Senate holds hearing on oil deregulation, fuel/petroleum reserve — July 2

[0:00] mga tao sa ground na gumagawa ng fuel marking, Iberian Customs. [0:10] Now from 6 billion, it was increased to 13 billion, [0:15] na isa itong inutil at sayang na programa nating gobyerno. [0:22] These contracts, correct me if I'm wrong, Bureau of Customs and Department of Finance, [0:28] at that time, napagalaman ko na by the end of the first contract by SGS, [0:37] ita-transfer yung technology, kasi yung binabayaran natin doon yung technology, [0:42] kasi yung manpower, it's being done by our people. [0:46] Tama? And it is the technology that's worth by the billions of pesos ang binabayaran natin. [0:52] Therefore, doon sa contract nakasaad, pagkatapos ng contract, [0:56] ipapasa yung technology para tayo nilang ang gagawa. [0:59] Pero bakit pa rin pinayagan ng customs at ng finance na mag-renew ng contract itong SGS? [1:06] Ito na po, Mr. Chair. Sa susunod siguro ng hearing mo, pwedeng pag-usapan ng committee niyo. [1:14] Thank you, Senator Rafi. I believe the committee invited the Department of Finance and also the Bureau of Customs. [1:22] So, take note. Thank you, Senator Rafi. [1:24] We'll get back to that. [1:28] SP, Sherwin Gatilan, do you have any opening statement, sir? [1:32] Thank you very much, Chairman Irwin. [1:37] And let me also greet Senator Rafi Tulfo and Senator J. Beresito today with us. [1:45] Thank you very much for conducting this very important timely hearing. [1:51] Lahat tayo dumaan ng gera ng Iran. [1:54] At lahat tayo ay naramdaman natin yung epekto ng gera sa Iran dito sa sarili nating bansa. [2:02] Nakita natin na napakabilis ang pagbabago na pwedeng mangyayari pagdating sa presyo ng langis. [2:09] From $60 per barrel, sumipa siya kaagad ng $100 per barrel in a matter of weeks. [2:16] At dahil dependent tayo sa importation, kaagad naramdaman natin dito. [2:20] So, Mr. Chairman, timely itong hearing natin dahil dapat matuto tayo dito sa nangyari sa Iran. [2:29] Dapat matuto tayo kung ano ba ang epekto nito sa ating mga kababayan, sa ating transport sector, [2:39] at higit sa lahat sa presyo ng pagkain. [2:43] Kaya, gamitin natin itong nangyari sa Iran as a learning process sa ating lahat. [2:50] Nakita ko na napakadaming kahinaan na dapat nating ayusin. [2:54] At nagpapasalamat po ako nandito po si Secretary Garin, [2:57] dahil siya talaga ang main actor or aktres nung tumaas po yung presyo ng langis. [3:03] At alam ko, ang bigat ng pressure sa kanya dahil umabot tayo sa mundo na baka wala tayong langis sa sarili nating bansa. [3:12] Kaya tatlong bagay ang nakikita kong dapat nating talakayan dito sa Committee on Energy. [3:17] Number one, natutunan natin na pwedeng mangyari na maputulan tayo ng supply ng langis. [3:24] At dahil limitado rin ang ating capacity pagdating sa inventory levels, [3:31] dapat pag-aralan natin kung paano pa palakihin ang inventory levels natin domestically. [3:37] Tingnan natin kung paano natin makipag-engage sa private sector para palakihin ang inventory levels natin. [3:46] Pangalawa, yung infamous replacement cost. [3:50] Alam ko, nung panahon ng pagtaas ng presyo ng langis at nagkaroon tayo ng hearing sa Protect Committee, [3:56] which I chaired, Mr. Chairman, [3:57] naging issue itong replacement cost dahil naramdaman natin pag mabilis ang pagtaas ng presyo ng langis sa abroad, [4:06] ang bilis ng taas ng presyo ng langis dito sa ating bansa, [4:08] ang araw nilang tumataas. [4:10] Pero pagbaba, ang tagal ng pagbaba. [4:14] At yan ay naging sanhi ng napakadaming reklamo at pagkadismayan ng ating mga kababayan. [4:21] At pangatlo, dapat rin natin ilagay sa ating isipan at direksyon na dapat maalis tayo sa addiction natin sa imported oil. [4:35] Dahil ngayon, halos 100% po ng ating langis ay imported. [4:40] At halos 90% galing sa isang lugar, sa Middle East. [4:44] Kaya kung naggagera sa Middle East, kaagad tayo ang tinatamaan dito sa supply at sa presyo. [4:51] So tingnan rin natin kung paano tayo makaalis sa, tinatawag ko, addiction to Middle East oil. [4:58] At isang paraan dito, yung mabilis na paggamit ng mga electric vehicles na meron na tayong batas. [5:04] At dito nga sa Senado, kung meron isang example na gumagamit ng electric vehicles, yan po si Sen. Javier Cito. [5:11] Lahat po ng kanyang sasakyan ngayon ay electric vehicles. [5:15] At meron na tayong batas. [5:17] DOE rin nagpapatapad ng batas na iyon. [5:20] Kaya gusto rin namin malaman na saan na tayo sa pagpapatubad ng batas na iyon. [5:24] At paano pa natin pabilisin yung adoption ng electric vehicles sa ating bansa. [5:28] So muli, Mr. Chairman, maraming maraming salamat dito sa napaka-importante at timely hearing po natin. [5:36] Maraming salamat po, Sen. President Gatchelian. [5:39] Si SP Wynn Gatchelian po ay ang author ng Sen. Bill No. 641 [5:45] o ang Act Institutionalizing Transparency in Philippine Downstream Oil Industry Amending Republic Act No. 8479. [5:54] We also have here with us today, Sen. Javier Cito, ang Vice Chairperson po ng Committee on Energy. [6:01] Sen. Javier Cito. [6:02] Thank you, Sen. Rafi. [6:05] Good morning, Sen. President Gatchelian. [6:08] Sen. Erwin. [6:09] Tulpo, sorry. [6:12] At least kayo okay lang magkapalit. [6:15] Huwag lang kami. [6:17] Anyway, magandang maga po sa iyo lahat. [6:19] First of all, thank you very much, Chair Erwin, for prioritizing this hearing. [6:26] As mentioned by our Senate President, nakitaan po natin ang mga problema, [6:32] lalong-lalong na nung kasagsagan ng oil crisis sa Middle East, [6:37] which makes this hearing much more significant. [6:42] So, I'm very happy also to note that at least the Senate is now back working [6:48] and focusing on the important issues, important problems and challenges [6:57] that our nation has to face, lalong-lalong na po itong oil crisis. [7:03] And I'd like to thank also our Energy Secretary here. [7:07] I know that she was very much stressed during the recent months. [7:14] She's the, sabi nga niyong ating, ano, siya pong star, sabi nga hindi, bilid po ako. [7:19] But because of her efforts also, at least we were kept up float, no? [7:26] Hindi tayo nawalan nung supply. [7:29] Kasi nga, during the hearing, I remember when our Senate President was cheering, [7:33] yun ang worry natin, bumaba na ng halos 40 na lang yung 40 days na lang. [7:38] Ang ating pong supply. [7:41] So, those were pointed out already by our Chair, by our Senate President. [7:47] And I'm hoping that our, of course, our new Chair of the Committee of Energy [7:51] will take the cudgels now and really push for the important measures [7:57] that we have seen that needs much attention, lalong-lalong itong Middle East crisis. [8:04] Marami po ang nakita natin na may mga kailangan talagang prioridad, [8:11] lalo na po itong oil deregulation law, the needful to review, [8:15] and also siguro next will be the EPERA. [8:18] I think it's already about time that we amend these laws [8:23] so that we can already adapt to the changing times, [8:27] especially to the challenging times. [8:30] Wala naman ho nakapag-predict ng mga ganitong problema. [8:33] So, with that, Mr. Chair, I will just be here to listen and propound some questions later. [8:40] And again, I'd like to thank Senator Irwin for prioritizing this measure [8:47] that really needs to be reviewed at the moment. [8:52] Thank you, Mr. Chair. [8:54] Maraming salamat. Thank you, Senator JV. [8:56] But we will conduct a separate hearing on the EPERA probably next week. [9:01] Thank you. [9:03] For everyone's guidance, the rules of the Senate and the rules of procedure [9:07] governing inquiries and native legislation shall continue to apply. [9:12] May we now request the committee's secretary, attorney Grace Ann Selesa [9:15] to acknowledge your resource persons and guests present today. [9:20] Kamsak. [9:21] Good morning, Mr. Chair. Good morning, everyone. [9:23] Allow me to acknowledge your guests and resource persons for today's public hearing. [9:27] From the Department of Energy, we have Secretary Sharon Garin, [9:31] Yusek Yolita Innocentio, attorney Beatrice Ann Ubendan, [9:36] attorney Monique Bugnosen, attorney Paolo Angelo Kimming, [9:42] and also attorney Rino Abad, director Rino Abad. [9:47] From the Philippine National Oil Company, [9:50] we have attorney Antonio Buen Viaje and attorney Janice Velasco. [9:56] From the PNOC Exploration Corporation, [10:00] attorney Adrian Ferdinand Sugay. [10:03] From the Department of Trade and Industry, we have attorney Marvin Tandayu [10:08] and Miss Jessica May De La Cruz. [10:12] From the Department of Economy Planning and Development, DEVDEV, [10:17] we have Miss Kathleen Mangune, [10:21] Mr. Bernie Magtalas, [10:25] and Mr. John Marvin Surio. [10:27] From the Philippine Competition Commission, [10:31] we have Miss Franzine Poronda, [10:33] Mr. Emmanuel Garcia, [10:36] and Mr. Carlos Tolentino. [10:39] From the Department of Finance, [10:41] we have attorney John Paul Alfred Cruz, [10:44] Camille Ilao, [10:46] and Jericho Cardona. [10:49] From the Bureau of Customs, [10:51] we have attorney John Paul Cruz. [10:53] From Petron Corporation, [10:55] we have Miss Karen Domingo. [10:57] From the Pilipinas Shell Corporation, [10:59] we have Timothy James Laurel. [11:02] From the Philippine Institute of Petroleum, [11:04] we have Miss Nympha Villamayor. [11:07] From the United Filipino Consumers and Commuters, [11:11] we have Mr. Rudolfo Javeliana, [11:13] together with Marcelo Texon, [11:16] and also Francis Bob Alpas and Ryan Tanaman. [11:20] And everyone has been acknowledged, [11:22] Mr. Chair. [11:23] Thank you, Committee Secretary. [11:25] Parang napansin ko, [11:27] may invitation putay sa Department of Finance. [11:29] Wala pong representative [11:29] in Department of Finance itself, [11:31] the office, [11:32] not from the Bureau of Customs. [11:35] May we know, Committee Secretary, [11:37] if we did invite separately [11:38] the Department of Finance, [11:42] what was the reason? [11:43] How come they're not here? [11:56] Well, can you, Committee Secretary, [11:59] inform that I want to find, [12:02] and I want to know [12:02] bakit wala po sila dito? [12:04] Please do follow up [12:06] because kung akala nila [12:08] biro-biro itong hearing na ito, [12:10] a lot of people are waiting. [12:15] And we're trying to find a solution here [12:17] pertaining to this problem [12:18] about oil prices. [12:21] And I hope this hearing today [12:24] we'll be able to find answers. [12:27] Answers like questions [12:29] sa mga kababayan natin [12:30] for a very, very long time. [12:34] Bakit pagtaas po ng presyo [12:36] sa pandayigdigang kalakalan [12:38] ng langis? [12:41] For example, today, [12:43] bukas automatic [12:44] sa mga gasolinahan po natin, [12:47] mataas na rin. [12:49] When in fact, [12:50] yung nasa gasolinahan, [12:51] in-import niya po yun [12:53] last week or last month pa. [12:55] Bakit apektado ka agad [12:57] sa pagtaas [12:58] ng presyo [12:59] sa pandayigdigang kalakalan [13:01] yung nasa gasolinahan? [13:03] Yun po yung tanong [13:04] ng mga kababayan natin, [13:05] bakit po? [13:06] Eh, hindi po ba matagal na po [13:08] yung stock ito? [13:09] Bakit kailangan tumaas ka agad? [13:11] Napakabilis. [13:12] Tama po si Senate President Gatchelian. [13:15] Pag tumaas ang presyo [13:16] sa pandayigdigang kalakalan [13:18] ngayong araw, [13:19] bukas sa gasolinahan, [13:21] sa lahat ng lalawigan, [13:22] e mataas na rin. [13:24] And when in fact [13:24] that was imported [13:25] several weeks or months ago, [13:28] i-stock na po yun. [13:29] Dapat hindi po tumataas [13:30] yung refill po nila [13:32] noon ng gasolinahan, [13:33] doon pa lang dapat tataas [13:35] o yung susunod na shipment. [13:37] Yan po ang gusto po natin [13:38] sagutin ngayong araw. [13:40] And I want answers [13:42] from the Department of Energy [13:44] and from the different oil companies. [13:46] Ikalawa, [13:47] pag bumaba naman po [13:48] ang presyo, [13:50] e mabuti sana kung [13:51] pag bumaba ang presyo [13:52] ngayong araw, [13:53] inanunsyo [13:54] sa world market, [13:56] sa atin next week pa, [13:57] next month pa, [13:59] at saka yung itinaas na [14:00] 125, [14:01] 150, [14:03] ang ibababa 25 centimos. [14:05] Anong nangyari [14:06] doon sa 125? [14:08] Hindi na may rollback. [14:10] May rollback nga, [14:11] sabi ng media, [14:12] rollback. [14:13] Pero talo pa. [14:14] Dahil ang increase [14:15] sa 150 per liter, [14:17] ang rollback 50, [14:19] naiwan yung piso. [14:20] At hindi po natin [14:21] napapansin. [14:23] Natutuwa tayo nil, [14:24] ang press release [14:25] may rollback 50 centavos. [14:27] E ang tinaas 150. [14:29] Next week na naman, [14:30] may tataas na naman, [14:31] piso na naman, [14:32] rollback siya. [14:33] 25, 75 lang. [14:35] E naka-3 pesos na siya. [14:38] This is what we want [14:39] to find out [14:39] in this hearing today. [14:41] And I want answers. [14:43] To facilitate [14:44] an orderly and focused [14:45] discussion, [14:46] the committee will first hear [14:47] from the concerned [14:47] government agencies, [14:49] followed by representatives [14:50] from the petroleum