [2:04:09] to [2:04:10] my [2:04:10] house [2:04:11] in [2:04:11] Mandaluyong [2:04:12] I see [2:04:12] three [2:04:12] stations [2:04:13] that [2:04:13] they're [2:04:13] offering [2:04:14] that [2:04:14] fuel [2:04:15] subsidy [2:04:16] or [2:04:16] discounts [2:04:17] so [2:04:17] thank [2:04:18] you [2:04:18] Attorney [2:04:19] Thank you [2:04:19] Mr. [2:04:19] Chef [2:04:20] Chevron [2:04:22] Philippines [2:04:23] your [2:04:24] thoughts [2:04:24] on [2:04:26] Chevron [2:04:27] here [2:04:27] what about [2:04:30] Phoenix [2:04:30] Petroleum [2:04:31] Sea Oil [2:04:34] Philippines [2:04:35] may we [2:04:36] hear [2:04:36] from you [2:04:36] Attorney [2:04:37] King [2:04:39] Noe [2:04:39] Badong [2:04:40] right [2:04:40] yes [2:04:41] all right [2:04:42] yung [2:04:42] inyong [2:04:43] position [2:04:43] dito [2:04:43] sa [2:04:44] unbundling [2:04:44] na [2:04:45] pinalo [2:04:46] ng [2:04:46] senate [2:04:46] president [2:04:47] natin [2:04:47] you [2:04:47] agree [2:04:48] with [2:04:48] that [2:04:48] at [2:04:48] yung [2:04:49] inyong [2:04:49] position [2:04:49] dito [2:04:50] sa [2:04:50] strategic [2:04:51] oil [2:04:52] reserve [2:04:52] on [2:04:53] the [2:04:53] unbundling [2:04:54] Mr. [2:04:54] Chair [2:04:55] Mr. [2:04:55] Senate [2:04:55] President [2:04:56] as [2:04:57] mentioned [2:04:57] during [2:04:57] the [2:04:58] last [2:04:58] hearing [2:04:58] we've [2:04:59] been [2:04:59] following [2:04:59] the [2:05:00] directive [2:05:00] imposed [2:05:01] by [2:05:02] the [2:05:02] DOE [2:05:02] we've [2:05:04] been [2:05:04] complying [2:05:04] with [2:05:05] the [2:05:05] price [2:05:05] adjustments [2:05:06] required [2:05:06] by [2:05:07] our [2:05:07] regulatory [2:05:08] agency [2:05:09] and [2:05:09] we've [2:05:09] been [2:05:09] following [2:05:10] that [2:05:10] since [2:05:10] the [2:05:11] relevant [2:05:12] circular [2:05:12] has been [2:05:13] imposed [2:05:14] so [2:05:14] kahit [2:05:15] nung [2:05:15] mga [2:05:16] first [2:05:16] few [2:05:16] weeks [2:05:16] may [2:05:17] mga [2:05:18] marami [2:05:18] ho [2:05:19] kaming [2:05:19] stations [2:05:19] na [2:05:20] negative [2:05:20] or [2:05:20] lugi [2:05:21] because [2:05:22] of that [2:05:22] price [2:05:22] adjustment [2:05:24] but [2:05:24] we still [2:05:24] comply [2:05:25] because [2:05:25] for us [2:05:26] continuous [2:05:27] operation [2:05:28] is more [2:05:28] important [2:05:29] and [2:05:29] serving [2:05:30] our [2:05:30] countrymen [2:05:31] is more [2:05:31] important [2:05:32] than [2:05:32] the [2:05:34] margin [2:05:34] in [2:05:35] the [2:05:35] long run [2:05:36] on [2:05:37] SPR [2:05:38] Mr. [2:05:38] Chair [2:05:38] Mr. [2:05:39] Senate [2:05:39] President [2:05:39] we just [2:05:40] want to [2:05:40] put on [2:05:41] record [2:05:41] our [2:05:41] concern [2:05:42] regarding [2:05:43] the [2:05:43] proposed [2:05:45] measure [2:05:45] to [2:05:45] increase [2:05:46] the [2:05:46] minimum [2:05:47] inventory [2:05:47] requirement [2:05:48] of [2:05:49] private [2:05:50] corporations [2:05:50] to [2:05:51] 30 [2:05:51] days [2:05:51] as [2:05:51] mentioned [2:05:52] by [2:05:52] the [2:05:52] Senate [2:05:53] President [2:05:53] earlier [2:05:54] this [2:05:54] would [2:05:55] entail [2:05:55] a lot [2:05:55] of [2:05:56] financing [2:05:56] and [2:05:56] holding [2:05:57] cost [2:05:57] and [2:05:58] eventually [2:05:58] that [2:05:59] additional [2:06:00] cost [2:06:01] would [2:06:01] be [2:06:02] felt [2:06:02] by the [2:06:03] consumers [2:06:03] at [2:06:04] the [2:06:04] pump [2:06:04] so [2:06:05] I [2:06:05] think [2:06:05] we [2:06:05] should [2:06:05] have [2:06:06] a [2:06:06] more [2:06:06] considered [2:06:07] approach [2:06:07] and [2:06:08] review [2:06:09] that [2:06:09] particular [2:06:10] measures [2:06:10] more [2:06:11] thoroughly [2:06:11] offhand [2:06:13] Mr. [2:06:13] Chair [2:06:13] perhaps [2:06:14] to [2:06:15] address [2:06:15] that [2:06:15] financing [2:06:16] cost [2:06:16] maybe [2:06:17] we [2:06:17] can [2:06:18] work [2:06:18] with [2:06:18] our [2:06:18] partners [2:06:19] with [2:06:19] land [2:06:19] bank [2:06:20] or [2:06:20] ADB [2:06:21] to [2:06:21] give [2:06:22] petroleum [2:06:22] corporations [2:06:24] preferential [2:06:25] rate [2:06:25] in [2:06:26] building [2:06:26] up [2:06:26] our [2:06:27] privately [2:06:27] owned [2:06:28] minimum [2:06:29] inventory [2:06:29] reserve [2:06:30] such [2:06:30] that [2:06:30] we're [2:06:31] not [2:06:31] competing [2:06:31] with [2:06:32] the [2:06:32] interest [2:06:32] rates [2:06:33] normally [2:06:34] imposed [2:06:34] by [2:06:35] the [2:06:35] banks [2:06:35] in [2:06:36] that [2:06:36] way [2:06:36] Mr. [2:06:36] Chair [2:06:37] Mr. [2:06:37] Senate [2:06:38] President [2:06:38] were able [2:06:39] to [2:06:40] at least [2:06:40] mitigate [2:06:41] the [2:06:42] cost [2:06:42] impact [2:06:43] of [2:06:43] that [2:06:44] measure [2:06:45] that's [2:06:46] it [2:06:46] Mr. [2:06:46] Chair [2:06:46] Mr. [2:06:47] Senate [2:06:47] President [2:06:47] Thank you [2:06:48] Attorney [2:06:48] King [2:06:50] Badong [2:06:50] take note [2:06:51] Attorney [2:06:52] Reno [2:06:52] about [2:06:54] that [2:06:55] request [2:06:55] I mean [2:06:55] since [2:06:56] they're [2:06:56] a small [2:06:57] player [2:06:57] medyo [2:06:58] malaki [2:06:59] 30 [2:07:01] days [2:07:01] requirement [2:07:02] so [2:07:03] we'll [2:07:03] just [2:07:03] have [2:07:04] to [2:07:04] study [2:07:04] it [2:07:04] how [2:07:05] do [2:07:05] we [2:07:05] incorporate [2:07:06] this [2:07:06] sir [2:07:07] quickly [2:07:07] before [2:07:08] I go [2:07:08] to [2:07:08] the [2:07:09] Uni [2:07:10] oil [2:07:10] petroleum [2:07:10] where [2:07:11] are you [2:07:11] from [2:07:11] Attorney [2:07:12] Badong [2:07:12] I'm [2:07:14] from [2:07:14] Sea [2:07:15] Oil [2:07:15] No [2:07:15] no [2:07:16] no [2:07:16] I'm [2:07:16] from [2:07:16] the [2:07:16] province [2:07:17] Bicol [2:07:17] Mr. [2:07:18] Chair [2:07:18] Kamsur [2:07:19] Baau [2:07:20] I know [2:07:21] I know [2:07:22] I know [2:07:22] so you're [2:07:22] related to [2:07:23] somebody [2:07:23] that I [2:07:24] know [2:07:24] from [2:07:24] a friend [2:07:25] of [2:07:25] mine [2:07:25] anyway [2:07:26] let's [2:07:27] move [2:07:27] forward [2:07:27] to [2:07:28] Uni [2:07:30] Good [2:07:33] morning [2:07:33] Mr. [2:07:34] Chair [2:07:34] and [2:07:34] Mr. [2:07:34] Senate [2:07:34] President [2:07:35] For [2:07:37] Uni [2:07:38] Oil [2:07:38] we [2:07:38] support [2:07:39] the [2:07:39] unbundling [2:07:40] we've [2:07:40] been [2:07:40] compliant [2:07:40] with [2:07:41] the [2:07:41] DOE [2:07:41] since [2:07:42] day [2:07:42] one [2:07:43] even [2:07:43] before [2:07:43] with [2:07:44] the [2:07:44] circulars [2:07:44] we [2:07:46] also [2:07:46] comply [2:07:47] with [2:07:47] the [2:07:47] price [2:07:48] adjustments [2:07:48] with [2:07:49] respect [2:07:49] to [2:07:50] the [2:07:50] strategic [2:07:50] preserves [2:07:51] Uni [2:07:53] Oil [2:07:53] is [2:07:53] very [2:07:53] intentional [2:07:54] with [2:07:54] our [2:07:54] partners [2:07:55] Saudi [2:07:55] Aramco [2:07:56] we [2:07:57] in [2:07:57] fact [2:07:57] would [2:07:58] want [2:07:58] to [2:07:58] explore [2:07:59] leveraging [2:08:00] on [2:08:00] existing [2:08:01] regulations [2:08:02] even [2:08:02] converting [2:08:04] our [2:08:05] facility [2:08:05] to [2:08:06] a [2:08:06] customs [2:08:06] funded [2:08:07] warehouse [2:08:07] we [2:08:08] have [2:08:08] a [2:08:08] meeting [2:08:08] tomorrow [2:08:09] with [2:08:09] the [2:08:09] DOE [2:08:10] in [2:08:10] trying [2:08:11] to [2:08:12] get [2:08:12] their [2:08:12] support [2:08:12] so [2:08:13] that [2:08:13] we [2:08:13] would [2:08:13] secure [2:08:14] the [2:08:14] supply [2:08:15] even [2:08:16] before [2:08:17] all [2:08:18] of [2:08:18] these [2:08:18] measures [2:08:19] with [2:08:19] the [2:08:20] PNOC [2:08:20] are [2:08:22] put [2:08:22] in [2:08:22] place [2:08:23] that's [2:08:24] all [2:08:24] for [2:08:24] Uni [2:08:24] Oil [2:08:25] Thank [2:08:26] you [2:08:26] very [2:08:26] much [2:08:26] Attorney [2:08:28] Retardo [2:08:29] thank [2:08:29] you [2:08:29] for [2:08:30] that [2:08:30] point [2:08:30] Philippine [2:08:31] Institute [2:08:32] of [2:08:32] Petroleum [2:08:33] do [2:08:33] you [2:08:33] have [2:08:33] any [2:08:34] representative [2:08:34] I [2:08:34] go [2:08:34] ahead [2:08:35] good [2:08:38] morning [2:08:38] senator [2:08:38] and [2:08:39] senate [2:08:39] president [2:08:41] on [2:08:42] behalf [2:08:42] of [2:08:42] our [2:08:42] members [2:08:43] especially [2:08:44] the [2:08:44] members [2:08:45] here [2:08:45] two [2:08:46] of [2:08:46] our [2:08:46] members [2:08:46] present [2:08:47] here [2:08:47] we [2:08:47] would [2:08:48] like [2:08:48] to [2:08:48] express [2:08:50] our [2:08:50] support [2:08:50] to [2:08:50] the [2:08:51] provisions [2:08:52] empowering [2:08:52] DOE [2:08:53] in [2:08:54] order [2:08:54] to [2:08:54] protect [2:08:56] the [2:08:56] consumer [2:08:56] and [2:08:57] espouse [2:08:57] price [2:08:58] transparency [2:08:58] however [2:08:59] while [2:09:00] we [2:09:00] put [2:09:00] that [2:09:00] into [2:09:01] law [2:09:01] we [2:09:02] hope [2:09:02] that [2:09:03] and [2:09:03] we [2:09:03] pray [2:09:03] that [2:09:03] we [2:09:04] continue [2:09:04] to [2:09:04] preserve [2:09:04] the [2:09:05] competition [2:09:06] and [2:09:06] the [2:09:07] market [2:09:07] based [2:09:07] pricing [2:09:08] in [2:09:08] the [2:09:09] industry [2:09:10] so [2:09:10] that [2:09:10] we [2:09:10] can [2:09:11] sustain [2:09:11] and [2:09:12] boost [2:09:13] the [2:09:13] confidence [2:09:13] of [2:09:14] investors [2:09:14] in [2:09:14] the [2:09:15] industry [2:09:15] and [2:09:16] at [2:09:16] the [2:09:16] same [2:09:16] time [2:09:17] we [2:09:17] would [2:09:17] like [2:09:17] to [2:09:18] part [2:09:20] of [2:09:20] the [2:09:20] empowering [2:09:22] DOE [2:09:23] is [2:09:23] that [2:09:23] to [2:09:24] help [2:09:24] them [2:09:25] also [2:09:25] ensure [2:09:26] the [2:09:26] fair [2:09:27] trade [2:09:27] practices [2:09:28] and [2:09:28] level [2:09:28] playing [2:09:29] field [2:09:29] kailangan [2:09:30] din [2:09:30] additional [2:09:31] manpower [2:09:32] especially [2:09:32] in [2:09:32] their [2:09:33] field [2:09:33] offices [2:09:34] so [2:09:34] that [2:09:34] all [2:09:35] the [2:09:35] retail [2:09:36] stations [2:09:36] are [2:09:37] properly [2:09:37] monitored [2:09:38] in [2:09:38] terms [2:09:39] of [2:09:39] the [2:09:39] price [2:09:40] and [2:09:40] bonding [2:09:40] requirement [2:09:41] kasi [2:09:41] may [2:09:42] mga [2:09:42] retail [2:09:43] stations [2:09:43] po [2:09:44] sa [2:09:44] malalayong [2:09:44] areas [2:09:45] that [2:09:45] are [2:09:46] not [2:09:46] part [2:09:47] of [2:09:47] the [2:09:47] company's [2:09:48] year [2:09:48] so [2:09:49] yun [2:09:49] yung [2:09:49] mga [2:09:49] individually [2:09:50] registered [2:09:51] na [2:09:51] oil [2:09:51] industry [2:09:52] oil [2:09:53] retail [2:09:53] stations [2:09:53] na [2:09:54] malalayo [2:09:54] at [2:09:54] mahirap [2:09:55] na [2:09:55] monitor [2:09:56] so [2:09:57] manpower [2:09:57] will be [2:09:58] required [2:09:58] for [2:09:58] the [2:09:58] DOE [2:09:59] in [2:09:59] order [2:09:59] for [2:09:59] them [2:10:00] to [2:10:00] monitor [2:10:01] that [2:10:01] property [2:10:02] and [2:10:02] to [2:10:02] solicit [2:10:03] compliance [2:10:04] to [2:10:04] the [2:10:04] unbonding [2:10:04] requirements [2:10:05] especially [2:10:05] that [2:10:06] 18,000 [2:10:06] po [2:10:07] yung [2:10:07] retail [2:10:07] stations [2:10:08] we can [2:10:10] promise [2:10:11] that [2:10:11] they'll [2:10:12] comply [2:10:12] pero [2:10:12] yung [2:10:13] ibang [2:10:13] retail [2:10:13] stations [2:10:14] na [2:10:14] not [2:10:14] under [2:10:15] us [2:10:15] and [2:10:16] in [2:10:16] the [2:10:16] far [2:10:16] flung [2:10:17] areas [2:10:17] baka [2:10:17] hindi [2:10:17] na [2:10:18] po [2:10:18] ma-reach [2:10:18] ng [2:10:18] DOE [2:10:20] din [2:10:20] po [2:10:20] yun [2:10:20] if [2:10:21] they'll [2:10:21] be [2:10:21] not [2:10:21] provided [2:10:22] with [2:10:22] additional [2:10:22] manpower [2:10:23] I know [2:10:24] what [2:10:24] you [2:10:24] mean [2:10:24] Ma'am [2:10:25] Nimfa [2:10:25] kasi [2:10:26] yung [2:10:26] I was [2:10:26] mentioning [2:10:27] yun [2:10:27] dun [2:10:27] sa [2:10:28] province [2:10:29] namin [2:10:29] sa [2:10:29] Buswanga [2:10:30] Palawan [2:10:30] may mga [2:10:32] tindahan [2:10:33] pero [2:10:33] they're [2:10:33] not [2:10:33] Petron [2:10:34] or [2:10:35] Shell [2:10:35] or [2:10:36] Chevron [2:10:37] they're [2:10:37] not [2:10:38] part [2:10:38] of [2:10:38] that [2:10:39] nag-import [2:10:41] sila [2:10:41] drum [2:10:42] drum [2:10:42] na [2:10:43] petrolyo [2:10:44] crudo [2:10:45] gasolina [2:10:45] siguro [2:10:47] I don't [2:10:47] know [2:10:47] if [2:10:47] member [2:10:48] sila [2:10:48] ng [2:10:49] Philippine [2:10:49] Institute [2:10:50] of [2:10:50] Petroleum [2:10:51] or ng [2:10:51] grupo [2:10:52] ninyo [2:10:53] pero [2:10:53] definitely [2:10:53] yung [2:10:54] sinasabi [2:10:54] nila [2:10:56] kung [2:10:56] makakakuha [2:10:57] ba [2:10:57] sila [2:10:58] yung [2:10:58] mga [2:10:58] tricycle [2:10:59] drivers [2:10:59] na [2:10:59] sinusupply [2:11:00] nila [2:11:00] sa [2:11:00] island [2:11:01] ng [2:11:01] mga [2:11:01] fishermen [2:11:02] kung [2:11:02] may [2:11:02] discounts [2:11:03] so [2:11:03] that [2:11:04] is [2:11:04] the [2:11:04] problem [2:11:04] eh [2:11:05] apat [2:11:06] yata [2:11:06] sila [2:11:06] dun [2:11:06] sa [2:11:07] island [2:11:07] sa [2:11:07] Buswanga [2:11:08] na [2:11:09] hindi [2:11:09] sila [2:11:09] connected [2:11:10] sa [2:11:10] Pilipinas [2:11:11] Shell [2:11:12] or [2:11:12] Petron [2:11:12] or [2:11:13] Chevron [2:11:14] or [2:11:14] sa [2:11:15] Sea [2:11:15] Oil [2:11:15] parang [2:11:16] maliliit [2:11:17] may mga [2:11:18] bote [2:11:18] pa nga [2:11:18] sila [2:11:19] ng [2:11:19] Coca [2:11:19] Cola [2:11:23] ciclo [2:11:23] nila [2:11:24] so [2:11:24] yun [2:11:24] yung [2:11:25] isang [2:11:25] issue [2:11:25] doon [2:11:26] on [2:11:29] the [2:11:29] SPR [2:11:29] we [2:11:30] generally [2:11:30] support [2:11:31] the [2:11:32] objective [2:11:33] of [2:11:33] the [2:11:33] DOE [2:11:34] as [2:11:34] per [2:11:34] their [2:11:35] design [2:11:35] they [2:11:36] have [2:11:36] increased [2:11:37] the [2:11:37] they [2:11:37] proposed [2:11:38] to [2:11:38] increase [2:11:38] the [2:11:38] commercial [2:11:39] inventory [2:11:39] of [2:11:40] the [2:11:40] private [2:11:41] oil [2:11:42] companies [2:11:43] though [2:11:43] generally [2:11:44] we [2:11:44] agree [2:11:44] to [2:11:45] that [2:11:45] we [2:11:46] also [2:11:46] believe [2:11:46] that [2:11:47] it [2:11:47] should [2:11:47] be [2:11:47] under [2:11:47] phased [2:11:48] implementation [2:11:49] because [2:11:49] it [2:11:50] will [2:11:50] be [2:11:50] it [2:11:53] will [2:11:53] require [2:11:54] additional [2:11:54] a very [2:11:56] high [2:11:57] capital [2:11:57] requirement [2:11:58] for the [2:11:58] additional [2:11:58] storage [2:11:59] tanks [2:12:00] for the [2:12:00] liquid [2:12:00] fuels [2:12:01] and [2:12:01] especially [2:12:01] for additional [2:12:02] bullet [2:12:03] tanks [2:12:03] for the [2:12:03] LPG [2:12:04] so [2:12:04] we [2:12:05] hope [2:12:05] that [2:12:05] it [2:12:06] will [2:12:06] be [2:12:07] under [2:12:07] phased [2:12:07] implementation [2:12:08] it [2:12:09] will [2:12:09] not [2:12:09] be [2:12:09] abrupt [2:12:10] and [2:12:10] immediately [2:12:10] required [2:12:11] from [2:12:11] the [2:12:11] oil [2:12:12] players [2:12:12] because [2:12:12] of [2:12:13] the [2:12:13] additional [2:12:13] capital [2:12:14] requirement [2:12:14] it [2:12:15] will [2:12:15] entail [2:12:15] Thank [2:12:17] you [2:12:17] independent [2:12:20] Philippine [2:12:20] Petroleum [2:12:21] Company [2:12:21] Association [2:12:22] are you [2:12:24] here [2:12:24] hi [2:12:25] go ahead [2:12:25] ma'am [2:12:25] Tanya [2:12:26] Samiliano [2:12:26] morning [2:12:27] sir [2:12:27] thank [2:12:27] you [2:12:28] for [2:12:28] your [2:12:28] time [2:12:28] for [2:12:29] the [2:12:30] IPCA [2:12:31] we [2:12:32] are [2:12:32] fully [2:12:32] supportive [2:12:33] of [2:12:33] the [2:12:33] PSPR [2:12:34] but [2:12:35] we [2:12:35] submitted [2:12:35] a [2:12:36] position [2:12:36] paper [2:12:36] to [2:12:37] the [2:12:37] committee [2:12:37] to [2:12:38] consider [2:12:38] the [2:12:38] current [2:12:39] BIR [2:12:39] policy [2:12:41] being [2:12:41] imposed [2:12:42] on [2:12:42] taxes [2:12:43] upon [2:12:43] importation [2:12:44] because [2:12:45] based [2:12:46] on [2:12:46] the [2:12:46] language [2:12:47] of [2:12:47] the [2:12:48] PSPR [2:12:48] we [2:12:48] should [2:12:49] separate [2:12:49] what [2:12:50] is [2:12:50] commercial [2:12:50] for [2:12:51] commercial [2:12:51] use [2:12:52] and [2:12:52] for [2:12:52] PSPR [2:12:53] and [2:12:54] considering [2:12:55] that [2:12:55] it's [2:12:55] going [2:12:56] to [2:12:56] gain [2:12:56] traction [2:12:56] in [2:12:57] terms [2:12:57] of [2:12:58] the [2:12:58] number [2:12:58] of [2:12:59] inventory [2:12:59] that [2:13:01] we [2:13:01] need [2:13:01] to [2:13:01] keep [2:13:01] the [2:13:02] consequential [2:13:03] taxes [2:13:04] due [2:13:04] to [2:13:05] that [2:13:05] would [2:13:05] be [2:13:05] highly [2:13:06] significant [2:13:06] which [2:13:07] would [2:13:07] be [2:13:08] discouraging [2:13:08] for [2:13:09] those [2:13:09] who [2:13:10] want [2:13:10] to [2:13:10] enter [2:13:11] the [2:13:11] program [2:13:11] so [2:13:13] I [2:13:13] think [2:13:14] our [2:13:14] push [2:13:14] was [2:13:14] to [2:13:15] propose [2:13:15] a [2:13:16] similar [2:13:17] to [2:13:17] a [2:13:18] custom [2:13:18] funded [2:13:18] structure [2:13:20] wherein [2:13:21] when it [2:13:21] comes [2:13:22] it's [2:13:22] not [2:13:23] taxed [2:13:23] first [2:13:24] until [2:13:24] it comes [2:13:25] to a [2:13:25] point [2:13:26] wherein it [2:13:26] the fuel [2:13:27] comes out [2:13:28] for commercial [2:13:28] I think [2:13:30] this is [2:13:31] absent [2:13:31] on the [2:13:32] PSPR [2:13:32] language [2:13:33] no for [2:13:35] the [2:13:35] bills [2:13:36] the one [2:13:37] in Congress [2:13:37] we were able [2:13:38] to [2:13:39] insert it [2:13:40] but [2:13:40] on the [2:13:41] proposed [2:13:42] PSPR [2:13:42] bills here [2:13:43] at the [2:13:43] Senate [2:13:43] it's [2:13:44] not yet [2:13:44] present [2:13:46] as [2:13:46] as [2:13:46] for [2:13:47] the [2:13:47] programs [2:13:48] that [2:13:49] we [2:13:50] mentioned [2:13:50] earlier [2:13:51] most [2:13:52] of [2:13:52] our [2:13:52] members [2:13:53] are [2:13:53] highly [2:13:55] active [2:13:56] in [2:13:57] catering [2:13:58] to [2:13:58] the [2:13:59] subsidy [2:13:59] program [2:14:00] both [2:14:00] for [2:14:01] the [2:14:01] jeepneys [2:14:02] fishermen [2:14:02] and [2:14:03] farmers [2:14:03] thank [2:14:05] you [2:14:05] miss [2:14:05] Tanya [2:14:06] for [2:14:06] bringing [2:14:06] that [2:14:06] to [2:14:07] our [2:14:07] attention [2:14:07] my [2:14:08] legal [2:14:09] team [2:14:09] will [2:14:10] study [2:14:11] that [2:14:11] and [2:14:12] probably [2:14:12] include [2:14:14] that [2:14:15] on our [2:14:16] committee [2:14:16] report [2:14:16] thank [2:14:17] you [2:14:17] Philippine [2:14:19] Biodiesel [2:14:20] Association [2:14:20] thank [2:14:25] you [2:14:25] Mr. [2:14:25] Chair [2:14:25] and [2:14:26] Sir [2:14:26] SP [2:14:26] for [2:14:27] the [2:14:27] opportunity [2:14:28] this [2:14:30] time [2:14:30] I'd like [2:14:31] to speak [2:14:31] on behalf [2:14:32] of the [2:14:32] coconut [2:14:33] farmers [2:14:34] we [2:14:36] exist [2:14:36] because [2:14:36] of [2:14:37] them [2:14:37] we [2:14:38] are [2:14:38] a [2:14:39] total [2:14:39] of [2:14:39] 15 [2:14:39] manufacturers [2:14:40] but [2:14:41] our [2:14:41] existence [2:14:42] is [2:14:42] very [2:14:42] much [2:14:42] dependent [2:14:43] on [2:14:44] the [2:14:45] copra [2:14:45] that [2:14:46] our [2:14:46] farmers [2:14:46] supply [2:14:47] and [2:14:48] from [2:14:48] that [2:14:49] perspective [2:14:49] I [2:14:50] fully [2:14:50] support [2:14:50] the [2:14:51] PCA [2:14:53] admin [2:14:53] in [2:14:55] terms [2:14:55] of [2:14:56] really [2:14:56] supporting [2:14:57] the [2:14:57] production [2:14:57] kasi [2:14:58] tama [2:14:59] rin [2:14:59] ito [2:14:59] yung [2:14:59] sinabi [2:15:00] ni [2:15:00] Sir [2:15:01] SP [2:15:01] na [2:15:02] ang [2:15:02] real [2:15:03] problem [2:15:03] talaga [2:15:03] natin [2:15:04] and [2:15:04] I've [2:15:05] been [2:15:05] exposed [2:15:05] to [2:15:05] both [2:15:06] very [2:15:08] productive [2:15:08] regions [2:15:09] Davao [2:15:09] I know [2:15:10] farmers [2:15:10] there [2:15:10] and [2:15:11] even [2:15:11] Quezon [2:15:12] I know [2:15:12] farmers [2:15:12] there [2:15:13] the [2:15:13] co-ops [2:15:13] how [2:15:15] we [2:15:15] struggle [2:15:15] in [2:15:16] terms [2:15:16] of [2:15:16] productivity [2:15:17] so [2:15:17] productivity [2:15:18] at the [2:15:19] farm [2:15:19] level [2:15:19] and [2:15:20] even [2:15:20] productivity [2:15:21] production [2:15:22] of [2:15:22] copra [2:15:23] so [2:15:24] in [2:15:24] that [2:15:24] regard [2:15:25] tama [2:15:25] lang po [2:15:25] siguro [2:15:26] na [2:15:26] we [2:15:26] make [2:15:27] amendments [2:15:27] dun [2:15:27] sa [2:15:28] CFIDP [2:15:28] natin [2:15:29] kasi [2:15:30] parang [2:15:31] kulang pa [2:15:31] na [2:15:32] maparating [2:15:32] natin [2:15:33] in terms [2:15:33] of [2:15:33] modernizing [2:15:35] and making [2:15:35] our [2:15:36] processing [2:15:36] from [2:15:37] farm [2:15:38] production [2:15:38] to [2:15:39] manufacturing [2:15:40] ng [2:15:40] copra [2:15:41] at [2:15:41] ng [2:15:41] CNO [2:15:42] very [2:15:43] very [2:15:43] efficient [2:15:44] and [2:15:44] nakikita [2:15:45] na po [2:15:46] naman [2:15:46] natin [2:15:46] yun [2:15:46] when [2:15:47] we [2:15:47] compare [2:15:47] it [2:15:47] to [2:15:48] global [2:15:49] manufacturing [2:15:50] napag-iwanan [2:15:51] na tayo [2:15:51] ng [2:15:52] Indonesia [2:15:52] ng [2:15:53] India [2:15:54] so [2:15:55] yun [2:15:55] lang po [2:15:56] sana [2:15:57] mabigyan [2:15:59] ng [2:15:59] attention [2:15:59] yung [2:16:00] pag-increase [2:16:01] natin [2:16:02] ng ating [2:16:03] production [2:16:04] sa farm [2:16:04] our [2:16:05] lands [2:16:05] are [2:16:06] becoming [2:16:06] shorter [2:16:07] our [2:16:08] coconuts [2:16:09] are [2:16:10] aging [2:16:11] even [2:16:12] our [2:16:12] farmers [2:16:12] are [2:16:13] aging [2:16:13] but [2:16:13] we [2:16:15] are [2:16:15] happy [2:16:15] that [2:16:16] may [2:16:16] mga [2:16:16] bagong [2:16:17] generation [2:16:18] na tayo [2:16:18] ng [2:16:18] farmers [2:16:19] most [2:16:19] of [2:16:19] them [2:16:20] professionals [2:16:20] and [2:16:21] even [2:16:21] young [2:16:21] ones [2:16:22] trying [2:16:22] to [2:16:23] kind [2:16:23] of [2:16:23] take [2:16:24] the [2:16:24] helm [2:16:24] in [2:16:25] support [2:16:25] of [2:16:26] their [2:16:26] forefathers [2:16:26] and [2:16:28] alam [2:16:29] po [2:16:29] naman [2:16:29] natin [2:16:29] na [2:16:30] ang [2:16:30] biodiesel [2:16:31] ang [2:16:31] nagpump [2:16:32] talaga [2:16:32] ng [2:16:33] improvements [2:16:34] sa [2:16:36] coconut [2:16:37] alam [2:16:38] natin [2:16:38] yun [2:16:38] and [2:16:38] in [2:16:39] terms [2:16:39] of [2:16:40] domestic [2:16:40] supply [2:16:41] manufactured [2:16:42] 40% [2:16:43] ang [2:16:43] attribution [2:16:45] ng [2:16:45] biodiesel [2:16:45] and [2:16:46] because [2:16:46] of [2:16:46] that [2:16:46] it [2:16:46] makes [2:16:47] a lot [2:16:47] of [2:16:47] impact [2:16:48] and [2:16:48] I [2:16:49] think [2:16:49] from [2:16:49] that [2:16:49] perspective [2:16:50] the [2:16:50] farmers [2:16:51] deserve [2:16:51] all [2:16:52] the [2:16:52] help [2:16:52] that [2:16:52] they [2:16:52] need [2:16:53] in [2:16:53] order [2:16:53] to [2:16:54] modernize [2:16:54] yung [2:16:55] kanilang [2:16:55] production [2:16:56] Thank you [2:16:57] Mr. [2:16:57] Ramon [2:16:58] Taniola [2:16:58] Let's [2:17:01] go now [2:17:01] to [2:17:02] Ethanol [2:17:02] Producers [2:17:03] Association [2:17:03] of the [2:17:03] Philippines [2:17:04] UFCC [2:17:09] Hi [2:17:10] Go ahead [2:17:10] po [2:17:10] United [2:17:11] Consumers [2:17:12] and [2:17:12] Commuters [2:17:12] Let's [2:17:14] hear from [2:17:14] you [2:17:15] sir [2:17:15] Hello [2:17:15] Good [2:17:15] afternoon [2:17:16] Mr. [2:17:17] SP [2:17:17] and [2:17:18] Mr. [2:17:18] Chair [2:17:18] First [2:17:20] off [2:17:20] we in [2:17:20] the [2:17:21] UCC [2:17:21] want to [2:17:21] applaud [2:17:22] the [2:17:22] efforts [2:17:22] to help [2:17:23] normalize [2:17:24] and ease [2:17:24] the prices [2:17:25] for energy [2:17:26] prices [2:17:26] but the [2:17:27] discussions [2:17:28] here [2:17:28] we feel [2:17:29] is more [2:17:30] long-term [2:17:30] and as [2:17:32] Mr. [2:17:33] SP [2:17:33] said [2:17:34] there should [2:17:34] be a [2:17:35] concrete [2:17:35] short-term [2:17:36] solutions [2:17:37] because [2:17:37] like you [2:17:38] said [2:17:38] Mr. [2:17:39] Chair [2:17:39] consumers [2:17:40] and [2:17:41] communities [2:17:41] are [2:17:41] suffering [2:17:41] from [2:17:42] the [2:17:42] prices [2:17:42] so [2:17:43] and [2:17:43] then [2:17:43] every [2:17:44] week [2:17:44] we [2:17:45] have [2:17:45] to [2:17:45] see [2:17:47] on [2:17:47] internet [2:17:48] are [2:17:49] the [2:17:49] prices [2:17:50] going to [2:17:50] go up [2:17:50] are the [2:17:50] prices [2:17:51] going [2:17:51] down [2:17:51] my [2:17:53] background [2:17:53] also [2:17:54] is [2:17:54] in [2:17:54] commodities [2:17:55] but [2:17:55] this [2:17:56] is [2:17:56] just [2:17:56] my [2:17:56] two [2:17:56] cents [2:17:57] maybe [2:17:57] instead [2:17:59] of [2:17:59] also [2:17:59] using [2:18:00] the [2:18:01] strategic [2:18:02] petroleum [2:18:03] reserves [2:18:03] maybe [2:18:03] we [2:18:04] can [2:18:04] also [2:18:04] look [2:18:05] into [2:18:05] old [2:18:06] oil [2:18:07] tanks [2:18:07] or [2:18:08] maybe [2:18:08] molasses [2:18:08] tanks [2:18:09] or [2:18:09] old [2:18:11] storage [2:18:12] tanks [2:18:12] that [2:18:12] we [2:18:12] can [2:18:13] use [2:18:13] for [2:18:13] this [2:18:15] so [2:18:15] that way [2:18:16] we [2:18:16] can [2:18:16] start [2:18:17] acting [2:18:18] now [2:18:18] instead [2:18:18] of [2:18:18] waiting [2:18:19] 2027 [2:18:21] 2028 [2:18:22] because [2:18:22] we're [2:18:23] really [2:18:24] struggling [2:18:24] every [2:18:25] day [2:18:25] and [2:18:26] when [2:18:26] the [2:18:26] price [2:18:26] hikes [2:18:27] of [2:18:27] fees [2:18:28] it's [2:18:30] very [2:18:30] hard [2:18:31] and [2:18:31] we [2:18:31] just [2:18:31] want [2:18:32] to [2:18:32] see [2:18:33] there's [2:18:33] future [2:18:34] plans [2:18:34] which [2:18:35] is [2:18:35] great [2:18:35] which [2:18:35] we [2:18:36] really [2:18:36] applaud [2:18:36] but [2:18:37] there's [2:18:37] no [2:18:38] concrete [2:18:39] short [2:18:39] term [2:18:39] plans [2:18:40] and [2:18:40] we [2:18:40] would [2:18:40] like [2:18:40] to [2:18:40] see [2:18:40] that [2:18:41] moving [2:18:41] forward [2:18:42] because [2:18:42] I [2:18:43] was [2:18:43] here [2:18:43] last [2:18:43] hearing [2:18:43] so [2:18:44] this [2:18:44] is [2:18:44] the [2:18:44] third [2:18:44] hearing [2:18:45] and [2:18:46] prices [2:18:48] are [2:18:48] still [2:18:48] going [2:18:48] up [2:18:49] and [2:18:49] down [2:18:49] so [2:18:49] nothing [2:18:51] has [2:18:51] changed [2:18:52] that [2:18:52] much [2:18:53] since [2:18:53] then [2:18:53] thank [2:18:54] you [2:18:54] Mr. [2:18:55] Chair [2:18:55] I [2:18:56] understand [2:18:57] where [2:18:57] you're [2:18:57] coming [2:18:57] from [2:18:58] but [2:18:58] this [2:18:59] is [2:18:59] really [2:18:59] a [2:19:00] problem [2:19:01] that [2:19:01] we [2:19:01] really [2:19:01] have [2:19:01] to [2:19:02] fix [2:19:02] I [2:19:03] mean [2:19:03] I [2:19:03] know [2:19:04] everybody [2:19:04] is [2:19:04] waiting [2:19:05] looking [2:19:07] for [2:19:07] solutions [2:19:07] particularly [2:19:08] people [2:19:08] are [2:19:08] waiting [2:19:09] from [2:19:09] the [2:19:09] government [2:19:10] what [2:19:10] we [2:19:10] can [2:19:11] do [2:19:11] but [2:19:12] if [2:19:12] we [2:19:12] do [2:19:12] something [2:19:13] here [2:19:13] we [2:19:13] try [2:19:13] to [2:19:14] make [2:19:14] sure [2:19:14] that [2:19:14] it [2:19:14] will [2:19:15] be [2:19:15] in [2:19:15] a [2:19:15] long [2:19:15] run [2:19:16] I [2:19:16] mean [2:19:16] a [2:19:17] plan [2:19:17] that [2:19:17] will [2:19:17] last [2:19:18] because [2:19:19] let's [2:19:20] not [2:19:20] forget [2:19:20] that [2:19:21] this [2:19:21] all [2:19:21] the [2:19:22] regulation [2:19:22] law [2:19:22] has [2:19:23] been [2:19:23] here [2:19:23] for [2:19:23] the [2:19:24] past [2:19:24] 20 [2:19:24] plus [2:19:25] years [2:19:25] already [2:19:26] so [2:19:26] we [2:19:26] need [2:19:27] to [2:19:27] fix [2:19:27] this [2:19:27] we [2:19:28] need [2:19:28] to [2:19:28] refine [2:19:29] it [2:19:29] retune [2:19:29] it [2:19:30] for [2:19:32] everyone [2:19:33] but I [2:19:34] understand [2:19:34] where you're [2:19:34] coming [2:19:35] from [2:19:35] that we [2:19:36] really [2:19:36] need [2:19:36] to [2:19:36] find [2:19:36] a [2:19:36] solution [2:19:37] quickly [2:19:37] because [2:19:38] our [2:19:38] people [2:19:39] are [2:19:39] suffering [2:19:39] not [2:19:40] only [2:19:40] in [2:19:41] fuel [2:19:41] but [2:19:41] also [2:19:42] in [2:19:42] electricity [2:19:42] these [2:19:43] two [2:19:43] areas [2:19:45] that [2:19:46] we're [2:19:46] really [2:19:46] having [2:19:46] problems [2:19:46] because [2:19:47] ordinary [2:19:48] Filipino [2:19:48] worker [2:19:49] his [2:19:50] money [2:19:50] goes [2:19:51] to [2:19:51] either [2:19:51] food [2:19:52] and [2:19:52] then [2:19:52] after [2:19:52] food [2:19:53] it's [2:19:53] already [2:19:53] utilities [2:19:54] electricity [2:19:55] and [2:19:55] fuel [2:19:56] so [2:19:56] we're [2:19:57] working [2:19:57] that [2:19:57] as a [2:19:58] matter [2:19:58] of [2:19:58] fact [2:19:58] if [2:19:58] there [2:19:59] are [2:19:59] no [2:19:59] more [2:19:59] other [2:20:00] questions [2:20:00] go ahead [2:20:02] Mr. [2:20:02] Chairman [2:20:03] to be [2:20:06] fair [2:20:07] we'll [2:20:10] request [2:20:10] from the [2:20:10] DOE [2:20:11] some [2:20:12] studies [2:20:13] on [2:20:13] that [2:20:14] increased [2:20:14] in [2:20:15] inventory [2:20:15] levels [2:20:16] from [2:20:18] 15 [2:20:18] days [2:20:18] to [2:20:19] 30 [2:20:19] days [2:20:19] for [2:20:19] refined [2:20:20] petroleum [2:20:20] and [2:20:21] also [2:20:22] for [2:20:22] LPG [2:20:24] from [2:20:24] 7 [2:20:24] days [2:20:26] to [2:20:26] 15 [2:20:26] days [2:20:27] to [2:20:27] be [2:20:27] fair [2:20:28] talaga [2:20:28] may [2:20:28] holding [2:20:28] cost [2:20:29] yan [2:20:29] so [2:20:29] we [2:20:31] need [2:20:31] to [2:20:31] also [2:20:32] study [2:20:34] how [2:20:34] much [2:20:34] is [2:20:34] that [2:20:35] cost [2:20:36] and [2:20:37] definitely [2:20:38] it will [2:20:38] be [2:20:38] passed [2:20:38] on [2:20:39] so [2:20:39] maybe [2:20:40] it [2:20:40] will [2:20:40] defeat [2:20:40] the [2:20:40] purpose [2:20:41] of [2:20:41] lowering [2:20:42] down [2:20:43] prices [2:20:46] because [2:20:47] the [2:20:47] holding [2:20:47] cost [2:20:47] will [2:20:48] be [2:20:48] eventually [2:20:48] passed [2:20:49] on [2:20:49] to [2:20:49] the [2:20:49] consumer [2:20:50] so [2:20:50] we [2:20:50] need [2:20:50] to [2:20:50] balance [2:20:51] that [2:20:51] energy [2:20:52] security [2:20:53] and [2:20:53] energy [2:20:53] affordability [2:20:54] so [2:20:55] we [2:20:55] need [2:20:55] to [2:20:55] balance [2:20:56] it [2:20:56] so [2:20:58] we [2:20:58] want [2:20:59] to [2:20:59] see [2:20:59] that [2:20:59] study [2:21:00] and [2:21:00] the [2:21:01] oil [2:21:02] companies [2:21:03] can [2:21:03] submit [2:21:04] data [2:21:04] to [2:21:05] the [2:21:05] committee [2:21:05] as [2:21:05] well [2:21:06] as [2:21:06] to [2:21:06] the [2:21:06] DOE [2:21:07] in [2:21:07] the [2:21:08] same [2:21:08] manner [2:21:08] I [2:21:10] heard [2:21:10] from [2:21:11] the [2:21:11] oil [2:21:11] players [2:21:12] that [2:21:12] nagsasubmit [2:21:13] na [2:21:13] kayo [2:21:13] ng [2:21:14] unbandling [2:21:14] cost [2:21:15] this [2:21:16] is [2:21:16] person [2:21:16] 1 [2:21:17] to [2:21:17] DC [2:21:17] 2019 [2:21:20] 05 [2:21:21] 08 [2:21:25] 08 [2:21:25] anyone [2:21:26] from [2:21:27] the [2:21:27] oil [2:21:27] companies [2:21:28] can [2:21:28] respond [2:21:28] do you [2:21:34] want to [2:21:34] respond [2:21:34] anyone [2:21:35] attorney [2:21:35] Juan [2:21:36] yes [2:21:37] Mr. [2:21:38] Sank [2:21:38] president [2:21:38] when [2:21:39] we [2:21:39] say [2:21:40] unbandling [2:21:40] ito [2:21:41] yung [2:21:41] cost [2:21:41] ng [2:21:41] produkto [2:21:43] na [2:21:43] ini [2:21:43] import [2:21:44] we [2:21:46] follow [2:21:46] the [2:21:46] global [2:21:47] benchmark [2:21:47] Mr. [2:21:49] honorable [2:21:49] SP [2:21:50] global [2:21:52] benchmark [2:21:52] mops [2:21:53] and then [2:21:54] I think [2:21:54] since [2:21:55] the [2:21:55] GPC [2:21:55] was [2:21:56] but [2:21:56] hindi [2:21:56] ito [2:21:57] yung [2:21:57] purchase [2:21:58] order [2:21:58] ninyo [2:21:58] ng [2:21:59] products [2:22:00] before [2:22:01] we [2:22:01] directly [2:22:02] correct [2:22:02] if [2:22:02] I'm [2:22:02] wrong [2:22:03] before [2:22:03] we [2:22:03] did [2:22:03] that [2:22:04] and [2:22:04] now [2:22:04] that [2:22:05] during [2:22:05] the [2:22:05] crisis [2:22:06] we [2:22:06] now [2:22:07] follow [2:22:07] the [2:22:07] in [2:22:08] view [2:22:08] of [2:22:09] the [2:22:09] changes [2:22:10] in [2:22:10] the [2:22:10] price [2:22:11] changes [2:22:12] the [2:22:12] imposition [2:22:12] of [2:22:12] the [2:22:12] GPC [2:22:13] we [2:22:14] derived [2:22:14] it [2:22:14] now [2:22:14] from [2:22:14] the [2:22:15] global [2:22:15] benchmark [2:22:15] as [2:22:16] mentioned [2:22:16] so [2:22:17] what exactly [2:22:18] do you [2:22:18] submit [2:22:19] to [2:22:19] pursuant [2:22:20] to [2:22:20] DC [2:22:20] 2019 [2:22:21] what exactly [2:22:22] like in terms [2:22:23] of yung [2:22:23] cost of [2:22:24] petroleum [2:22:25] is that [2:22:26] the cost [2:22:26] of [2:22:26] purchase [2:22:27] price [2:22:27] or [2:22:28] cost [2:22:28] of [2:22:29] maps [2:22:30] the [2:22:31] purchase [2:22:32] that [2:22:34] includes [2:22:34] cost [2:22:34] of [2:22:35] goods [2:22:35] your [2:22:35] honor [2:22:35] so [2:22:36] din [2:22:37] i-disclose [2:22:37] yan [2:22:37] sa [2:22:37] gobyerno [2:22:38] because [2:22:38] I remember [2:22:39] I was [2:22:39] telling [2:22:39] the [2:22:39] chairman [2:22:40] before [2:22:41] there [2:22:41] was [2:22:41] a [2:22:42] violent [2:22:43] reaction [2:22:44] to [2:22:44] that [2:22:44] initial [2:22:45] years [2:22:46] and [2:22:47] I [2:22:47] understand [2:22:48] I [2:22:48] understand [2:22:49] if I'm [2:22:49] in your [2:22:50] position [2:22:50] I'll [2:22:50] be [2:22:51] in [2:22:51] that [2:22:51] I'll [2:22:53] have [2:22:54] that [2:22:54] the [2:22:54] same [2:22:54] reaction [2:22:55] because [2:22:57] these [2:22:57] are [2:22:57] trade [2:22:58] secrets [2:22:58] but [2:22:59] after [2:23:00] 2019 [2:23:01] sinasubit [2:23:02] nyo [2:23:03] na [2:23:03] sa [2:23:03] kanila [2:23:03] so [2:23:03] ulitin [2:23:04] ko [2:23:05] lang [2:23:05] ito [2:23:05] yung [2:23:05] purchase [2:23:06] price [2:23:06] ng [2:23:06] produkto [2:23:07] for [2:23:07] example [2:23:07] pag [2:23:07] bumalik [2:23:08] kayo [2:23:08] sa [2:23:08] Saudi [2:23:09] Aramco [2:23:10] Petron [2:23:11] or Shell [2:23:12] or [2:23:12] independent [2:23:13] companies [2:23:14] kung ano [2:23:14] yung [2:23:14] binilin [2:23:15] yung [2:23:15] presyo [2:23:15] yun [2:23:16] and [2:23:16] din [2:23:16] disclose [2:23:16] yun [2:23:17] sa [2:23:17] gobyerno [2:23:17] we have [2:23:18] submitted [2:23:18] that [2:23:18] year [2:23:19] okay [2:23:19] and [2:23:20] that [2:23:20] is [2:23:20] done [2:23:20] on [2:23:21] a [2:23:21] regular [2:23:21] basis [2:23:22] yes [2:23:23] okay [2:23:23] so [2:23:24] now [2:23:24] government [2:23:25] has [2:23:25] full [2:23:25] visibility [2:23:26] of the [2:23:28] pricing [2:23:29] we have [2:23:30] to get [2:23:30] this [2:23:30] straight [2:23:30] because [2:23:31] parang [2:23:32] sa [2:23:32] kuryente [2:23:33] diba [2:23:33] alam [2:23:33] natin [2:23:34] except [2:23:34] for [2:23:34] the [2:23:34] fuel [2:23:35] but [2:23:35] alam [2:23:35] natin [2:23:35] generation [2:23:36] cost [2:23:37] alam [2:23:37] natin [2:23:37] transmission [2:23:38] cost [2:23:38] alam [2:23:39] natin [2:23:39] distribution [2:23:39] but [2:23:40] in [2:23:40] sa [2:23:41] petroleum [2:23:41] ganun [2:23:41] ba [2:23:41] para [2:23:46] may [2:23:47] disconnect [2:23:47] yung [2:23:47] DOE [2:23:48] and [2:23:48] oil [2:23:49] companies [2:23:50] so [2:23:50] we [2:23:50] want [2:23:51] to [2:23:51] make [2:23:51] sure [2:23:51] nakahimay [2:23:52] na [2:23:53] yung [2:23:53] kanilang [2:23:54] mga [2:23:54] notifications [2:23:55] sa [2:23:55] amin [2:23:56] for [2:23:56] FOB [2:23:57] premium [2:23:58] freight [2:23:59] and [2:23:59] insurance [2:23:59] exchange [2:24:00] rate [2:24:01] we [2:24:01] can [2:24:01] derive [2:24:01] that [2:24:01] from [2:24:02] BSB [2:24:02] yes [2:24:02] I [2:24:03] think [2:24:05] we [2:24:05] need [2:24:05] to [2:24:06] work [2:24:06] on [2:24:06] after [2:24:07] the [2:24:07] mandate [2:24:08] period [2:24:08] pag [2:24:09] bumalik [2:24:09] ulit [2:24:09] sa [2:24:09] normal [2:24:10] kasi [2:24:10] we [2:24:12] need [2:24:12] to [2:24:12] work [2:24:13] more [2:24:13] on [2:24:14] the [2:24:14] industry [2:24:15] take [2:24:15] kasi [2:24:16] yun [2:24:17] yung [2:24:17] hinihimay [2:24:18] talaga [2:24:19] na [2:24:19] industry [2:24:20] take [2:24:20] is [2:24:20] another [2:24:21] secret [2:24:22] yan [2:24:22] yan [2:24:23] yan [2:24:23] ho [2:24:23] siyempre [2:24:24] industry [2:24:25] take [2:24:25] ng [2:24:26] petron [2:24:26] iba [2:24:26] industry [2:24:27] take [2:24:27] ng [2:24:27] sea [2:24:30] oil [2:24:30] so [2:24:31] because [2:24:32] that [2:24:33] has been [2:24:34] the [2:24:34] longest [2:24:34] concern [2:24:35] because [2:24:35] the [2:24:35] operation [2:24:36] in one [2:24:36] area [2:24:37] is not [2:24:37] the same [2:24:38] as [2:24:38] the [2:24:38] operation [2:24:39] cost [2:24:39] in [2:24:39] other [2:24:40] area [2:24:40] so [2:24:40] naging [2:24:41] problema [2:24:42] talaga [2:24:42] namin [2:24:43] Mr. [2:24:43] Chair [2:24:43] kasi [2:24:44] kasi [2:24:44] sabi [2:24:44] nila [2:24:44] PIP [2:24:45] paano [2:24:48] kami [2:24:49] magsasubmit [2:24:50] sa inyo [2:24:50] ng [2:24:50] bawat [2:24:51] city [2:24:53] kasi [2:24:53] iba-ibang [2:24:54] pero [2:24:55] in terms [2:24:55] of [2:24:55] yung [2:24:55] purchase [2:24:56] ng [2:24:56] petroleum [2:24:57] kaya [2:25:00] kaya [2:25:00] na [2:25:00] namin [2:25:00] kasi [2:25:01] from there [2:25:01] madiderive [2:25:02] mo na [2:25:02] yan [2:25:02] in fact [2:25:04] that [2:25:04] unbundling [2:25:05] is [2:25:05] now [2:25:06] kino-compute [2:25:07] lang namin [2:25:08] and there's no [2:25:08] concern [2:25:09] from the [2:25:10] oil [2:25:10] companies [2:25:10] whether [2:25:11] this [2:25:11] information [2:25:13] might [2:25:13] well [2:25:14] it's [2:25:14] pinakita [2:25:15] na nga [2:25:15] kanina [2:25:15] is that [2:25:19] a concern [2:25:20] or [2:25:20] is that [2:25:21] you're [2:25:23] confident [2:25:23] that [2:25:23] government [2:25:24] can handle [2:25:25] those [2:25:25] information [2:25:25] in confidence [2:25:27] anyone [2:25:28] can be [2:25:29] anyone [2:25:29] from the [2:25:30] oil [2:25:30] para kasi [2:25:31] when we [2:25:31] craft the [2:25:31] law [2:25:32] kung hindi [2:25:33] namang [2:25:33] concerned [2:25:33] yan [2:25:33] ako kasi [2:25:34] ang [2:25:35] position [2:25:35] ko [2:25:35] ilagay [2:25:35] yun [2:25:36] but [2:25:36] I want [2:25:36] to [2:25:36] balance [2:25:37] it [2:25:37] with [2:25:38] the [2:25:39] free [2:25:42] market [2:25:42] concept [2:25:43] sorry [2:25:46] if I [2:25:46] may [2:25:46] that [2:25:47] was [2:25:47] a [2:25:47] concern [2:25:47] initially [2:25:48] during [2:25:49] the [2:25:49] issuance [2:25:49] of the [2:25:50] draft [2:25:50] circular [2:25:50] and [2:25:52] we [2:25:53] had [2:25:53] a long [2:25:54] discussion [2:25:54] with [2:25:54] the [2:25:54] DOE [2:25:55] so [2:25:55] that [2:25:55] they [2:25:55] could [2:25:55] protect [2:25:56] the [2:25:56] data [2:25:56] and [2:25:57] I [2:25:57] think [2:25:57] they [2:25:57] have [2:25:58] already [2:25:58] started [2:25:58] developing [2:25:59] protocols [2:26:00] to [2:26:01] ensure [2:26:01] data [2:26:01] protection [2:26:02] but [2:26:02] I [2:26:02] would [2:26:02] like [2:26:03] to [2:26:03] commend [2:26:03] that [2:26:03] that [2:26:04] should [2:26:04] still [2:26:04] be [2:26:04] included [2:26:05] in [2:26:05] the [2:26:05] law [2:26:05] especially [2:26:05] in [2:26:06] the [2:26:06] law [2:26:07] that [2:26:07] you [2:26:07] have [2:26:07] authored [2:26:08] in [2:26:09] terms [2:26:09] of [2:26:09] the [2:26:09] limit [2:26:10] given [2:26:11] to [2:26:11] the [2:26:11] DOE [2:26:12] in [2:26:12] the [2:26:12] usage [2:26:12] of [2:26:13] such [2:26:13] information [2:26:13] and [2:26:14] the [2:26:14] protection [2:26:15] of [2:26:15] the [2:26:16] confidential [2:26:16] information [2:26:17] and [2:26:17] propriety [2:26:18] of [2:26:18] such [2:26:18] if [2:26:19] you [2:26:19] look [2:26:19] at [2:26:19] my [2:26:19] proposal [2:26:20] in [2:26:20] confidentiality [2:26:21] and [2:26:22] the [2:26:24] use [2:26:24] of [2:26:24] information [2:26:25] very [2:26:25] tight [2:26:26] because [2:26:26] initially [2:26:27] when we [2:26:28] were [2:26:28] consulting [2:26:29] the [2:26:29] oil [2:26:29] companies [2:26:29] violent [2:26:31] reaction [2:26:32] so [2:26:32] just [2:26:33] to [2:26:33] balance [2:26:33] that [2:26:34] concern [2:26:34] and [2:26:35] also [2:26:36] the [2:26:36] concern [2:26:37] of [2:26:37] the [2:26:37] consumers [2:26:38] use [2:26:39] of [2:26:39] information [2:26:40] and [2:26:40] confidentiality [2:26:41] and [2:26:42] that's [2:26:43] enough [2:26:44] for the [2:26:45] oil [2:26:45] companies [2:26:45] okay [2:26:46] we'll [2:26:47] carry [2:26:48] that [2:26:48] Mr. [2:26:50] President [2:26:50] we also [2:26:51] appreciate [2:26:52] the [2:26:53] effort [2:26:53] of the [2:26:53] Philippine [2:26:54] Competition [2:26:54] Commission [2:26:55] to also [2:26:55] have a [2:26:55] study [2:26:56] on how [2:26:56] the [2:26:57] law [2:26:58] can [2:26:58] avoid [2:26:58] tacit [2:26:59] collusion [2:26:59] in terms [2:27:00] of [2:27:00] keeping [2:27:01] them [2:27:01] and [2:27:01] reporting [2:27:02] them [2:27:02] as [2:27:02] well [2:27:03] okay [2:27:03] I hope [2:27:03] that can [2:27:04] also [2:27:04] be [2:27:04] considered [2:27:05] yes [2:27:05] yes [2:27:05] there [2:27:06] will [2:27:06] be [2:27:06] a [2:27:06] role [2:27:07] admittedly [2:27:08] when [2:27:09] the [2:27:09] oil [2:27:09] deregulation [2:27:10] law [2:27:10] was [2:27:10] crafted [2:27:10] the [2:27:11] PCC [2:27:11] was [2:27:11] not [2:27:12] in [2:27:12] existence [2:27:12] yet [2:27:12] so [2:27:13] ilalagay [2:27:14] natin [2:27:15] yung [2:27:15] PCC [2:27:16] or [2:27:16] the [2:27:16] chairman [2:27:16] actually [2:27:17] has a [2:27:17] proposal [2:27:17] to [2:27:18] put [2:27:18] PCC [2:27:19] as [2:27:19] one [2:27:20] of [2:27:20] the [2:27:20] agencies [2:27:21] that [2:27:21] will [2:27:21] monitor [2:27:22] the [2:27:23] healthy [2:27:24] competition [2:27:25] of the [2:27:25] industry [2:27:26] thank you [2:27:27] ito [2:27:28] ito [2:27:28] rin [2:27:28] ito [2:27:28] rin [2:27:29] para [2:27:29] sa [2:27:29] mga [2:27:29] oil [2:27:29] companies [2:27:30] this [2:27:30] is [2:27:30] also [2:27:30] for [2:27:31] your [2:27:31] benefit [2:27:31] kasi [2:27:32] alam [2:27:33] ko [2:27:33] na [2:27:33] didemonize [2:27:34] ang [2:27:34] oil [2:27:34] companies [2:27:35] lalo [2:27:35] na [2:27:36] pag [2:27:36] tumataas [2:27:36] ang [2:27:36] presyo [2:27:37] I'm [2:27:38] sure [2:27:38] pag [2:27:39] lumalabas [2:27:39] kayo [2:27:40] galit [2:27:40] sa [2:27:40] inyo [2:27:40] yung [2:27:40] mga [2:27:41] tao [2:27:41] kasi [2:27:42] pag [2:27:42] tumataas [2:27:43] yung [2:27:43] presyo [2:27:43] so [2:27:44] this [2:27:44] is [2:27:44] also [2:27:45] to [2:27:45] ensure [2:27:45] that [2:27:46] there's [2:27:46] transparency [2:27:46] at [2:27:48] pinapakita [2:27:48] natin [2:27:49] sa [2:27:49] publiko [2:27:49] na [2:27:49] yung [2:27:50] mga [2:27:50] oil [2:27:50] companies [2:27:51] rin [2:27:51] ay [2:27:52] hindi [2:27:52] inaabuso [2:27:54] yung [2:27:54] situation [2:27:55] by [2:27:56] being [2:27:56] transparent [2:27:57] alam [2:27:58] ng [2:27:58] gobyerno [2:27:58] yung [2:27:59] purchase [2:27:59] price [2:28:00] alam [2:28:00] ng [2:28:01] gobyerno [2:28:01] yung [2:28:01] downstream [2:28:03] post [2:28:05] and then [2:28:05] at the [2:28:05] same [2:28:06] time [2:28:06] nag-impose [2:28:06] pa [2:28:07] ng [2:28:07] mandated [2:28:08] pricing [2:28:09] which [2:28:09] you [2:28:09] comply [2:28:10] so [2:28:11] the [2:28:12] message [2:28:12] we're [2:28:13] projecting [2:28:14] to the [2:28:15] consumers [2:28:15] is [2:28:15] government [2:28:17] is [2:28:17] on top [2:28:18] of the [2:28:18] situation [2:28:19] and the [2:28:19] oil [2:28:20] companies [2:28:20] is [2:28:20] complying [2:28:21] yun [2:28:22] yun [2:28:22] yun [2:28:23] yun [2:28:23] yun [2:28:23] yun [2:28:23] yun [2:28:23] yun [2:28:23] yun [2:28:23] yun [2:28:23] yun [2:28:23] yun [2:28:24] yun [2:28:24] yun [2:28:25] yun [2:28:25] yun [2:28:25] yun [2:28:25] yun [2:28:26] and the [2:28:28] consumers [2:28:29] are protected [2:28:31] and the [2:28:32] UFCC [2:28:34] po [2:28:34] natin [2:28:34] for [2:28:35] your [2:28:37] information [2:28:37] tumatakbuna [2:28:38] rin [2:28:39] po sa [2:28:39] Congress [2:28:39] sa aming [2:28:40] counterpart [2:28:40] itong [2:28:41] same [2:28:42] bill [2:28:44] po [2:28:44] about [2:28:44] this [2:28:45] review [2:28:45] and [2:28:46] oil [2:28:46] regulations [2:28:46] so [2:28:47] hopefully [2:28:47] we'll [2:28:48] be able [2:28:48] to [2:28:48] reconcile [2:28:49] this [2:28:49] towards [2:28:50] around [2:28:50] the first [2:28:51] week of [2:28:51] next [2:28:52] year [2:28:52] and then [2:28:53] we'll be [2:28:53] able to [2:28:54] do this [2:28:55] by next [2:28:56] year [2:28:56] around [2:28:56] third or [2:28:57] fourth quarter [2:28:58] next year [2:28:58] so [2:28:59] we're working [2:29:01] thank you [2:29:02] we're doing [2:29:03] this [2:29:04] anyway [2:29:04] if there [2:29:05] are no [2:29:05] more [2:29:05] questions [2:29:06] the committee [2:29:06] extends a [2:29:07] sincerest [2:29:07] appreciation [2:29:08] to all [2:29:09] our [2:29:09] resource [2:29:09] persons [2:29:10] today [2:29:10] stakeholders [2:29:11] and [2:29:12] colleagues [2:29:12] for your [2:29:13] valuable [2:29:13] participation [2:29:14] and insights [2:29:15] during today's [2:29:15] year [2:29:15] the committee [2:29:16] targets to [2:29:17] release the [2:29:17] respective [2:29:18] committee [2:29:18] reports [2:29:19] of the [2:29:20] measures [2:29:20] under [2:29:20] consideration [2:29:21] before [2:29:22] November [2:29:23] then we [2:29:24] will take [2:29:25] this to [2:29:25] the plenary [2:29:26] the [2:29:27] secretary [2:29:27] is [2:29:28] directed [2:29:28] to [2:29:28] consolidate [2:29:29] all [2:29:29] position [2:29:30] papers [2:29:30] comments [2:29:31] and other [2:29:31] submissions [2:29:32] for the [2:29:32] committee's [2:29:32] consideration [2:29:33] those who [2:29:34] have not yet [2:29:34] submitted their [2:29:35] position [2:29:35] papers [2:29:36] are respectfully [2:29:37] requested to [2:29:38] submit at the [2:29:38] same [2:29:39] at the [2:29:40] soonest [2:29:40] possible [2:29:40] time [2:29:41] the [2:29:41] secretary [2:29:42] shall [2:29:42] likewise [2:29:42] issue the [2:29:43] necessary [2:29:43] notice [2:29:44] regarding [2:29:44] the [2:29:44] committee's [2:29:45] next [2:29:45] meeting [2:29:46] or further [2:29:46] actions [2:29:47] on these [2:29:47] measures [2:29:48] you will be [2:29:49] informed [2:29:49] ladies and [2:29:50] gentlemen [2:29:50] there being [2:29:51] no further [2:29:51] matters to [2:29:52] discuss [2:29:52] this hearing [2:29:53] is hereby [2:29:53] suspended [2:29:54] thank you [2:29:54] and have a [2:29:55] pleasant [2:29:55] day [2:29:56] to all