industry, [14:53] the business sector, [14:54] and our consumer groups. [14:55] We shall begin [14:56] with the Department of Energy [14:57] or Energy being [14:59] the lead agency [15:00] responsible for implementing [15:01] downstream oil industry [15:03] deregulation act [15:04] and formulating [15:05] the country's energy policies. [15:07] We respectfully request [15:08] the DOE to limit [15:09] its presentation [15:10] to 10 minutes. [15:12] Thereafter, [15:12] we shall hear [15:13] from the Philippine [15:13] National Oil Company, [15:15] the PNOC Exploration Corporation, [15:17] each with five minutes. [15:19] Then they will be followed [15:20] by the Department [15:21] of Trade and Industry, [15:22] Department of Economic Planning [15:24] and Development, [15:25] the Philippine Competition [15:26] Commission, [15:27] Department of Finance, [15:28] and the Department [15:29] of Transportation [15:30] in that order. [15:31] Each agency is respectfully [15:32] requested to limit [15:34] their presentation [15:35] with three minutes. [15:37] Following the presentations [15:37] of the government agency, [15:39] the committee will recognize [15:40] the various representatives [15:41] of the petroleum industry, [15:43] the business sector, [15:44] and our invited [15:45] consumer organizations. [15:46] We likewise request [15:47] all non-government [15:49] resource persons [15:50] to keep their presentation [15:51] within three minutes. [15:53] To maximize our time, [15:54] may I respectfully request [15:55] my esteemed colleagues [15:56] to reserve their questions [15:58] until all presentations [15:59] have been completed [16:00] to allow each resource person [16:02] the opportunity [16:03] to fully present their position. [16:05] However, [16:05] should any member wish [16:06] to seek clarification [16:07] or raise a matter [16:08] that requests immediate attention, [16:10] the chair will be pleased [16:11] to recognize such questions [16:13] as the need arises. [16:15] I encourage our resource persons [16:16] to be candid, [16:17] straightforward, [16:18] more than conducting [16:19] a hearing or investigation. [16:21] Our common objective [16:22] is to find practical solutions [16:24] that will benefit the public. [16:27] Let us begin [16:28] with a presentation [16:29] of the government agencies [16:30] with the DOE. [16:33] Mr. Chair. [16:34] Thank you. [16:35] Good morning, [16:35] Senator Garin. [16:37] Secretary. [16:38] Sorry, [16:39] Secretary Garin. [16:41] Good morning, [16:42] Mr. Chair, [16:43] Senate President, [16:45] Senator JV, [16:46] and to all the [16:48] resource speakers [16:50] that are here. [16:52] Under Secretary, [16:53] you will present [16:54] our proposals [16:56] for the amendments. [16:58] But before she present, [16:59] Mr. Chair, [17:01] the crisis [17:02] that we underwent [17:03] in the last 100 days [17:05] has actually emphasized [17:07] what we need [17:08] to amend [17:09] in the oil deregulation law, [17:11] like the lack [17:12] of regulatory powers [17:15] of DOE [17:16] over the industry [17:17] because it's [17:18] basically a liberalized, [17:20] market-driven industry, [17:22] kites of pressure [17:23] versus stocking, [17:25] and even inventory levels. [17:26] There's a limitation there, [17:27] pati yung enforcement [17:28] natin, Mr. Chair. [17:30] So, [17:30] Ri, you will discuss that. [17:32] In the second part, [17:33] Mr. Chair, [17:33] is the Strategic Oil Reserve, [17:37] the National Reserve, [17:38] Mr. Chair. [17:40] We're happy to report [17:42] to you, Mr. Chair, [17:43] that PNOC [17:44] together with DOE [17:45] has been talking [17:46] to MIC [17:47] and exploring [17:47] and exploring [17:47] the project. [17:51] And fortunately, [17:52] there is, [17:54] we're making good [17:55] progress on this [17:56] because [17:57] PNOC has the property, [18:00] MIC is the [18:01] source of funding, [18:05] and PNOC actually [18:06] has about, [18:08] I think, [18:09] about 10, [18:11] PNOC mother [18:12] has about [18:13] 10 billion [18:13] as corporate funds [18:15] that we cannot access. [18:17] We're hoping [18:17] we can access that [18:18] through the next [18:19] budget season. [18:21] Para yun na yung gamitin, [18:22] Mr. Chair, [18:23] because to build [18:23] a reserve [18:25] for 1 million barrels [18:27] is about [18:27] P5 billion pesos. [18:29] Let me, [18:31] before I continue, [18:33] Secretary, [18:34] if I may, [18:36] I was talking [18:37] to the government [18:39] of the United Arab Emirates, [18:42] particularly [18:42] their ambassador. [18:44] May I know, [18:45] because when [18:45] the last time [18:46] I spoke with them, [18:47] they were volunteering. [18:49] As a matter of fact, [18:50] even the president [18:51] was informed about it, [18:52] that they're volunteering [18:54] to build us [18:55] a facility [18:56] where we can [18:58] store [18:58] our reserves, [19:00] whatever happened [19:00] to that proposal. [19:01] Mr. Chair, [19:02] we're continuing [19:03] the conversations, [19:04] whether it's Aramco, [19:05] who's the other company, [19:07] Aramco, [19:08] and then the Saudi [19:10] Adnok, [19:11] and even the Japanese, [19:13] Mr. Chair, [19:13] we're talking to them. [19:15] There could be [19:15] several parts [19:16] of this project. [19:19] I think one thing [19:21] for sure, [19:21] we need our own [19:22] proper tanks also, [19:25] and we can also [19:26] develop more tanks [19:27] and rent it out [19:28] to Aramco [19:28] or Aramco [19:29] can build it for us. [19:30] And there are [19:32] several iterations [19:33] of the business model, [19:34] Mr. Chair. [19:35] But one thing [19:37] is I think [19:38] we need to make sure [19:39] that we have [19:39] to have our own [19:40] just for national security, [19:42] Mr. Chair. [19:43] But a second phase [19:45] of that could be [19:46] agreement [19:47] with these companies. [19:49] Not only Aramco, [19:50] there are several companies [19:51] actually from all parts [19:52] of the world [19:53] since they heard [19:54] about our interest [19:55] in embarking [19:55] in the project. [19:56] Marami pong proposals [19:57] tayo. [19:58] When do you think [19:59] we can realize [20:00] this, Secretary? [20:02] Kasi these people [20:03] or these agencies [20:05] or this government [20:06] are very willing [20:07] and interested [20:07] in helping us out. [20:09] So, [20:10] kung nandiyan na yan, [20:10] may mga proposals [20:11] po sila, [20:13] kailan po kaya [20:14] marirealize? [20:15] Kailan po kaya [20:16] mag-uumpisay [20:17] yung construction nito? [20:18] Para kung sakasakaling [20:19] magkagulo na naman po [20:21] sa Middle East [20:21] dahil tayo po [20:22] dependent talaga dyan, [20:24] eh, [20:24] meron na po tayong [20:25] paghuhugutan. [20:26] Hindi na po tayo [20:26] nangangamba, [20:27] kagaya po kayo [20:28] para kayong hilong-talilong [20:30] nung takbo rito, [20:31] takbo doon, [20:32] para kayong nagpapalimus [20:33] kung kani-kanino. [20:34] At least, [20:35] kung meron tayong [20:35] reserve na ilang million, [20:37] wala tayong kakaba-kaba. [20:38] Kailan kaya ho [20:39] marirealize it? [20:40] Actually, [20:41] it gives us [20:41] a sense of confidence [20:43] also na [20:44] we can, [20:45] in fact, [20:46] even [20:47] yung presyo din [20:49] mamomonitor natin. [20:51] kasi marisarili tayong [20:52] pwedeng ibenta sa ma-oil ka. [20:54] But, [20:54] how long [20:55] will it take [20:57] to construct? [20:58] More or less, [20:59] Mr. Chair, [20:59] if we're talking [21:00] only about [21:00] one million barrels, [21:02] we can scale it up [21:04] over time naman. [21:05] Mga one year [21:05] siguro, [21:06] Mr. Chair. [21:06] So, [21:06] within this administration, [21:08] one year construction [21:09] plus the permitting [21:11] and everything [21:12] that we have to do [21:12] with DNR, [21:13] mga importation, [21:15] mga ganun siguro [21:16] within this term, [21:17] within this administration, [21:18] Mr. Chair. [21:19] So, [21:19] are you saying [21:20] before 2028, [21:22] makakapagawa na tayo [21:23] ng ating [21:24] oil reserves [21:25] storage? [21:27] Yes, sir. [21:28] That's the plan, [21:29] actually. [21:29] We're actually doing [21:30] the calendars [21:33] na, [21:33] hopefully, [21:34] last quarter [21:35] of 27 [21:35] or first quarter [21:36] of 28, [21:37] Mr. Chair. [21:37] Okay, [21:38] thank you, [21:38] Secretary. [21:39] Sir, [21:40] if you allow, [21:42] Yusek Ri, [21:43] you will explain [21:43] our proposals [21:44] on the oil deregulation. [21:46] Please, [21:46] please, [21:47] Yusek, [21:48] in essential. [21:53] Mr. Chair, [21:53] we'd like to present [21:55] our proposed amendments [21:56] to the oil deregulation act. [21:58] Next slide, [21:59] please. [22:01] Under this proposal, [22:02] the DOE is authorized [22:03] to impose [22:04] calibrated, [22:05] time-bound oversight measures [22:06] to safeguard [22:07] the adequacy [22:08] of the country's [22:09] energy supply [22:09] and mitigate [22:10] the adverse effect [22:11] of supply disruption [22:12] or price volatility [22:14] during energy emergency. [22:16] An energy emergency [22:18] is declared [22:19] by the President [22:20] upon recommendation [22:21] of the DOE. [22:22] These measures [22:23] are the following. [22:24] Prescribe allowable [22:25] range of price adjustments [22:26] on all petroleum products [22:28] based on prevailing [22:29] international market conditions, [22:31] supply dynamics, [22:33] and public interest considerations. [22:35] Implement appropriate [22:36] energy conservation [22:37] and efficiency measures. [22:40] Direct government agencies [22:41] and GOC systems [22:43] to assist [22:43] ensuring stability [22:44] and adequacy [22:45] of the domestic fuel [22:47] and energy supply [22:48] temporarily take over [22:50] or direct the operation [22:51] of any person [22:52] or entity engaged [22:53] in the downstream oil industry [22:55] and such other [22:56] urgent measures necessary [22:58] as may be authorized [22:59] under existing laws. [23:03] Slide three, please. [23:06] Under this proposal, [23:08] also, [23:09] the Department of Energy [23:10] may require [23:10] all participants [23:12] in the oil industry [23:13] to report [23:14] on the unbandled price [23:17] of their petroleum products [23:18] and such other [23:19] annual special reports. [23:22] The DOE can also [23:23] deny, suspend, [23:25] or revoke certificates, [23:26] clearances, [23:27] and permits. [23:28] This authority [23:29] includes issuing [23:30] preventive suspension [23:31] orders during dependency [23:33] of administrative cases [23:34] or until the violation [23:35] is corrected. [23:37] The DTI, [23:38] on the other hand, [23:39] can serve as a primary [23:40] safeguard agency [23:41] in protecting consumer [23:43] against unfair trade practices, [23:45] hoarding, [23:45] and profiteering. [23:47] Excuse me, [23:48] Yusek Innocentio, [23:49] are you saying [23:50] under the oil [23:52] regulation law [23:53] that we have, [23:56] pag may hoarding [23:57] ng petroleum [23:57] ang mga traders, [23:59] wala kayong magawa? [24:00] You do not have [24:01] the powers [24:01] to take control, [24:03] to arrest, [24:04] to seize [24:06] those products? [24:08] Yes, Mr. Chair. [24:09] Under the regulation, [24:11] as it is [24:11] the current draft, [24:13] we can, [24:14] in coordination [24:15] with the Department [24:16] of Justice, [24:17] but we have to be [24:18] a declaration [24:19] of emergency. [24:21] So are you saying, [24:22] what if it's not [24:23] an emergency [24:24] under Secretary? [24:25] Secretary Garin, [24:26] can you answer this? [24:27] I mean, [24:27] dito pa lang agad, [24:28] may problema na ho tayo. [24:31] In plain view, [24:32] alam mo, [24:32] meron kang information, [24:34] kayo sa DOE, [24:35] may magre-report [24:35] na meron nag-hoord po doon [24:37] na tanki-tanki [24:39] ng gasolina, [24:40] petrolyo, [24:40] hinohord niya, [24:42] at pagkataas, [24:43] nakarating sa kalaman ninyo. [24:44] Kailangan pa pong [24:45] ng mga court order, [24:46] hindi ka pwedeng pumasok, [24:48] wala kang kapangyarihan [24:49] to seize [24:50] those items? [24:51] Yes, sir. [24:52] That's the problem [24:53] in the oil. [24:54] So that's why [24:54] when we issued [24:56] show cost order, [24:57] we had to use [24:57] other laws, [24:58] Mr. Chair, [25:00] hindi based on [25:01] oil deregulation. [25:02] Kaya yan dapat, [25:04] kasi we had to go through [25:05] PNP, [25:06] DTI, [25:07] DOJ, [25:09] kung anong ibang batas [25:10] na anti-hoarding, [25:11] yun yung ginamit po namin. [25:12] But under oil dereg, [25:14] wala siyang ano, [25:14] hindi nakastate yan. [25:16] Okay. [25:16] Kasi po ito, [25:17] hindi alam nung [25:18] ang kababayan natin [25:19] na pag clearly, [25:20] pag yung isang grupo, [25:22] isang kumpanya, [25:22] nag-hoord na [25:23] ng mga petrolyo [25:25] para ika nga [25:26] makontrol niya, [25:27] wala tayo magawa. [25:29] Kailangan pa natin [25:30] idaan sa korte. [25:31] I mean, [25:32] we do not have [25:33] the authority. [25:34] Anong klaseng batas [25:35] itong oil deregulation law? [25:36] Yes, sir. [25:37] Di pa yata ho kami [25:38] pinanganak ni Senator [25:39] J.B. nung pinasa ito eh, [25:41] na walang kakwenta-kwentang batas. [25:43] Go ahead, [25:43] Yusek Inosensio. [25:45] Yes, sir. [25:46] In reply to that, [25:46] sir, [25:47] we are proposing [25:48] that there are [25:48] two kinds of hoarding. [25:50] One is by the [25:51] petroleum traders [25:51] and one is by the consumer [25:53] and therefore [25:54] the petroleum traders [25:55] there will be [25:57] a prima facie evidence [25:58] of hoarding [25:59] if there's an intentional [26:00] withholding of petroleum products [26:02] including closure [26:03] of bulk facilities [26:04] without justifiable costs, [26:06] posting of out-of-stock notices [26:08] despite fuel availability [26:09] or the closure [26:11] of retail outlet [26:12] and or dispensing pump [26:15] despite available stocks. [26:17] Also, [26:17] there would be [26:18] a hoarding [26:18] if there's unreasonable delay [26:20] in the scheduled deliveries [26:21] or in the release [26:22] of petroleum products [26:23] and such other acts [26:25] that may constitute hoarding. [26:27] On the other hand, [26:27] hoarding for consumers [26:29] there will be [26:29] a prima facie evidence [26:30] if there is a bulk purchase [26:32] that significantly exceed [26:34] normal consumption requirements [26:35] without valid operational justification, [26:38] repeated or multiple purchases [26:40] by the same buyer [26:41] within a short period of time [26:42] without apparent lawful purpose. [26:45] Purchase of our accumulation [26:47] of petroleum products [26:48] through multiple containers [26:49] or transactions [26:50] in a manner indicative [26:51] of stockpiling [26:52] beyond normal consumption. [26:55] Slide four, please. [26:57] We also included [26:58] in our proposed regulation [27:00] although we included [27:02] the Philippine Strategic Petroleum Reserve [27:05] but there is also [27:06] a separate bill on this, Mr. Chair. [27:09] But under this [27:11] the regulation [27:12] we included it [27:13] and we said [27:14] and we proposed [27:15] that there would be [27:16] a requirement [27:17] that the government [27:18] will have a 60-day supply [27:21] but DOE may gradually [27:22] adjust this volume research [27:24] based on energy security requirements [27:26] and available resources. [27:29] Slide five, [27:30] we also proposed [27:32] the amendments [27:33] to include new set [27:34] of violations [27:35] and their corresponding [27:36] non-compliances. [27:38] For example, [27:39] for non-compliance [27:41] of the minimum required [27:42] minimum inventory requirement [27:44] there would be a fine [27:45] of 250,000 [27:47] to 500 [27:48] and in case the violation [27:49] is committed [27:50] during the energy emergency [27:52] the fine would be increased [27:53] from 500,000 [27:55] to 1 million. [27:56] Hoarding by traders [27:57] there would be a fine [27:58] of 250 to 500 [28:00] or imprisonment [28:01] of six months [28:02] to two years [28:03] and then hoarding [28:04] by consumers [28:05] a fine of 10,000 [28:07] to 100,000 [28:08] and imprisonment [28:09] of six months [28:10] and if it's done [28:11] during state of emergency [28:13] the fine will range [28:14] from 500 to 1 million. [28:16] Sir, [28:17] just because we have [28:18] a 10-minute limit, [28:20] Mr. Chair. [28:21] Can you go to the next slide? [28:23] I wanted to emphasize [28:25] I just wanted [28:34] to make emphasis [28:35] on the Philippine [28:38] Strategic Petroleum Reserve. [28:41] Why do we need the law? [28:43] It's more [28:43] to institutionalize [28:45] because it can be [28:46] a project of PNOC [28:48] even without the law, [28:50] Mr. Chair. [28:51] But there could [28:52] having the law [28:53] will one of the [28:55] we consider [28:57] one of the most [28:58] essential, [28:59] Mr. Chair, [29:00] is if we go [29:00] to the next slide, [29:03] the fiscal incentives, [29:05] Mr. Chair. [29:06] If you have [29:07] a strategic reserve, [29:09] you can use [29:10] the Philippines [29:11] as an oil hub [29:13] which means [29:14] oil companies [29:16] that are sources [29:17] can store it [29:19] in the Philippines [29:20] and they can sell [29:21] it to other countries. [29:23] They don't come here [29:24] even though [29:24] we have [29:25] field costal [29:26] and we have [29:28] our [29:28] may mga tanke [29:32] dito sa Subic [29:33] but there are [29:34] taxes involved there. [29:36] So pag nagcharge ka [29:37] ng excise, [29:38] papasok, [29:38] palabas, [29:39] VAT na naman, [29:41] hindi sila [29:42] pupunta dito. [29:43] They'd rather, [29:44] that's why [29:45] Japan [29:46] and all the other [29:47] countries [29:47] have like [29:48] 200 days [29:49] of reserve [29:49] kasi [29:50] may fiscal [29:51] incentive [29:52] na magpatago [29:53] ka ng [29:54] petroleum [29:55] doon. [29:56] Whether it's [29:58] crude oil, [30:00] petroleum products. [30:02] government importation [30:06] dahil [30:06] buffer stock [30:07] will it still [30:09] be taxed [30:09] dito sa inyong [30:10] proposal [30:11] or hindi na [30:13] lalagyan ito [30:14] ng VAT [30:14] or excise [30:15] pagpasok [30:16] ng ating bayan? [30:17] Mr. Chair, [30:19] I think [30:21] it will still [30:22] be charged [30:23] just for parity [30:24] with the private [30:25] kasi baka [30:26] malugi yung private [30:27] but it can be [30:28] proposed by [30:29] it would be [30:29] the Senate's [30:30] decision [30:30] if we want [30:31] a special [30:32] treatment [30:34] for government [30:34] importation, [30:35] Mr. Chair, [30:36] because [30:36] nung PNOC [30:37] yung nag-import [30:38] nung babayad [30:38] talaga kami. [30:40] But [30:40] I think [30:41] the main [30:42] one of main [30:44] ano talaga [30:45] na let's make [30:46] this country [30:46] attractive [30:47] as storage [30:48] facility [30:49] para etong [30:50] mga ram ko [30:51] mga ganun [30:51] na lumalapit [30:53] sa atin, [30:54] they'd be willing [30:54] to put it [30:55] up here. [30:56] They can pay [30:57] us rent [30:57] and in fact [30:58] it might be [30:59] possible that [31:00] they can build [31:00] another refinery [31:02] somewhere else [31:02] also in the [31:03] Philippines, [31:04] Mr. Chair. [31:04] Sa banggit po niya [31:05] yung reserves [31:06] na yan, [31:07] mga ilang [31:08] company ba yan [31:09] na who are [31:10] you're dealing [31:13] with or in [31:13] conversation [31:14] na magtayo [31:16] ng mga [31:16] storage [31:17] facilities [31:18] dito sa ating [31:18] bayan? [31:20] Mr. Chair, [31:21] like two, [31:22] three weeks [31:23] ago, [31:23] METI was [31:24] here, [31:24] the Japanese [31:25] delegation [31:26] was here [31:26] to discuss [31:27] this also. [31:28] They're so [31:29] willing to [31:29] help us [31:31] set up [31:31] a regional [31:32] reserve. [31:32] asia [31:35] and we're [31:36] actually doing [31:37] we have a [31:37] TWG [31:38] with them [31:38] already. [31:39] At the [31:40] same time [31:40] they brought [31:41] in the [31:41] Middle Eastern [31:42] countries [31:43] but it's [31:44] not just [31:44] there's [31:45] different [31:46] Middle Eastern [31:46] countries [31:47] have approached [31:48] PNOC [31:48] even Russian [31:50] companies [31:50] also, [31:51] Mr. [31:51] Chair. [31:51] Marami [31:52] yan [31:52] all over [31:52] the world. [31:54] Kasi [31:54] Mr. [31:55] Chair, [31:55] ang logic [31:57] yan, [31:58] mag-crude [31:58] oil [31:59] ka, [31:59] production [31:59] ka doon, [32:00] halimbawa [32:00] sa Qatar [32:00] or wherever, [32:01] so dadaan [32:02] ka ng [32:02] Ormus [32:02] and then [32:04] lalagay mo [32:05] dito sa [32:06] Thailand [32:07] for example [32:07] for refinery. [32:08] Ang problema [32:09] yan kasi [32:10] pag [32:10] kailangan [32:10] lumabas [32:11] siya doon [32:11] sa Ormus [32:12] so that's [32:13] why they [32:14] look for [32:14] stockpiling [32:15] somewhere else [32:16] outside Ormus [32:17] para kahit [32:18] anong mangyari [32:18] doon, [32:20] makabenta [32:20] na sila, [32:21] nandito [32:21] na sa [32:21] labas [32:22] ng Ormus [32:22] sir. [32:23] Why the [32:24] Philippines? [32:25] I mean, [32:25] parang napansin ko [32:26] you're talking [32:27] now, [32:27] three, [32:28] four companies [32:28] are talking [32:29] to us. [32:30] Anong meron [32:31] sa atin? [32:32] I'm just [32:32] curious [32:33] na parang [32:34] ikang [32:35] is it [32:36] strategic [32:37] location? [32:39] Is it [32:39] because [32:39] tingin lang [32:40] mura yung [32:41] magiging [32:42] rent natin? [32:43] Why do you [32:44] think they're [32:44] interested? [32:46] I think [32:46] sir, [32:47] they're also [32:47] spreading it [32:48] out. [32:48] Mayroon sila [32:49] sa iba't [32:49] ibang bansa [32:50] din. [32:51] So they're [32:51] also willing [32:52] here. [32:52] Maganda rin [32:53] ang location [32:54] natin. [32:55] We're practically [32:56] in the middle [32:56] of logistics [32:58] niya. [32:58] Barco lang [32:59] magde-deliver [33:00] so logistics [33:01] are mas [33:01] madali. [33:03] And also [33:04] I think [33:04] because we [33:05] publicly [33:06] announced [33:06] it [33:06] and [33:07] kusang [33:09] lumalapit [33:09] sila [33:10] when they [33:10] heard that [33:10] Philippines [33:11] is interested [33:11] in putting [33:12] this up [33:12] sir. [33:12] I think [33:13] they're [33:13] on the [33:14] lookout [33:14] consistently [33:15] naman [33:15] para [33:17] lang [33:17] mailabas [33:17] yung [33:17] produkto [33:18] nila [33:18] sa [33:18] region [33:19] nila. [33:20] Before I forget [33:22] Secretary [33:24] Garin, [33:26] doon po sa [33:26] nabanggit ninyo [33:27] ng mga [33:28] amendments, [33:29] sa proposals [33:29] for [33:30] the [33:31] older [33:32] regulation, [33:33] parang [33:33] wala [33:34] ko kayo [33:34] nabanggit [33:34] na [33:35] pwede [33:35] kayong [33:36] makialam [33:36] o magtanong [33:38] kasi [33:39] correct me [33:39] if I'm [33:40] wrong, [33:40] tama po ba [33:41] ang pagkaintindi [33:41] ko sa [33:41] older [33:42] regulation [33:42] law [33:43] na [33:43] ang [33:43] gobyerno [33:44] hindi [33:44] pwedeng [33:45] magtanong [33:45] sa mga [33:46] oil [33:46] companies [33:47] kung [33:47] magkano [33:47] ang [33:47] profit [33:48] nila, [33:49] magkano [33:49] ang [33:49] kinikita [33:50] nila [33:50] for [33:51] every [33:52] peso [33:53] na [33:53] increase [33:54] sa [33:54] gasolinahan [33:55] natin. [33:56] Parang [33:57] wala [33:57] hong [33:57] ganun [33:57] dito sa [33:58] amendment [33:58] ninyo. [33:59] Sir, [34:00] meron pa, [34:00] we have [34:01] included [34:01] the [34:02] power [34:02] to [34:02] require [34:03] them [34:03] to [34:03] make [34:03] the [34:04] reports [34:04] on [34:04] their [34:04] unbundled [34:05] costs. [34:06] But [34:06] even [34:07] prior [34:07] to [34:08] the [34:08] DOES [34:09] already [34:09] issued [34:10] two years [34:12] ago [34:13] a [34:13] circular [34:13] already [34:14] requirement [34:14] but [34:14] it [34:15] took [34:15] a [34:15] while [34:16] for [34:16] us [34:16] to [34:16] implement [34:17] it [34:17] because [34:17] it [34:17] was [34:18] questioned [34:18] but [34:18] now [34:19] they're [34:19] already [34:19] the [34:20] participants [34:22] sir [34:23] but [34:23] it [34:23] has [34:23] been [34:23] resolved [34:24] they're [34:24] already [34:25] reporting [34:25] that's [34:26] why [34:26] we [34:26] were [34:26] able [34:26] to [34:27] make [34:27] some [34:27] the [34:28] very [34:29] we [34:31] were [34:31] able [34:31] to [34:32] already [34:32] impose [34:33] the [34:34] range [34:35] of [34:36] increases [34:36] and [34:37] decreases [34:37] during [34:38] this [34:39] emergency [34:40] but [34:40] for [34:41] now [34:41] if [34:41] there's [34:41] increase [34:42] we [34:42] can't [34:43] know [34:44] how [34:44] how [34:45] 90% [34:47] of [34:47] their [34:47] profits [34:53] where [34:54] we [34:54] don't [34:55] have [34:55] control [34:56] not [34:58] allowing [35:00] the [35:01] government [35:03] to [35:04] make [35:05] it [35:06] does [35:06] not [35:06] authorize [35:07] or [35:08] empower [35:08] DOE [35:09] to [35:10] regulate [35:10] the [35:10] price [35:11] Mr. [35:11] Chair [35:11] that's [35:29] 90% o 100% na kita or profit, hindi pwedeng makialam, hahayaan lang. [35:37] That's ridiculous, Secretary. [35:40] Yes, sir. Mr. Chair, that's why welcome yung declaration ng President ng energy emergency [35:45] because we could use the emergency powers. [35:48] Kaya tsaka na lang kami nakadictate on the increases or adjustments. [35:53] Pero before that, Mr. Chair, inulit-ulit namin itong all the regulation. [35:58] It was the spirit of the law at that time. [36:01] I think during its time, 1998, baka yun yung kailangan para i-liberize yung market. [36:07] But times are changing and I think your committee is the right track na i-review na to. [36:12] Pero nung panahon na hindi namang malalaki ang pera ng tao, ng mga consumer, malalaki ang sweldo. [36:18] Pero, I mean, allowing these companies to discover, I'm sorry, ha? [36:22] But I know this is business, this is business. [36:24] Pero kung we cannot, the government cannot already control how much profit, kung 100% the profit niya na, sobra-sobra na yung profit niya per liter. [36:34] E kawawa po yung taong ba? [36:35] And we also have to take a look at our consumers. [36:38] I don't know how this law was passed. [36:42] Does this law was passed? [36:43] Siguro it's really high time. [36:45] And I don't know if my colleagues, you will agree with me. [36:48] It's really high time. [36:50] If we don't have to review this law, [36:54] basura na ho natin dahil talagang wala hong kakwenta-kwenta sa punto ko po eh. [36:59] The way I'm looking at it right now. [37:02] Anyway, that's all for me. [37:04] SP Gachelin, do you have any further question or send JV? [37:07] Well, thank you, Mr. Chairman. [37:09] I think marami tayong natutunan dito sa Iran crisis. [37:14] And I think ang pinaka-importante dito is to learn from those weaknesses and amend the law if necessary. [37:27] And I can see that the DOE actually learned from those weaknesses and proposed some amendments to the deregulation law. [37:36] Now, the deregulation law was created precisely because we want to attract private capital to go into the oil distribution, importation, distribution business, [37:49] so that government can already get away from that. [37:53] Dati kasi gobyerno lahat eh, PNOC lahat, Petron, pero ngayon private na. [37:58] Para sa akin, it's okay to attract private capital as long as hindi naaabuso rin ang ating consumers. [38:10] Kasi kung unabated, especially wala tayong visibility on the pricing, wala tayong visibility doon sa kanilang cost components, [38:20] talagang kung anong gusto nila i-charge sa consumer natin, i-charge lang nila yun. [38:25] And especially right now, that almost 100% of our oil, important. [38:32] So in other words, dependent talaga tayo sa private and imported oil. [38:37] So ang aking nakikita is we cannot completely give that power to the private companies [38:45] because oil is such an important basic component of our economy and also of our livelihoods. [38:53] Kumbaga, ibinibigay nilang natin sa kanila 100% na walang kinalaman ng gobyerno, [39:00] walang visibility yung gobyerno, at magre-rely nilang tayo on whatever they say or whatever they disclose. [39:09] Ang nagiging mas malaking problema dyan, pag nagkakaroon tayo ng crisis. [39:12] Kasi pag nagkakaroon tayo ng crisis, tapos ang gobyerno inutil, kawawa tayo lahat. [39:21] Kawawa tayo lahat. [39:22] So ang aking punto naman dito is, government should have certain amount of power to regulate prices, [39:32] even though it's in a deregulated environment, [39:34] and at the same time assure the public that the prices are reasonable, monitored, and within a reasonable range. [39:45] So yun ang nakikita ko yung important learnings natin from this Iran crisis. [39:53] At the same time, we can also encourage them to stock up some more. [39:59] Whether government, government and private, or just private, [40:05] ang importante ngayon is to make sure that we incentivize entities to stock up. [40:12] Kasi actually, they have to give credit where credit is true. [40:16] Si Secretary at that time, talagang everyday sinassure niya yung public, [40:20] meron tayong 40, of course gusto natin mas maraming inventory, [40:23] pero at that time, agawan talaga. [40:25] But I have to give credit to Secretary Garin na hindi tayo umabot sa punto na nawalan tayo, [40:30] ng langis, no? [40:32] And there was a time talaga, akala ko mawawalan tayo ng langis, eh, no? [40:35] Mag-ararasyon, no? [40:36] But I have to give her credit na hindi nangyari yun sa atin. [40:40] But the learnings there is, we need to increase our inventory levels, [40:44] whether onshore, offshore, whether it's a physical inventory, [40:49] we need to have some mechanism to assure the public that in times of crisis, [40:54] meron tayong supply na pumapasok. [40:56] So those are the two things that we need to work on. [41:01] And we need to work on fast because any crisis can happen again tomorrow, next month, next month. [41:07] Makalangan mabilis tayo ngayon umakto. [41:09] Sa mga power kasi sa electricity, kami yung policy making, [41:19] pero merong ARC that determines the price. [41:23] Sa oil, wala po, sir. [41:25] There's no entity or regulator on the price. [41:30] It was left for competition. [41:33] Meron tayong PCC ngayon na nagpapantay. [41:36] If you remember, sir, kasi konti lang naman yung competitors dati. [41:40] Ngayon, we have very good local companies that are in the industry already. [41:45] Kaya I think that's the gap. [41:50] Senate can look at it at ganun yung trajectory na gusto natin, [41:54] a certain degree of regulation on the price. [41:56] Right now, wala talaga. [41:57] We leave it to competition, Mr. Chair. [41:59] It's a delicate balance because on the other side, [42:05] we want the private companies to invest. [42:08] And we want them to make reasonable profit. [42:11] Because when they invest, obviously, the expectation is to make money. [42:15] And that's normal. [42:17] We will allow them to do that. [42:19] But we cannot also allow them to make unabated profits. [42:26] Kalaan may certain regulation or regulatory powers on government, [42:33] especially during times of crisis, [42:36] wherein we will assure the public that the oil companies [42:41] or the private sector is not abusing the situation [42:43] because the situation is ripe for abuse. [42:47] And we have to assure the public that government is on top of things. [42:50] And that's where I'm coming from. [42:52] Whether during times of crisis or whether the entire year [42:56] or even outside of the crisis, [42:59] yun ang dapat natin tignan. [43:01] Hindi lang during crisis kasi may mga times rin na [43:03] hindi namang crisis pero ang fluctuation masyadong malaro. [43:08] So the point I'm trying to make is [43:10] government should have a certain degree of voice and regulation [43:15] and visibility on the pricing. [43:17] So that meron tayong confidence na hindi tayo inaapuso. [43:24] Before I pass this to Senator JV, [43:27] kung meron siya mga questions. [43:31] Tama po yun for everyone here to know. [43:38] Hindi naman po kami konta sa negosyo, of course. [43:40] Tama po yun. [43:41] I mean, investors. [43:43] Pero yung without limit po, [43:45] na nakikita na po ng taong bayan [43:47] na walang magawa ang gobyerno [43:49] sa walang habas na pagtaas, [43:52] walang habas control na sobra-sobra po yung profit. [43:55] Huwag naman hong ganun. [43:57] I mean, and then you mentioned kanina yung ERC. [44:00] Isa pa po yan siguro sa next hearing po natin about power naman. [44:04] Siguro okay lang. [44:05] It's high time for the ERC to also check siguro [44:08] kung tama pa ba yung electricity rates po natin. [44:14] Kasi may alam po ako doon po sa aming sa Palawan [44:17] na yung power cooperative po doon, [44:20] taas po ng taas. [44:21] Brownout naman ng brownout. [44:23] Eh okay lang po yung magbayad ka ng mataas na kuryente. [44:26] Eh tuloy-tuloy yung servisyo. [44:28] Pero kung tuloy-tuloy din naman ng brownout, [44:30] pero taas pa ng taas, [44:31] parang hindi naman nakakahiya naman. [44:33] Di ho ba? [44:33] So we really have to really review this, [44:36] yung IPIRAL law siguro. [44:38] Senator JV, if you have any questions? [44:40] Thank you, Mr. Chair. [44:42] It was pointed out by our President earlier and the Chair [44:45] that one of the things that really came out during the crisis, [44:51] yung pong fuel reserves. [44:54] It was mentioned by our good Secretary [44:56] that there really is a need to increase. [45:00] Kasi hindi naman natin iniisip ito eh. [45:03] Until this crisis came about. [45:07] Japan has a 250-day fuel reserve. [45:11] Tayo po, nasa 60 lang. [45:13] I understand. [45:13] So, Secretary, tanong ko lang, [45:15] doon po sa plano ninyong to build [45:18] these reservoirs or fuel reserves, [45:22] how many days po yung, ano, [45:24] mga ilang days po yung target natin [45:27] para po, ano tayo, [45:28] at least we feel secure? [45:32] Mr. Chair, [45:34] the current proposal is 60 days [45:36] that can be increased also eventually. [45:39] Kasi we have to consider ang presyo din, ano. [45:43] Because construction pa lang yun, [45:45] yung 5 billion ng tanke. [45:48] Wala pa yung goods diyan. [45:50] So, and then, [45:51] currently, [45:53] the total available storage of the country, [45:57] of the private, [45:58] is up to 60 days lang siya. [46:01] So, ang plano, [46:01] sana madagtagan natin ng 60 pa. [46:04] So, aside from the private companies [46:06] who have about 60 days, [46:08] we will have our own [46:10] another 60 days. [46:11] So, mga 120 days total. [46:14] So, yung 5 billion po, [46:15] the cost, [46:16] that's for how many liters? [46:19] That's for how many days po? [46:22] One million barrels [46:26] is good enough for about five days, [46:28] Mr. Chair. [46:28] So, that's about 12 million barrels [46:38] kailangan natin for 60 days. [46:41] So, ilang ano? [46:42] Kasi pag marami na zero, [46:44] nalinihilo na ako, [46:45] pero mga ilang total nun? [46:47] That's our... [46:49] Mr. Chair, [46:49] that's exponential. [46:51] So, the idea is, [46:52] let's just have the companies [46:54] store it here [46:56] instead na tayo magbabayad [46:57] ng inventory. [46:59] Facilities lang atin [47:01] as much as possible. [47:02] So, we can have [47:04] our own minimum [47:05] na ilang days, [47:06] pero we can also have [47:07] other companies [47:08] store it here [47:09] and have a condition [47:10] na kung in case of emergency, [47:12] dapat may mariretain [47:13] dito sa bansa, [47:14] Mr. Chair. [47:16] How long to build, [47:19] for example, [47:20] itong mga [47:20] one million barrels capacity? [47:22] Kasi kailangan na po natin to. [47:27] We've been talking about it [47:29] with MIC. [47:30] PNOC [47:32] and the oil companies. [47:33] Siguro, [47:34] yung isang million na yan, [47:35] mga one year [47:36] ang construction. [47:37] The rest will follow. [47:38] Kasi ang importante, [47:40] may port ka, [47:42] tapos may mga linya [47:44] na para mag- [47:45] para i-connect [47:47] ang mga tanki [47:48] sa port mo. [47:49] So, that I think [47:51] we can do in one year, [47:52] the initial. [47:54] I think the private companies [47:55] would do this better, [47:56] pero the rest [47:57] can just follow [47:58] year on year. [47:59] Dagdag lang tayo [47:59] ng dagdag, [48:00] Mr. Chair. [48:01] It's a good thing [48:02] that you mentioned [48:02] diyan, [48:03] Mr. Chair, [48:04] the Secretary mentioned [48:05] that it's not just [48:07] mere building [48:09] the reserves alone. [48:10] Kailangan natin [48:10] yung ports [48:11] and other support facilities [48:15] being also the chair [48:17] of the chair committee [48:19] of finance [48:20] and also the one [48:22] that would defend [48:24] the budget [48:24] of the DOTR [48:25] which includes support. [48:27] Siguro po kailangan [48:28] by this time [48:29] we have to have [48:30] a coordinated [48:31] plan for this [48:34] if we have to [48:36] take this [48:38] into consideration [48:39] during this [48:39] next budget hearing [48:41] so that we can [48:41] have this [48:43] already [48:43] kapat po magkapag-take-off [48:46] na yan this year [48:47] given [48:48] the importance [48:53] because nakita na po [48:54] natin [48:54] importansya po [48:55] niya [48:55] ng itong [48:56] nangyaring [48:57] crisis. [48:59] What's music [49:00] to my ears? [49:01] Mr. Chair, [49:01] dahil nga po [49:02] sa pinoproblema [49:03] namin [49:03] ng ating [49:04] Senate President, [49:05] yung ating pong [49:06] because of our [49:08] economic growth [49:09] this year [49:09] na medyo [49:10] mabagal, [49:11] our very [49:12] limited fiscal [49:13] space, [49:14] definitely [49:17] this will cost [49:18] pero maganda [49:19] sinabi ni [49:20] Secretary ka rin [49:21] hindi po sila [49:22] mangingi ng budget [49:23] to build this [49:24] because [49:25] she will have [49:26] to source [49:27] she has already [49:29] seen where to source [49:31] like [49:31] sa PNOC [49:32] meron po tayong [49:33] 10 billion [49:35] that can be [49:36] used here [49:38] and probably [49:38] Mr. Chair, [49:39] I'm Senate President, [49:40] Mr. President, [49:42] yung pong ating [49:43] Maharlika Fund [49:45] these are [49:46] ito naman [49:46] itong mga to [49:47] walang talo ito [49:48] it can be [49:51] used here [49:51] probably [49:52] doon sa [49:53] siguro tanong ko [49:55] na rin po [49:55] Mr. Chair [49:56] with your [49:56] indulgence [49:56] sa NGCP [49:58] from what I know [50:00] yung shares [50:00] dapat [50:01] although another [50:02] topic [50:03] one of the [50:05] intentions [50:06] of the Maharlika [50:06] Funds [50:07] was to [50:07] acquire [50:08] the [50:09] shares [50:11] of [50:12] yung [50:13] entity [50:14] owned by [50:15] the Chinese [50:16] State Grid [50:17] Corporation [50:18] so are we [50:19] still [50:19] pursuing that [50:21] at gusto rin [50:23] na natin [50:23] malama [50:23] kung paano [50:24] nagamit [50:24] itong wealth [50:25] fund na ito [50:25] itong [50:25] Maharlika Fund [50:26] because I think [50:27] Mr. Chair [50:28] with the [50:29] energy sector [50:30] doon po sa [50:31] reservo [50:32] pwedeng gamitin [50:33] yan [50:33] with the [50:34] NGCP [50:35] wala naman [50:36] silang talo [50:37] and that [50:37] would [50:37] be [50:38] advantageous [50:39] to the [50:40] government [50:41] kung magagamit [50:41] ang ating [50:42] Maharlika Fund [50:43] for this [50:43] Mr. Chair [50:45] there's [50:46] the [50:46] PNOC [50:47] corporate [50:49] funds [50:49] that can [50:50] be [50:50] made [50:50] available [50:51] kailangan [50:52] lang [50:52] ng [50:52] instructions [50:54] yan [50:55] na pwede [50:55] siyang [50:55] gamitin [50:56] there's [50:56] the [50:57] MIC [50:57] at [50:58] yung [50:58] private [50:59] companies [50:59] in fact [50:59] some [51:00] of [51:00] these [51:00] companies [51:00] would [51:00] be [51:01] interested [51:01] actually [51:01] in [51:02] joining [51:03] this [51:03] venture [51:05] lahat [51:06] naman [51:07] nag-express [51:07] ng [51:07] interest [51:08] because [51:08] this [51:08] is [51:09] much [51:10] needed [51:10] in [51:10] the [51:10] country [51:11] so [51:11] hopefully [51:12] with [51:12] what [51:13] we're [51:13] designing [51:13] we [51:14] won't [51:14] get [51:15] it [51:15] from [51:15] the [51:15] Mr. [51:16] Chair [51:17] but [51:17] the [51:19] government [51:20] can [51:20] use [51:20] it [51:20] in [51:20] more [51:21] basic [51:21] services [51:22] Mr. [51:22] Chair [51:22] continue [51:25] just [51:26] the [51:26] Chair [51:26] Committee [51:27] of [51:27] Finance [51:27] the [51:28] Secretary [51:29] mentioned [51:30] that [51:31] it [51:31] needs [51:31] to [51:31] be [51:32] allowed [51:32] during [51:34] the [51:35] General [51:35] Appropriations [51:36] Act [51:36] being [51:37] the [51:37] Chair [51:37] of [51:37] the [51:38] Committee [51:38] of [51:38] Finance [51:38] please [51:39] let [51:39] us [51:39] know [51:39] so [51:40] that [51:40] we [51:40] can [51:42] include [51:42] this [51:43] already [51:43] as [51:44] one [51:44] of [51:44] the [51:44] provisions [51:45] so [51:45] that [51:45] we [51:46] can [51:46] tap [51:46] already [51:47] the [51:47] 10 [51:47] billion [51:48] fund [51:48] of [51:49] the [51:49] PNOC [51:49] that [51:50] can [51:50] be [51:50] used [51:51] to [51:51] construct [51:51] this [51:52] reserve [51:53] fuel [51:53] tanks [51:54] thank [51:55] you [51:55] Mr. [51:55] Chairman [51:58] with your [51:58] permission [51:59] in [52:01] 2001 [52:02] the [52:04] DOE [52:08] issued [52:09] Department [52:10] Circular [52:10] 2001-09-0028 [52:14] establishing [52:16] the [52:17] Philippine [52:17] Strategic [52:18] Petroleum [52:18] Reserve [52:19] Program [52:19] so [52:20] it's [52:20] not [52:20] a [52:21] new [52:21] idea [52:22] and [52:23] during [52:23] those [52:24] times [52:24] there [52:24] were [52:25] talks [52:27] on [52:27] embarking [52:28] on [52:29] a [52:29] feasibility [52:30] study [52:31] as well [52:32] comprehensive [52:32] research [52:34] ano [52:34] ng [52:35] status [52:35] ng [52:35] feasibility [52:36] study [52:37] and [52:37] mga [52:38] comprehensive [52:39] research [52:39] I know [52:40] si Rino [52:40] pinakamatagal [52:41] na dito [52:41] sa [52:42] DOE [52:43] so [52:43] and [52:45] I know [52:46] alam [52:46] ni Rino [52:47] ito [52:47] so [52:47] it's [52:48] not [52:48] it's [52:48] not [52:49] a [52:49] new [52:49] idea [52:50] but [52:50] what [52:50] we [52:51] want [52:51] to [52:51] understand [52:51] is [52:52] what [52:53] is [52:53] the [52:53] feasibility [52:54] aspect [52:55] of [52:55] this [52:56] idea [52:56] Mr. [52:57] Chair [52:58] at [52:58] that [52:58] time [52:59] the [53:00] IEA [53:01] International [53:02] Energy [53:03] Agency [53:04] requirement [53:04] minimum [53:05] requirement [53:05] is [53:06] for [53:06] have [53:06] a [53:07] 90 [53:07] day [53:07] crude [53:08] oil [53:09] talaga [53:09] siya [53:09] so [53:10] at [53:10] that [53:10] time [53:11] ang [53:11] naging [53:11] approach [53:12] ng [53:13] Jogmec [53:14] top [53:15] by [53:15] METI [53:15] kasi [53:16] Mr. [53:17] Chair [53:17] ang [53:17] Jogmec [53:18] is [53:18] the [53:18] operating [53:19] arm [53:19] ng [53:20] SPR [53:20] ng [53:20] Japan [53:21] sila [53:21] talaga [53:22] yung [53:22] nagmamanage [53:23] ng [53:23] SPR [53:24] so [53:24] rightly [53:25] so [53:26] sila [53:26] yung [53:26] kinontak [53:27] ni [53:28] METI [53:28] and [53:28] at [53:29] that [53:29] time [53:30] ang [53:30] study [53:30] pa [53:30] lang [53:31] ni [53:31] Jogmec [53:33] at [53:33] that [53:33] time [53:34] is [53:34] to [53:35] give [53:35] us [53:35] an [53:35] idea [53:36] kung [53:37] magkano [53:38] ang [53:38] cost [53:38] of [53:39] building [53:39] a [53:40] 90 [53:40] day [53:41] crude [53:41] oil [53:42] storage [53:42] capacity [53:43] and [53:44] the [53:44] product [53:44] at [53:45] that [53:45] time [53:45] parang [53:46] dalawang [53:46] component [53:47] pa [53:47] lang [53:47] the [53:48] idea [53:48] of [53:49] that [53:49] is [53:49] just [53:50] to [53:50] give [53:50] us [53:51] an [53:51] overview [53:52] muna [53:53] and [53:54] then [53:54] later [53:54] on [53:55] if [53:55] the [53:56] government [53:57] will [53:58] decide [53:58] we [53:59] can [53:59] calibrate [54:00] kung [54:00] diretso [54:01] ba tayo [54:01] ng [54:01] 90 [54:01] days [54:02] or [54:02] we [54:03] can [54:04] do [54:04] it [54:04] by [54:04] pacing [54:05] yun [54:05] ang [54:05] idea [54:05] nun [54:06] the [54:06] next [54:06] step [54:07] would [54:07] have [54:07] been [54:07] the [54:08] in-depth [54:09] study [54:10] kasi [54:10] nga [54:10] ang [54:10] consideration [54:10] at [54:11] that [54:11] time [54:11] at [54:12] yun [54:12] pa [54:13] rin [54:13] ang [54:13] consideration [54:13] nga [54:14] yun [54:14] is [54:14] for [54:14] PNUC [54:15] to [54:16] study [54:16] the [54:17] specific [54:17] area [54:17] of [54:18] Bataan [54:18] yun [54:19] din po [54:20] ang [54:20] idea [54:20] kaya [54:20] lang [54:21] po [54:21] at [54:21] that [54:22] time [54:22] for [54:25] some [54:25] kasi [54:26] nawala [54:28] because of [54:29] the change [54:30] in [54:30] administration [54:31] so [54:32] naputol po [54:33] yan [54:33] and [54:34] it's [54:35] only [54:35] during [54:35] this [54:36] leadership [54:37] now [54:38] of [54:38] our [54:38] current [54:38] secretary [54:39] na [54:39] ito [54:40] pinag-usapan [54:41] ulit [54:41] so [54:42] now [54:43] the [54:44] approach [54:45] now [54:45] as [54:45] discussed [54:46] by [54:46] the [54:46] secretary [54:47] nagkaroon [54:47] ng [54:48] nexus [54:48] na [54:48] ngayon [54:48] in advance [54:49] na [54:49] ni [54:49] secretary [54:50] namin [54:50] yung [54:51] discussion [54:52] with [54:52] METI [54:53] at [54:54] nabuo [54:54] na [54:54] this [54:55] time [54:55] it's [54:55] more [54:55] comprehensive [54:56] participation [54:59] kasi [54:59] nandyan [54:59] na yung [55:00] METI [55:00] nandyan [55:01] yung [55:01] area [55:01] which [55:01] is [55:02] the [55:02] research [55:02] arm [55:03] ng [55:03] METI [55:04] andyan [55:05] yung [55:05] JOGMIC [55:06] which [55:06] is [55:06] the [55:06] technical [55:07] consultant [55:08] at [55:09] pumasok [55:09] na rin [55:10] ang [55:10] JICA [55:11] which [55:11] is [55:11] very [55:12] interested [55:12] in [55:13] financing [55:14] for [55:14] free [55:15] muna [55:15] yung [55:16] study [55:16] at [55:18] of [55:19] course [55:19] pumasok [55:20] din po [55:20] na [55:21] invite [55:21] nila [55:21] yung [55:22] ADNOC [55:23] at [55:23] saka [55:23] yung [55:23] Saudi [55:24] Aramco [55:24] because [55:25] ang [55:27] interest [55:27] ng [55:27] dalawa [55:28] is [55:28] to [55:29] use [55:29] us [55:30] as [55:30] a [55:30] hub [55:30] at [55:31] ang [55:32] kanilang [55:33] proposal [55:34] is [55:35] for [55:35] crisis [55:36] situation [55:37] may [55:37] priority [55:38] rights [55:38] tayo [55:39] sa [55:39] naka [55:39] impact [55:40] nila [55:40] but [55:40] for [55:41] normal [55:41] circumstance [55:42] they will [55:43] be allowed [55:44] to [55:44] be the [55:46] hub [55:46] for [55:46] the [55:47] Asia [55:47] Pacific [55:48] region [55:48] as [55:49] part [55:49] kasi [55:50] meron [55:50] na rin [55:50] sila [55:50] sa [55:50] China [55:51] meron [55:51] din [55:51] naman [55:52] sila [55:52] sa [55:52] Japan [55:52] parang [55:53] an [55:53] additional [55:54] lang [55:54] na [55:54] hub [55:55] dito [55:55] sa [55:55] Philippines [55:56] so [55:56] with [55:57] the [55:57] instruction [55:58] of [55:58] our [55:58] secretary [55:59] nasundan [55:59] na [55:59] yung [56:00] meeting [56:00] na yun [56:01] just [56:01] this [56:01] week [56:02] kaya [56:03] lang [56:03] ang [56:03] pinapauna [56:06] Mr. Chair [56:07] yung palaging [56:08] guidance [56:08] ni [56:09] Senator [56:10] Wins [56:10] sa amin [56:11] is the [56:11] committee [56:12] chair [56:13] of the [56:13] energy [56:13] secretary [56:14] give us [56:15] the study [56:15] don't [56:16] ask for [56:17] fund [56:17] without [56:18] the [56:18] study [56:19] so [56:19] kaya [56:20] sinusundan [56:21] na ho [56:21] namin [56:21] ang [56:21] gustong [56:22] ipatapos [56:23] ngayon [56:24] ni [56:24] secretary [56:25] at [56:25] ng [56:25] side [56:26] ni [56:26] Mette [56:27] is [56:27] unahin [56:28] yung [56:28] study [56:29] and [56:29] this [56:31] meeting [56:32] the second [56:32] meeting [56:33] at least [56:34] si Mette [56:34] nag decide [56:35] na [56:35] kung [56:36] sino [56:36] yung [56:36] itatap [56:37] niya [56:37] which [56:38] is [56:38] na [56:38] decide [56:39] ngayong [56:39] meeting [56:39] this [56:40] week [56:40] na [56:40] si [56:40] Iria [56:41] and [56:42] JICA [56:42] will [56:43] partner [56:43] with [56:43] each [56:43] other [56:44] including [56:44] JOGMEC [56:45] to [56:46] conduct [56:46] the [56:47] study [56:47] but [56:48] this [56:48] time [56:48] iba [56:48] ho [56:49] ang [56:49] study [56:49] talagang [56:51] nakasentro [56:51] na ho [56:52] dun [56:52] sa [56:52] Bataan [56:52] at [56:53] saka [56:53] sa [56:53] Pivedic [56:54] in [56:54] Mindanao [56:55] iba [56:57] na [56:57] hindi [56:57] na [56:57] overview [56:58] because [56:58] we [56:58] dissuade [57:00] them [57:00] to [57:01] still [57:02] go [57:02] to [57:02] the [57:02] overview [57:04] kasi [57:04] in [57:05] the [57:05] end [57:05] hindi [57:05] naman [57:05] overview [57:06] yung [57:06] ilalapit [57:07] namin [57:07] sa [57:07] Congress [57:07] yung [57:09] talagang [57:10] proyekto [57:10] dun [57:11] sa [57:11] Bataan [57:11] at [57:11] proyekto [57:12] dun [57:12] sa [57:12] Pivedic [57:13] just [57:14] in [57:14] case [57:14] so [57:15] yun [57:15] na [57:15] yung [57:15] pinapasentro [57:16] ngayon [57:16] at [57:17] masusundan [57:18] na [57:18] po [57:18] ito [57:18] nung [57:19] scoping [57:19] yun [57:19] na [57:20] ho [57:20] ang [57:20] ilalatag [57:21] next [57:21] week [57:21] na [57:21] meeting [57:22] yung [57:23] scoping [57:24] ng [57:24] schedule [57:24] ng [57:25] team [57:25] ng [57:26] SPR [57:26] team [57:26] kasi [57:26] may [57:27] tinecreate [57:28] si [57:28] sekretary [57:29] na [57:29] strategic [57:30] petroleum [57:31] reserve [57:31] team [57:32] counterpart [57:32] na [57:33] ng [57:33] Philippine [57:34] team [57:34] dun [57:35] sa [57:35] METI [57:36] team [57:36] ng [57:37] Japan [57:37] so [57:38] naka [57:38] pipeline [57:39] na [57:39] ho [57:39] ito [57:40] Mr. [57:41] Chair [57:41] ang [57:42] pray [57:42] lang [57:43] namin [57:43] even [57:44] if [57:44] there [57:44] will [57:44] be [57:45] a [57:45] change [57:45] in [57:45] administration [57:46] we [57:46] hope [57:47] sana [57:47] na [57:47] makontinue [57:48] this [57:49] can [57:49] only [57:49] be [57:49] done [57:50] if [57:50] we [57:50] have [57:50] the [57:51] law [57:51] pag [57:51] wala [57:52] yung [57:52] law [57:52] puro [57:53] lang [57:54] tayo [57:54] circular [57:55] well [57:56] chicken [57:56] or [57:57] the [57:57] egg [57:57] director [57:58] Rino [57:58] dahil [57:59] itong [58:01] strategic [58:02] petroleum [58:03] reserve [58:03] it's not [58:04] gonna [58:04] come [58:04] for [58:04] free [58:05] there's [58:06] a [58:06] cost [58:06] to [58:07] this [58:07] in [58:07] fact [58:07] mga [58:08] estimates [58:08] ito [58:10] benchmark [58:11] lang [58:11] for [58:11] $80 [58:13] per [58:13] barrel [58:14] for [58:14] every [58:15] 30 [58:15] days [58:15] it's [58:16] about [58:16] $30 [58:16] to [58:16] $35 [58:17] billion [58:17] more [58:18] or [58:18] less [58:18] for [58:19] obviously [58:21] 60 [58:21] days [58:22] 70 [58:23] billion [58:23] 90 [58:24] days [58:25] it's [58:25] $106 [58:25] billion [58:26] worth [58:27] of [58:29] inventory [58:30] inside [58:30] the [58:31] country [58:31] so [58:32] hindi [58:32] siya [58:33] maliit [58:33] na [58:33] pera [58:34] in fact [58:35] PNOC [58:36] will [58:37] be the [58:37] one [58:38] undertaking [58:38] this [58:39] pagdating [58:40] ng budget [58:40] season [58:41] the [58:41] lapit [58:41] chance [58:42] kay [58:42] finance [58:43] chair [58:43] JV [58:43] Hersito [58:44] he [58:44] has [58:45] to [58:45] defend [58:45] PNOC [58:46] needs [58:46] to [58:46] defend [58:47] why [58:47] they [58:47] need [58:47] 100 [58:48] billion [58:48] pesos [58:49] in order [58:52] to store [58:53] petroleum [58:53] so in [58:54] other words [58:55] we will [58:55] need to [58:56] see the [58:56] economics [58:57] and the [58:57] financials [58:59] in [58:59] best [59:00] case [59:00] scenario [59:00] we [59:01] build [59:04] the [59:05] tanks [59:05] we [59:05] put [59:06] the [59:06] inventory [59:06] or [59:07] somebody [59:07] else [59:07] put [59:08] the [59:08] inventory [59:08] and [59:09] we [59:09] make [59:09] money [59:10] but [59:12] this [59:12] is [59:12] also [59:12] a [59:13] strategic [59:13] policy [59:14] direction [59:16] so [59:17] meaning [59:17] we [59:17] also [59:18] have [59:18] to [59:18] weigh [59:18] the [59:19] strategic [59:20] value [59:20] of [59:20] this [59:21] project [59:22] so [59:23] kaya [59:24] ang [59:24] pinakamagandang [59:25] mangyari [59:26] moving [59:27] forward [59:27] is to [59:28] have [59:28] that [59:28] feasibility [59:29] and financial [59:30] study [59:30] as soon [59:31] as [59:31] possible [59:31] we [59:33] are [59:33] very [59:33] supportive [59:33] on [59:34] this [59:35] concept [59:35] but [59:36] we [59:36] also [59:36] need [59:37] to [59:37] see [59:37] how [59:38] much [59:38] the [59:38] government [59:38] will [59:39] spend [59:39] and [59:39] if [59:39] ever [59:40] government [59:40] will [59:40] make [59:41] money [59:42] or [59:42] government [59:43] will [59:43] break [59:43] even [59:44] or [59:44] government [59:45] will [59:45] not [59:45] make [59:46] money [59:46] but [59:46] we [59:48] will [59:48] have [59:48] that [59:48] assurance [59:49] of [59:49] having [59:49] a [59:49] petroleum [59:50] reserve [59:50] so [59:51] all [59:51] of [59:51] these [59:51] things [59:51] should [59:52] be [59:52] carefully [59:53] studied [59:53] and [59:53] weighed [59:54] and [59:54] the [59:55] sooner [59:55] we [59:55] have [59:55] that [59:56] the [59:56] better [59:56] Mr. [59:59] Secretary [1:00:00] and [1:00:01] Attorney [1:00:01] Rino [1:00:02] I [1:00:02] believe [1:00:03] in [1:00:03] my [1:00:03] last [1:00:03] conversation [1:00:04] with [1:00:04] the [1:00:05] ambassador [1:00:05] of [1:00:06] the [1:00:06] United [1:00:06] Arab [1:00:06] Emirates [1:00:07] I [1:00:08] don't [1:00:08] know [1:00:08] correct [1:00:08] me [1:00:09] if [1:00:09] I'm [1:00:09] wrong [1:00:09] and [1:00:09] I [1:00:09] think [1:00:09] you [1:00:10] have [1:00:10] to [1:00:10] consult [1:00:12] with [1:00:12] them [1:00:13] on [1:00:13] this [1:00:13] because [1:00:15] he [1:00:15] was [1:00:15] saying [1:00:16] they [1:00:16] will [1:00:16] really [1:00:17] they [1:00:17] will [1:00:17] build [1:00:18] this [1:00:18] for [1:00:19] free [1:00:19] that's [1:00:22] what [1:00:22] he [1:00:23] was [1:00:23] saying [1:00:23] but [1:00:29] with [1:00:29] the [1:00:30] other [1:00:30] companies [1:00:33] you're [1:00:33] talking [1:00:33] about [1:00:34] METI [1:00:34] we have [1:00:35] money [1:00:35] out [1:00:36] here [1:00:36] I [1:00:38] just [1:00:38] wanted [1:00:38] to [1:00:38] distinguish [1:00:39] first [1:00:39] our [1:00:40] national [1:00:41] reserve [1:00:42] and [1:00:42] we're [1:00:43] also [1:00:43] selling [1:00:43] our [1:00:44] area [1:00:44] to be [1:00:45] the [1:00:45] regional [1:00:46] hub [1:00:46] that's [1:00:46] why [1:00:47] there's [1:00:47] interest [1:00:47] from [1:00:48] METI [1:00:48] and [1:00:48] also [1:00:49] from [1:00:49] the [1:00:49] ASEAN [1:00:49] that's [1:00:50] what [1:00:50] they're [1:00:52] doing [1:00:53] all [1:00:53] that [1:00:53] study [1:00:55] bringing [1:00:56] all [1:00:56] the [1:00:57] experts [1:00:57] funding [1:00:58] project [1:00:59] I [1:01:00] guess [1:01:01] that [1:01:01] would [1:01:01] be [1:01:01] part [1:01:02] of [1:01:02] the [1:01:02] results [1:01:03] of [1:01:03] their [1:01:04] study [1:01:04] but [1:01:04] that's [1:01:05] why [1:01:05] also [1:01:05] they [1:01:05] brought [1:01:06] in [1:01:06] Middle [1:01:07] Eastern [1:01:07] companies [1:01:08] because [1:01:08] they're [1:01:09] willing [1:01:09] to [1:01:09] go [1:01:09] master [1:01:10] then [1:01:10] there [1:01:11] are [1:01:12] again [1:01:13] there are [1:01:13] different [1:01:14] types [1:01:14] of [1:01:14] setups [1:01:15] that [1:01:16] we can [1:01:17] build [1:01:17] inventory [1:01:18] or [1:01:18] they're [1:01:19] building [1:01:19] inventory [1:01:21] or [1:01:23] it can [1:01:23] be [1:01:23] a mix [1:01:24] of [1:01:24] any [1:01:25] of [1:01:25] those [1:01:25] but [1:01:26] that's [1:01:27] why [1:01:27] I'm [1:01:28] trying [1:01:28] to [1:01:28] distinguish [1:01:29] from [1:01:29] our [1:01:29] Philippine [1:01:30] reserve [1:01:30] and [1:01:31] then [1:01:31] the [1:01:31] regional [1:01:32] reserve [1:01:33] because [1:01:33] Philippine [1:01:34] reserve [1:01:35] I [1:01:35] think [1:01:35] we [1:01:35] need [1:01:35] to [1:01:36] really [1:01:36] have [1:01:36] some [1:01:37] of [1:01:37] that [1:01:37] just [1:01:38] to [1:01:38] make [1:01:38] sure [1:01:38] that [1:01:39] we [1:01:39] have [1:01:40] under [1:01:40] our [1:01:40] control [1:01:41] and [1:01:42] then [1:01:43] there's [1:01:44] a [1:01:44] strategic [1:01:44] hub [1:01:45] which [1:01:45] can [1:01:45] be [1:01:46] the [1:01:46] lucrative [1:01:46] business [1:01:47] for [1:01:47] the [1:01:47] Philippines [1:01:48] one [1:01:50] thing [1:01:50] is [1:01:51] why [1:01:51] we [1:01:51] need [1:01:52] the [1:01:52] government [1:01:52] has [1:01:52] to [1:01:53] have [1:01:53] its [1:01:53] own [1:01:53] tanks [1:01:54] now [1:01:55] PNOC [1:01:55] has [1:01:55] about [1:01:56] 1.6 [1:01:57] million [1:01:58] barrels [1:02:00] times [1:02:02] 159 [1:02:03] liters [1:02:04] per [1:02:05] barrel [1:02:05] we're [1:02:06] paying [1:02:06] for [1:02:07] rent [1:02:07] we [1:02:09] don't [1:02:10] want [1:02:10] to [1:02:10] unload [1:02:11] until [1:02:11] the [1:02:12] emergency [1:02:13] is not [1:02:13] lifted [1:02:14] but [1:02:15] instead [1:02:17] of [1:02:17] paying [1:02:18] hundreds [1:02:18] of [1:02:18] millions [1:02:19] for [1:02:19] the [1:02:19] storage [1:02:20] that's [1:02:24] the [1:02:24] idea [1:02:25] sir [1:02:25] let's [1:02:25] keep [1:02:26] it [1:02:26] we [1:02:27] have [1:02:27] our [1:02:27] own [1:02:27] area [1:02:28] and [1:02:28] then [1:02:28] the [1:02:29] extra [1:02:29] our [1:02:30] local [1:02:30] companies [1:02:31] will [1:02:31] be [1:02:31] willing [1:02:32] to [1:02:32] use [1:02:32] that [1:02:32] also [1:02:33] I [1:02:35] would [1:02:35] like [1:02:37] to [1:02:37] thank [1:02:38] our [1:02:38] secretary [1:02:39] for [1:02:39] prioritizing [1:02:40] this [1:02:40] it's [1:02:40] a [1:02:40] good [1:02:41] welcome [1:02:41] development [1:02:41] that [1:02:42] she's [1:02:42] already [1:02:42] exploring [1:02:44] and talking [1:02:45] to [1:02:45] these [1:02:46] big [1:02:46] oil [1:02:47] companies [1:02:48] that [1:02:48] they [1:02:49] will [1:02:49] spend [1:02:50] for [1:02:50] these [1:02:51] oil [1:02:51] fuel [1:02:53] reserves [1:02:53] in [1:02:53] mga [1:02:54] depot [1:02:54] alam [1:02:56] nyo [1:02:56] during [1:02:57] this [1:02:57] time [1:02:57] yung [1:02:58] palapit [1:02:58] ang [1:02:58] budget [1:02:59] season [1:02:59] kaming [1:02:59] mga [1:02:59] budget [1:03:00] kaming [1:03:01] chair [1:03:01] ng [1:03:01] finance [1:03:02] allergy [1:03:02] kaming [1:03:02] dumikit [1:03:03] sa [1:03:03] mga [1:03:03] secretary [1:03:04] kasi [1:03:05] ito [1:03:05] yung [1:03:05] panahon [1:03:05] na [1:03:06] humihingi [1:03:06] lahat [1:03:06] but [1:03:07] this [1:03:08] time [1:03:08] sabi [1:03:08] nga [1:03:08] secretary [1:03:09] rin [1:03:09] hindi [1:03:09] kami [1:03:10] hingi [1:03:10] and [1:03:10] i [1:03:10] like [1:03:12] to [1:03:12] recommend [1:03:13] them [1:03:13] for [1:03:14] at [1:03:14] least [1:03:14] them [1:03:14] for [1:03:15] ito [1:03:16] gumagawa [1:03:17] siya [1:03:17] ng [1:03:17] paraan [1:03:18] na [1:03:18] at [1:03:19] least [1:03:19] kinausap [1:03:20] yung [1:03:20] oil [1:03:20] companies [1:03:21] for [1:03:21] them [1:03:22] to [1:03:22] come [1:03:24] in [1:03:24] and [1:03:25] build [1:03:25] this [1:03:26] oil [1:03:26] reserve [1:03:26] so [1:03:26] thank [1:03:27] you [1:03:27] thank [1:03:28] you [1:03:29] senator [1:03:29] jv [1:03:30] comsec [1:03:31] who's [1:03:31] next [1:03:31] present [1:03:32] okay [1:03:43] thank [1:03:43] you [1:03:44] comsec [1:03:44] philippine [1:03:44] national [1:03:45] oil [1:03:45] companies [1:03:45] good [1:03:49] morning [1:03:49] we have [1:03:51] no [1:03:51] separate [1:03:51] presentation [1:03:52] and the [1:03:53] doa [1:03:53] has already [1:03:54] comprehensively [1:03:54] discussed [1:03:55] the [1:03:56] pnoc [1:03:56] role in [1:03:57] these [1:03:57] activities [1:03:58] and also [1:03:59] we support [1:03:59] whatever the [1:04:00] do is [1:04:01] position [1:04:02] in these [1:04:02] bills [1:04:03] just [1:04:04] an [1:04:04] update [1:04:05] on [1:04:05] regarding [1:04:05] the [1:04:06] strategic [1:04:09] petroleum [1:04:09] reserve [1:04:10] activities [1:04:10] of [1:04:10] pnoc [1:04:11] we are [1:04:12] in [1:04:13] coordination [1:04:13] with [1:04:14] the [1:04:14] methi [1:04:14] as [1:04:14] discussed [1:04:14] by [1:04:15] the [1:04:15] doe [1:04:15] and [1:04:15] we [1:04:16] are [1:04:16] expecting [1:04:17] to [1:04:17] have [1:04:17] a [1:04:18] feasibility [1:04:18] study [1:04:19] for [1:04:19] a [1:04:19] 15 [1:04:19] million [1:04:20] barrel [1:04:20] reserve [1:04:22] in [1:04:22] Bataan [1:04:23] by [1:04:23] the [1:04:23] end [1:04:23] of [1:04:24] 2026 [1:04:25] and [1:04:25] another [1:04:25] study [1:04:26] will [1:04:26] be [1:04:26] conducted [1:04:26] after [1:04:27] that [1:04:28] in [1:04:28] for [1:04:29] a [1:04:29] establishment [1:04:30] also [1:04:30] by [1:04:30] 15 [1:04:31] million [1:04:31] barrel [1:04:32] reserve [1:04:32] in [1:04:33] somewhere [1:04:33] in [1:04:33] Mindanao [1:04:34] most [1:04:35] likely [1:04:35] in [1:04:35] the [1:04:35] Pbtec [1:04:36] area [1:04:36] Mr. [1:04:36] Chair [1:04:36] we are [1:04:38] talking [1:04:41] to [1:04:41] one [1:04:41] company [1:04:42] right [1:04:42] now [1:04:42] methi [1:04:42] or [1:04:43] we [1:04:43] will [1:04:44] also [1:04:44] start [1:04:44] talking [1:04:45] to [1:04:45] with [1:04:45] other [1:04:46] companies [1:04:46] attorney [1:04:47] or [1:04:48] secretary [1:04:48] Mr. [1:04:49] Chair [1:04:49] we are [1:04:49] also [1:04:50] in [1:04:50] talks [1:04:50] with [1:04:50] the [1:04:51] Middle [1:04:52] Eastern [1:04:52] companies [1:04:53] and [1:04:53] one [1:04:54] of [1:04:54] their [1:04:55] concerns [1:04:55] is [1:04:55] whether [1:04:55] the [1:04:56] oil [1:04:56] that [1:04:56] they [1:04:56] will [1:04:57] bring [1:04:57] in [1:04:57] and [1:04:58] intended [1:04:58] to [1:04:59] be [1:04:59] taken [1:04:59] out [1:04:59] also [1:05:00] will [1:05:00] be [1:05:00] tax [1:05:00] and [1:05:01] talks [1:05:01] with [1:05:02] PESA [1:05:03] is [1:05:04] outgoing [1:05:05] and [1:05:05] our [1:05:06] facility [1:05:06] in [1:05:06] Batad [1:05:07] fortunately [1:05:08] is [1:05:08] already [1:05:08] PESA [1:05:09] registered [1:05:09] and [1:05:10] there [1:05:10] will [1:05:10] be [1:05:10] some [1:05:10] incentives [1:05:11] for [1:05:11] these [1:05:11] companies [1:05:12] to [1:05:12] locate [1:05:13] there [1:05:13] thank [1:05:14] you [1:05:14] thank [1:05:14] you [1:05:15] all [1:05:16] all [1:05:16] right [1:05:16] the [1:05:16] department [1:05:18] of [1:05:18] trade [1:05:18] and [1:05:18] industry [1:05:19] you're [1:05:19] next [1:05:20] good [1:05:21] morning [1:05:22] Mr. [1:05:22] Chair [1:05:22] I'm [1:05:23] from [1:05:25] DPI [1:05:26] Consumer [1:05:27] Protection [1:05:27] Bureau [1:05:28] may I [1:05:29] be [1:05:29] allowed [1:05:29] to [1:05:30] read [1:05:30] a [1:05:30] portion [1:05:31] of [1:05:31] our [1:05:31] position [1:05:31] paper [1:05:32] but [1:05:32] we'll [1:05:32] be [1:05:32] we'll [1:05:33] commit [1:05:33] to [1:05:34] submit [1:05:34] our [1:05:34] official [1:05:35] position [1:05:35] paper [1:05:35] to [1:05:35] the [1:05:36] committee [1:05:36] secretary [1:05:37] please [1:05:37] so [1:05:38] while [1:05:39] all [1:05:39] the [1:05:39] regulation [1:05:40] law [1:05:40] was [1:05:40] enacted [1:05:40] to [1:05:41] promote [1:05:41] competition [1:05:42] and [1:05:42] adequate [1:05:42] supply [1:05:42] in [1:05:43] the [1:05:43] downstream [1:05:43] oil [1:05:44] industry [1:05:45] more [1:05:45] than [1:05:45] two [1:05:46] decades [1:05:46] of [1:05:46] implementation [1:05:47] have [1:05:47] revealed [1:05:47] structural [1:05:48] and [1:05:49] institutional [1:05:49] ambiguities [1:05:50] that have [1:05:50] constrained [1:05:50] the [1:05:51] government's [1:05:51] ability [1:05:52] to [1:05:52] protect [1:05:53] consumers [1:05:53] and [1:05:54] first [1:05:54] competition [1:05:55] policy [1:05:55] and [1:05:55] respond [1:05:56] decisively [1:05:56] to [1:05:56] abnormal [1:05:57] fuel [1:05:57] price [1:05:58] movements [1:05:58] these [1:06:00] gaps [1:06:00] have [1:06:00] fueled [1:06:01] public [1:06:01] distrust [1:06:02] in [1:06:02] fuel [1:06:02] price [1:06:03] formation [1:06:03] and [1:06:04] have [1:06:04] limited [1:06:04] effectiveness [1:06:05] of [1:06:05] existing [1:06:06] regulatory [1:06:06] and [1:06:07] investigatory [1:06:07] mechanisms [1:06:08] as [1:06:09] such [1:06:09] it [1:06:09] is [1:06:09] our [1:06:10] position [1:06:10] that [1:06:10] these [1:06:10] gaps [1:06:11] demand [1:06:11] comprehensive [1:06:12] review [1:06:12] if [1:06:13] not [1:06:13] repeal [1:06:13] of [1:06:13] the [1:06:13] ODL [1:06:14] as [1:06:17] such [1:06:17] also [1:06:18] DTI [1:06:18] believes [1:06:19] stronger [1:06:19] state [1:06:19] interference [1:06:20] to the [1:06:21] Department [1:06:21] of [1:06:21] Energy [1:06:22] specifically [1:06:23] it [1:06:23] recommends [1:06:24] to [1:06:24] first [1:06:25] expressly [1:06:25] affirm [1:06:26] the [1:06:26] authority [1:06:26] of [1:06:26] the [1:06:26] DOE [1:06:27] secretary [1:06:27] to [1:06:28] require [1:06:28] the [1:06:28] submission [1:06:29] of [1:06:29] desegregated [1:06:30] or [1:06:30] unbundled [1:06:30] fuel [1:06:31] price [1:06:32] data [1:06:32] clarify [1:06:33] that [1:06:33] such [1:06:34] authority [1:06:34] is [1:06:34] for [1:06:34] monitoring [1:06:35] investigation [1:06:36] enforcement [1:06:37] and [1:06:38] what was [1:06:38] mentioned [1:06:39] earlier [1:06:39] to [1:06:40] the [1:06:41] allowable [1:06:41] price [1:06:41] range [1:06:42] on [1:06:42] all [1:06:42] petroleum [1:06:42] products [1:06:43] DTI [1:06:44] also [1:06:44] recommends [1:06:45] to [1:06:45] require [1:06:45] all [1:06:46] companies [1:06:46] to [1:06:46] submit [1:06:47] regular [1:06:47] confidential [1:06:47] costs [1:06:48] and [1:06:49] pricing [1:06:49] data [1:06:49] to [1:06:49] the [1:06:50] DOE [1:06:50] for [1:06:50] monitoring [1:06:51] and [1:06:51] inventory [1:06:51] purposes [1:06:52] in [1:06:53] view [1:06:53] of [1:06:53] strict [1:06:53] compliance [1:06:54] the [1:06:55] bill [1:06:55] should [1:06:55] also [1:06:55] provide [1:06:56] stricter [1:06:56] and [1:06:56] heavier [1:06:57] penalties [1:06:57] for [1:06:57] misleading [1:06:58] price [1:06:59] announcements [1:07:00] and [1:07:00] noncompliance [1:07:01] with [1:07:01] reporting [1:07:02] requirements [1:07:02] moreover [1:07:03] administrative [1:07:03] and [1:07:04] criminal [1:07:04] penalties [1:07:05] for [1:07:05] hoarding [1:07:06] cartelization [1:07:06] and [1:07:07] price [1:07:07] manipulation [1:07:08] including [1:07:09] higher [1:07:09] fines [1:07:10] and [1:07:10] license [1:07:10] suspension [1:07:11] or [1:07:12] revocation [1:07:12] for [1:07:12] repeat [1:07:13] offenders [1:07:14] should be [1:07:14] strengthened [1:07:15] while the [1:07:16] law authorizes [1:07:17] investigations [1:07:18] into unreasonable [1:07:19] price increases [1:07:20] it provides [1:07:21] no objective [1:07:22] standards for [1:07:24] determining when price [1:07:25] movement crosses the [1:07:26] threshold [1:07:26] it does not [1:07:27] provide a standard [1:07:28] for unreasonableness [1:07:29] of the [1:07:30] increase of the [1:07:31] pricing [1:07:32] this vagueness has [1:07:33] weakened [1:07:33] enforcement [1:07:34] discourage [1:07:35] consumer [1:07:36] participation [1:07:37] and expose [1:07:37] regulatory [1:07:38] action [1:07:38] to [1:07:39] claims [1:07:39] of [1:07:39] arbitrariness [1:07:41] dvi [1:07:41] proposes [1:07:42] that there [1:07:42] be [1:07:43] reasonable [1:07:43] parameters [1:07:44] such as [1:07:44] disproportionate [1:07:46] price [1:07:46] increases [1:07:46] relative [1:07:47] to [1:07:47] global [1:07:47] oil [1:07:48] prices [1:07:48] exchange [1:07:49] rate [1:07:49] movements [1:07:50] tax [1:07:50] adjustments [1:07:51] and [1:07:51] margin [1:07:51] behavior [1:07:52] lastly [1:07:53] we believe [1:07:54] that [1:07:54] the [1:07:55] perceived [1:07:56] failure [1:07:56] of [1:07:56] all [1:07:56] the [1:07:57] regulation [1:07:57] is [1:07:57] not [1:07:57] inherent [1:07:58] in [1:07:58] the [1:07:58] regulation [1:07:59] itself [1:07:59] but [1:08:00] in [1:08:00] the [1:08:00] failure [1:08:01] to [1:08:01] clarify [1:08:01] and [1:08:01] operationalize [1:08:02] the [1:08:02] state [1:08:03] retained [1:08:03] oversight [1:08:04] powers [1:08:04] EDI [1:08:05] believes [1:08:06] that [1:08:06] by [1:08:06] addressing [1:08:06] the [1:08:07] identified [1:08:07] ambiguities [1:08:08] through [1:08:09] amendments [1:08:09] and [1:08:09] well-defined [1:08:10] regulatory [1:08:10] standards [1:08:11] the [1:08:12] government [1:08:12] can [1:08:12] strike [1:08:12] constitutionally [1:08:13] sound [1:08:13] balance [1:08:14] between [1:08:14] market [1:08:15] freedom [1:08:15] and [1:08:15] consumer [1:08:15] protection [1:08:16] thank you [1:08:17] your [1:08:17] honor [1:08:17] thank you [1:08:18] attorney [1:08:18] Marvin [1:08:19] Dandayo [1:08:19] but [1:08:20] do you [1:08:21] agree [1:08:21] na [1:08:22] it's [1:08:22] high [1:08:23] time [1:08:23] siguro [1:08:24] may [1:08:24] say [1:08:25] din [1:08:25] ang [1:08:25] gobyerno [1:08:26] pertaining [1:08:27] to [1:08:27] the [1:08:28] profits [1:08:28] companies [1:08:31] that [1:08:31] the [1:08:33] government [1:08:33] can [1:08:33] also [1:08:34] have [1:08:36] control [1:08:37] because [1:08:37] right now [1:08:38] wala [1:08:38] naman [1:08:38] narinig [1:08:39] nyo [1:08:39] naman [1:08:39] so [1:08:40] you [1:08:41] stand [1:08:41] here [1:08:42] you [1:08:42] are [1:08:43] agreeing [1:08:44] to [1:08:44] this [1:08:44] review [1:08:45] of [1:08:46] this [1:08:46] regulation [1:08:48] law [1:08:48] definitely [1:08:48] Mr. [1:08:49] Chair [1:08:49] thank you [1:08:50] attorney [1:08:50] Dandayo [1:08:51] yes [1:08:52] Secretary [1:08:52] my [1:08:53] apologies [1:08:53] Mr. [1:08:54] Chair [1:08:54] I [1:08:54] just [1:08:54] wanted [1:08:55] to [1:08:55] emphasize [1:08:55] under [1:08:56] DTI [1:08:57] monitoring [1:08:58] the [1:08:59] only [1:08:59] petroleum [1:09:00] products [1:09:01] that [1:09:01] they [1:09:01] can [1:09:01] that's [1:09:02] under [1:09:02] as [1:09:02] considered [1:09:03] as a [1:09:03] commodity [1:09:04] is [1:09:05] kerosene [1:09:06] and [1:09:06] LPG [1:09:06] doon [1:09:06] lang [1:09:07] sila [1:09:07] pwedeng [1:09:07] pumasok [1:09:08] price [1:09:08] monitoring [1:09:09] na [1:09:09] exclude [1:09:10] yung [1:09:10] diesel [1:09:11] gas [1:09:11] wala [1:09:12] siya [1:09:13] sa [1:09:13] under [1:09:13] DTI [1:09:14] price [1:09:15] monitoring [1:09:16] sir [1:09:16] so [1:09:17] maybe [1:09:17] something [1:09:17] to revisit [1:09:18] also [1:09:18] Mr. [1:09:19] Chair [1:09:19] Thank [1:09:19] you [1:09:20] Secretary [1:09:21] but [1:09:21] I [1:09:21] assure [1:09:22] you [1:09:22] that [1:09:23] from [1:09:23] here [1:09:23] on [1:09:24] forward [1:09:24] during [1:09:25] this [1:09:25] administration [1:09:26] we will [1:09:27] do [1:09:28] something [1:09:28] about [1:09:28] it [1:09:29] and [1:09:29] then [1:09:29] ito [1:09:30] pong [1:09:30] pricing [1:09:31] na [1:09:31] pwede [1:09:32] na [1:09:32] po [1:09:33] makialam [1:09:33] ang [1:09:34] pamahalaan [1:09:35] anyway [1:09:36] Dep [1:09:36] Dev [1:09:36] do you [1:09:37] have [1:09:37] any [1:09:37] presentation [1:09:38] good [1:09:41] morning [1:09:42] Mr. [1:09:42] Chair [1:09:43] and [1:09:43] members [1:09:43] of [1:09:44] the [1:09:44] committee [1:09:44] we [1:09:45] will [1:09:46] have [1:09:47] an [1:09:47] official [1:09:47] position [1:09:48] but [1:09:48] let [1:09:49] me [1:09:49] just [1:09:50] read [1:09:50] some [1:09:50] of [1:09:51] well [1:09:51] excerpts [1:09:52] from [1:09:52] our [1:09:53] draft [1:09:53] position [1:09:54] go ahead [1:09:54] please [1:09:55] so [1:09:59] on [1:09:59] behalf [1:10:00] of [1:10:00] Dep [1:10:00] Dev [1:10:01] we [1:10:01] express [1:10:01] support [1:10:02] to [1:10:02] the [1:10:02] overall [1:10:03] intent [1:10:03] of [1:10:03] the [1:10:04] proposed [1:10:04] measures [1:10:04] to [1:10:05] protect [1:10:05] consumers [1:10:06] from [1:10:06] fuel [1:10:07] price [1:10:07] volatility [1:10:08] improve [1:10:09] transparency [1:10:10] in the [1:10:11] downstream [1:10:11] oil [1:10:12] industry [1:10:12] and [1:10:13] strengthen [1:10:13] the [1:10:13] country's [1:10:14] energy [1:10:14] security [1:10:15] and [1:10:16] external [1:10:17] petroleum [1:10:18] shocks [1:10:18] nonetheless [1:10:20] we believe [1:10:21] that [1:10:21] repealing [1:10:22] RA [1:10:22] 8479 [1:10:24] will not [1:10:24] by itself [1:10:25] address [1:10:25] the main [1:10:26] drivers [1:10:26] of [1:10:26] domestic [1:10:27] pump [1:10:27] prices [1:10:27] which [1:10:28] are [1:10:28] largely [1:10:29] influenced [1:10:30] by [1:10:30] internal [1:10:30] international [1:10:31] crude [1:10:32] oil [1:10:32] prices [1:10:32] foreign [1:10:33] exchange [1:10:33] movements [1:10:34] global [1:10:35] supply [1:10:36] disruptions [1:10:37] among [1:10:37] others [1:10:38] instead [1:10:39] of [1:10:39] repeal [1:10:40] that [1:10:40] recommends [1:10:41] strengthening [1:10:42] the [1:10:42] existing [1:10:43] framework [1:10:43] this [1:10:43] includes [1:10:44] stronger [1:10:44] price [1:10:45] transparency [1:10:46] disclosure [1:10:47] of [1:10:48] or [1:10:48] unbundling [1:10:49] of fuel [1:10:50] price [1:10:50] components [1:10:51] strengthening [1:10:51] the [1:10:51] DOE [1:10:52] to [1:10:52] improve [1:10:52] market [1:10:53] monitoring [1:10:53] closer [1:10:54] coordination [1:10:55] with [1:10:55] the [1:10:56] Philippine [1:10:56] Court [1:10:56] Competition [1:10:57] Commission [1:10:58] and [1:10:58] better [1:10:58] consumer [1:10:59] protection [1:10:59] against [1:11:00] unfair [1:11:00] practices [1:11:01] on [1:11:02] the [1:11:02] proposed [1:11:03] strategic [1:11:03] fuel [1:11:04] or [1:11:04] petroleum [1:11:04] reserves [1:11:05] we [1:11:05] support [1:11:06] the [1:11:06] objective [1:11:07] of [1:11:07] strengthening [1:11:08] national [1:11:08] energy [1:11:09] resilience [1:11:09] especially [1:11:10] given [1:11:11] the [1:11:11] country's [1:11:11] exposure [1:11:12] to [1:11:13] external [1:11:13] supply [1:11:14] shocks [1:11:14] geopolitical [1:11:15] risks [1:11:16] and [1:11:16] volatility [1:11:17] in [1:11:17] global [1:11:18] oil [1:11:18] markets [1:11:19] we [1:11:20] agree [1:11:20] with [1:11:20] the [1:11:21] senate [1:11:21] president [1:11:21] that [1:11:22] any [1:11:22] strategic [1:11:22] reserve [1:11:23] be [1:11:24] based [1:11:24] on [1:11:25] sound [1:11:25] economic [1:11:25] and [1:11:26] financial [1:11:26] studies [1:11:27] and [1:11:27] designed [1:11:28] under [1:11:28] a [1:11:28] risk [1:11:29] based [1:11:29] sustainable [1:11:30] and [1:11:31] well [1:11:31] governed [1:11:31] framework [1:11:32] a [1:11:33] state [1:11:33] led [1:11:34] reserve [1:11:34] would [1:11:34] require [1:11:35] significant [1:11:35] capital [1:11:36] investment [1:11:37] recurring [1:11:39] operation [1:11:39] and [1:11:39] maintenance [1:11:40] costs [1:11:40] inventory [1:11:41] financing [1:11:42] stock [1:11:43] rotation [1:11:44] specialized [1:11:45] procurement [1:11:45] and [1:11:46] strict [1:11:46] governance [1:11:47] arrangements [1:11:48] so [1:11:49] in [1:11:50] summary [1:11:50] DepDev [1:11:51] supports [1:11:51] the [1:11:51] objectives [1:11:52] of [1:11:52] consumer [1:11:53] protection [1:11:53] fuel [1:11:54] price [1:11:54] transparency [1:11:55] and [1:11:55] energy [1:11:56] security [1:11:56] and [1:11:58] additionally [1:12:02] we [1:12:03] again [1:12:04] support [1:12:05] the [1:12:06] creation [1:12:07] of the [1:12:08] petroleum [1:12:09] reserves [1:12:09] facility [1:12:10] subject [1:12:11] to [1:12:11] further [1:12:12] studies [1:12:13] on the [1:12:14] economics [1:12:15] and [1:12:15] financials [1:12:15] of the [1:12:16] project [1:12:16] Mr. Chair [1:12:17] Thank you [1:12:18] representative [1:12:19] from DepDev [1:12:19] Philippine [1:12:22] Competition [1:12:23] Commission [1:12:23] do you [1:12:24] have [1:12:24] any [1:12:24] presentation [1:12:25] or [1:12:25] any [1:12:25] statement [1:12:26] Good [1:12:30] morning [1:12:30] Mr. Chair [1:12:31] I'm [1:12:31] Francine [1:12:32] Ferranda [1:12:32] from the [1:12:32] Philippine [1:12:33] Competition [1:12:33] Commission [1:12:34] we do [1:12:34] not [1:12:34] have [1:12:35] a [1:12:35] presentation [1:12:35] although [1:12:36] we [1:12:37] will [1:12:37] be [1:12:37] formalizing [1:12:38] our [1:12:38] position [1:12:39] through [1:12:39] a [1:12:39] position [1:12:40] paper [1:12:40] but [1:12:40] if [1:12:41] I [1:12:41] may [1:12:41] be [1:12:41] allowed [1:12:41] Mr. Chair [1:12:42] may [1:12:42] I [1:12:42] read [1:12:43] an [1:12:43] excerpt [1:12:43] from [1:12:43] your [1:12:43] current [1:12:44] graph [1:12:44] please [1:12:45] Thank [1:12:45] you [1:12:46] The [1:12:46] Philippine [1:12:46] Competition [1:12:47] Commission [1:12:47] recognizes [1:12:48] the [1:12:48] overall [1:12:49] objective [1:12:49] of [1:12:50] the [1:12:50] proposed [1:12:50] bills [1:12:51] seeking [1:12:51] to amend [1:12:52] Republic [1:12:52] Act [1:12:52] 8479 [1:12:53] or [1:12:54] the [1:12:54] Downstream [1:12:54] Oil [1:12:55] Industry [1:12:55] Deregulation [1:12:56] Act [1:12:56] of [1:12:57] 1988 [1:12:57] to [1:12:58] promote [1:12:58] a [1:12:58] competitive [1:13:00] environment [1:13:00] in the [1:13:01] downstream [1:13:01] oil [1:13:01] industry [1:13:02] and [1:13:03] respond [1:13:03] to [1:13:03] the [1:13:03] effects [1:13:04] of [1:13:04] the [1:13:04] energy [1:13:04] crisis [1:13:05] brought [1:13:05] by [1:13:06] the [1:13:06] Middle [1:13:06] East [1:13:06] tensions [1:13:07] furthermore [1:13:08] the [1:13:08] commission [1:13:08] recognizes [1:13:09] the need [1:13:09] to [1:13:10] implement [1:13:10] long-term [1:13:11] measures [1:13:11] to [1:13:11] maintain [1:13:12] reasonable [1:13:12] fuel [1:13:13] prices [1:13:13] and [1:13:14] respond [1:13:14] to [1:13:14] energy [1:13:15] shocks [1:13:15] or [1:13:15] supply [1:13:16] chain [1:13:16] disruptions [1:13:17] which [1:13:17] trigger [1:13:18] volatility [1:13:18] of [1:13:19] prices [1:13:19] in [1:13:19] the [1:13:20] global [1:13:20] oil [1:13:20] markets [1:13:21] the [1:13:22] commission [1:13:22] notes [1:13:22] that [1:13:22] the [1:13:23] proposals [1:13:23] for [1:13:23] a [1:13:23] permanent [1:13:24] strategic [1:13:24] emergency [1:13:25] energy [1:13:25] stockpile [1:13:26] is a [1:13:26] forward-looking [1:13:27] response [1:13:28] to the [1:13:28] ongoing [1:13:29] crisis [1:13:29] and will [1:13:30] protect [1:13:30] consumers [1:13:31] and [1:13:31] cushion [1:13:31] the [1:13:32] economy [1:13:32] against [1:13:33] severe [1:13:33] supply [1:13:33] shocks [1:13:34] things [1:13:35] thank [1:13:35] thank [1:13:35] you [1:13:35] mr [1:13:35] chair [1:13:35] thank [1:13:39] you [1:13:39] very [1:13:39] much [1:13:40] philippine [1:13:42] competition [1:13:42] commission [1:13:43] since [1:13:44] we [1:13:44] comes [1:13:45] like [1:13:45] whatever [1:13:46] happened [1:13:46] to [1:13:47] the [1:13:48] department [1:13:48] of [1:13:48] finance [1:13:48] because [1:13:49] they're [1:13:49] supposedly [1:13:50] next [1:13:50] to [1:13:51] percent [1:13:51] where [1:13:52] are [1:13:52] they [1:13:52] they did [1:13:55] that [1:13:55] center [1:13:56] representative [1:13:56] their [1:13:57] contact [1:13:59] all right [1:14:01] i guess [1:14:02] they're [1:14:02] very [1:14:03] special [1:14:03] agency [1:14:06] you know [1:14:06] so [1:14:06] therefore [1:14:07] we [1:14:10] might [1:14:10] want [1:14:11] to [1:14:11] send [1:14:12] them [1:14:12] a [1:14:13] subpoena [1:14:13] so that [1:14:15] they [1:14:15] will be [1:14:15] forced [1:14:16] to [1:14:16] attend [1:14:16] our [1:14:16] next [1:14:17] meeting [1:14:17] or [1:14:17] next [1:14:18] hearing [1:14:18] invitation [1:14:19] because [1:14:24] they're [1:14:24] important [1:14:25] we want [1:14:25] to find [1:14:26] out [1:14:26] revenues [1:14:27] we can [1:14:27] talk [1:14:27] about [1:14:28] revenues [1:14:28] how [1:14:29] much [1:14:29] money [1:14:29] is [1:14:30] the [1:14:30] government [1:14:30] making [1:14:30] or [1:14:31] losing [1:14:31] from [1:14:32] what [1:14:34] is [1:14:34] happening [1:14:34] right [1:14:35] now [1:14:35] so [1:14:36] I [1:14:36] want [1:14:36] you [1:14:36] to [1:14:37] I [1:14:37] guess [1:14:37] issue [1:14:38] subpoena [1:14:39] subpoena [1:14:40] to the [1:14:41] department [1:14:41] of [1:14:41] finance [1:14:42] and [1:14:43] they [1:14:43] should [1:14:43] come [1:14:44] here [1:14:44] if [1:14:44] they [1:14:44] refuse [1:14:45] then [1:14:45] so [1:14:46] be [1:14:46] it [1:14:46] thank [1:14:47] you [1:14:47] next [1:14:48] to [1:14:48] present [1:14:48] the [1:14:48] department [1:14:49] of [1:14:49] transportation [1:14:50] do we [1:14:58] have [1:14:58] representatives [1:14:58] from [1:14:59] the [1:14:59] department [1:14:59] of [1:14:59] transportation [1:15:00] were they [1:15:06] invited [1:15:06] though [1:15:07] were they [1:15:08] given [1:15:08] enough [1:15:09] time [1:15:09] same [1:15:10] thing [1:15:11] set [1:15:11] a [1:15:11] subpoena [1:15:12] to [1:15:12] the [1:15:12] department [1:15:13] of [1:15:14] transportation [1:15:14] who's [1:15:19] next [1:15:19] to [1:15:20] present [1:15:20] okay [1:15:23] Petron [1:15:24] let's [1:15:24] hear [1:15:24] do you [1:15:25] have [1:15:25] any [1:15:25] presentation [1:15:25] you're [1:15:26] allowed [1:15:26] three [1:15:27] minutes [1:15:27] for [1:15:27] your [1:15:27] presentation [1:15:28] please [1:15:28] good [1:15:29] morning [1:15:29] sir [1:15:29] good [1:15:30] morning [1:15:30] everyone [1:15:30] we don't [1:15:31] have a [1:15:32] powerpoint [1:15:32] presentation [1:15:33] and we [1:15:33] will manifest [1:15:34] that we [1:15:34] will be [1:15:34] submitting [1:15:35] our [1:15:35] official [1:15:36] position [1:15:36] paper [1:15:37] on the [1:15:38] matter [1:15:38] we [1:15:38] received [1:15:39] around [1:15:39] seven to [1:15:40] eight [1:15:40] bills [1:15:40] last [1:15:41] Monday [1:15:41] and [1:15:42] topics [1:15:43] were [1:15:43] mainly [1:15:43] on the [1:15:44] amendments [1:15:44] to the [1:15:44] oil [1:15:44] deregulation [1:15:45] law [1:15:45] and the [1:15:46] establishment [1:15:47] of the [1:15:47] strategic [1:15:48] petroleum [1:15:48] reserve [1:15:49] so while [1:15:50] we don't [1:15:50] have a [1:15:51] very [1:15:51] detailed [1:15:51] position [1:15:51] paper [1:15:52] yet [1:15:52] kindly [1:15:52] allow [1:15:53] us to [1:15:53] give our [1:15:54] general [1:15:54] comments [1:15:55] on the [1:15:55] bills [1:15:55] that [1:15:56] were [1:15:56] sent [1:15:56] to [1:15:56] us [1:15:57] so for [1:15:58] the [1:15:58] establishment [1:15:58] of the [1:15:59] strategic [1:15:59] petroleum [1:16:00] reserve [1:16:00] there were [1:16:01] three [1:16:01] bills [1:16:02] that were [1:16:02] filed [1:16:03] by the [1:16:04] good [1:16:04] senators [1:16:04] and [1:16:05] upon [1:16:06] initial [1:16:06] review [1:16:06] we are [1:16:07] supportive [1:16:07] of the [1:16:08] current [1:16:08] version [1:16:09] of the [1:16:09] senate [1:16:09] bills [1:16:10] on the [1:16:10] establishment [1:16:11] of a [1:16:11] strategic [1:16:12] petroleum [1:16:13] reserve [1:16:13] reserve [1:16:14] the [1:16:14] bills [1:16:14] emphasize [1:16:15] that [1:16:15] the [1:16:15] proposal [1:16:15] is [1:16:16] a [1:16:16] primarily [1:16:17] state [1:16:17] led [1:16:18] government [1:16:18] managed [1:16:19] strategic [1:16:19] reserve [1:16:20] framework [1:16:20] to ensure [1:16:21] the [1:16:21] continuous [1:16:21] supply [1:16:22] of [1:16:22] fuel [1:16:22] especially [1:16:23] during [1:16:23] times [1:16:24] of [1:16:24] global [1:16:25] supply [1:16:25] disruptions [1:16:26] and [1:16:26] as [1:16:26] the [1:16:27] secretary [1:16:27] mentioned [1:16:28] they [1:16:28] envisioned [1:16:28] that [1:16:29] the [1:16:29] strategic [1:16:29] petroleum [1:16:30] reserve [1:16:30] will [1:16:31] serve [1:16:31] as a [1:16:31] complement [1:16:32] to [1:16:32] the [1:16:32] existing [1:16:33] inventories [1:16:33] of the [1:16:34] oil [1:16:34] companies [1:16:35] on [1:16:36] the [1:16:37] bills [1:16:37] proposing [1:16:38] amendments [1:16:38] to the [1:16:38] oil [1:16:39] deregulation [1:16:39] law [1:16:40] we [1:16:40] note [1:16:40] that [1:16:40] the [1:16:41] DOE [1:16:41] has [1:16:41] already [1:16:41] established [1:16:42] the [1:16:43] price [1:16:44] adjustments [1:16:44] as [1:16:45] explained [1:16:45] a while [1:16:45] ago [1:16:46] and [1:16:47] there [1:16:47] was [1:16:47] a [1:16:47] bill [1:16:47] on [1:16:48] the [1:16:48] establishment [1:16:48] of [1:16:49] an [1:16:49] emergency [1:16:50] oil [1:16:50] price [1:16:50] stabilization [1:16:51] fund [1:16:51] we [1:16:52] note [1:16:52] that [1:16:53] what [1:16:53] is [1:16:53] critical [1:16:53] there [1:16:54] is [1:16:54] the [1:16:54] government's [1:16:55] capability [1:16:55] and [1:16:56] the [1:16:56] readiness [1:16:56] to [1:16:57] implement [1:16:57] and [1:16:57] sustain [1:16:58] the [1:16:58] said [1:16:58] fund [1:16:58] without [1:16:59] compromising [1:17:00] the [1:17:00] viability [1:17:01] of [1:17:01] the [1:17:01] business [1:17:01] operations [1:17:02] of [1:17:02] the [1:17:03] oil [1:17:03] companies [1:17:03] those [1:17:04] were [1:17:04] the [1:17:04] bills [1:17:05] that [1:17:05] were [1:17:05] sent [1:17:05] to [1:17:06] us [1:17:06] for [1:17:06] initial [1:17:06] commensers [1:17:07] and [1:17:07] we [1:17:07] will [1:17:07] submit [1:17:08] a [1:17:08] more [1:17:14] I [1:17:16] stand [1:17:16] corrected [1:17:17] can [1:17:17] you [1:17:17] send [1:17:18] them [1:17:18] a [1:17:18] notice [1:17:18] to [1:17:19] explain [1:17:19] why [1:17:20] they [1:17:20] were [1:17:21] not [1:17:21] able [1:17:21] to [1:17:21] show [1:17:21] up [1:17:22] today [1:17:22] both [1:17:22] the [1:17:23] Department [1:17:23] of [1:17:23] Finance [1:17:24] and [1:17:24] Department [1:17:25] of [1:17:25] Transportation [1:17:25] please [1:17:26] do [1:17:26] so [1:17:27] thank [1:17:27] you [1:17:27] next [1:17:28] to [1:17:28] present [1:17:28] is [1:17:29] Filipina [1:17:30] Shell [1:17:31] Corporation [1:17:31] do you [1:17:32] have [1:17:32] any [1:17:32] presentation [1:17:33] sir [1:17:33] good [1:17:34] morning [1:17:34] Mr. [1:17:35] Chair [1:17:35] we [1:17:35] do [1:17:35] not [1:17:35] have [1:17:35] a [1:17:36] presentation [1:17:36] but [1:17:36] we [1:17:36] do [1:17:37] have [1:17:37] a [1:17:37] statement [1:17:38] please [1:17:38] go [1:17:38] ahead [1:17:39] thank [1:17:39] you [1:17:39] Mr. [1:17:39] Chair [1:17:40] and [1:17:40] first [1:17:41] and [1:17:41] foremost [1:17:41] thank [1:17:41] you [1:17:41] very [1:17:41] much [1:17:41] for [1:17:42] inviting [1:17:42] us [1:17:42] to [1:17:42] this [1:17:43] particular [1:17:43] hearing [1:17:44] so [1:17:44] firstly [1:17:45] we [1:17:46] as [1:17:46] Shell [1:17:46] we [1:17:47] support [1:17:47] the [1:17:47] government [1:17:47] thrust [1:17:48] on [1:17:49] securing [1:17:50] the [1:17:51] supply [1:17:51] of [1:17:51] the [1:17:51] country [1:17:52] second [1:17:53] is [1:17:53] that [1:17:53] we [1:17:53] also [1:17:53] support [1:17:54] the [1:17:54] efforts [1:17:54] to [1:17:54] ensure [1:17:55] that [1:17:56] public [1:17:56] good [1:17:56] is [1:17:57] well [1:17:57] served [1:17:57] in [1:17:58] view [1:17:59] of [1:17:59] this [1:17:59] Shell [1:18:00] will [1:18:01] ensure [1:18:01] its [1:18:01] active [1:18:01] participation [1:18:02] in [1:18:03] providing [1:18:04] its [1:18:04] inputs [1:18:04] and [1:18:04] crafting [1:18:05] of [1:18:05] this [1:18:05] particular [1:18:06] law [1:18:06] and [1:18:07] participating [1:18:07] as [1:18:08] well [1:18:08] in [1:18:08] the [1:18:08] technical [1:18:09] working [1:18:09] group [1:18:11] second [1:18:12] is [1:18:13] that [1:18:13] in [1:18:14] view [1:18:14] of [1:18:14] the [1:18:15] upcoming [1:18:15] draft [1:18:16] of [1:18:16] the [1:18:16] laws [1:18:16] and [1:18:17] its [1:18:17] implementation [1:18:17] we [1:18:19] pray [1:18:19] for [1:18:20] an [1:18:21] assurance [1:18:21] of a [1:18:21] level [1:18:22] playing [1:18:22] field [1:18:22] when [1:18:23] it [1:18:23] comes [1:18:23] to [1:18:24] the [1:18:24] implementation [1:18:24] of [1:18:25] these [1:18:25] laws [1:18:26] that [1:18:26] it [1:18:26] will [1:18:26] cut [1:18:26] across [1:18:27] fairly [1:18:29] in [1:18:29] the [1:18:29] industry [1:18:30] it [1:18:32] is [1:18:32] critical [1:18:32] that [1:18:33] in [1:18:33] the [1:18:33] spirit [1:18:34] of [1:18:34] open [1:18:35] fair [1:18:35] and [1:18:35] robust [1:18:36] competition [1:18:36] driven [1:18:37] by the [1:18:37] oil [1:18:37] deregulation [1:18:38] principles [1:18:39] that [1:18:40] it [1:18:40] should [1:18:40] be [1:18:40] taken [1:18:40] into [1:18:41] consideration [1:18:42] as [1:18:42] well [1:18:42] in [1:18:42] the [1:18:43] drafting [1:18:43] of [1:18:44] whether [1:18:45] it's [1:18:45] an [1:18:45] amendment [1:18:45] of [1:18:46] the [1:18:47] oil [1:18:47] deregulation [1:18:47] law [1:18:48] as [1:18:49] further [1:18:49] mentioned [1:18:50] by [1:18:50] senate [1:18:50] president [1:18:51] earlier [1:18:52] there is [1:18:53] indeed [1:18:53] a need [1:18:54] to [1:18:55] ensure [1:18:55] that [1:18:55] there is [1:18:55] a [1:18:55] balance [1:18:56] between [1:18:58] what [1:19:00] will be [1:19:01] drafted [1:19:01] in order [1:19:03] to ensure [1:19:03] also that [1:19:04] investor [1:19:04] confidence [1:19:05] which is [1:19:05] heavily [1:19:06] influenced [1:19:06] by that [1:19:07] balance [1:19:07] continues [1:19:08] to [1:19:08] remain [1:19:08] in [1:19:09] the [1:19:09] country [1:19:10] that's [1:19:11] it [1:19:11] for [1:19:11] now [1:19:11] Mr. [1:19:12] Chair [1:19:12] and [1:19:12] thank [1:19:13] you [1:19:13] very [1:19:13] much [1:19:13] thank [1:19:14] you [1:19:14] Mr. [1:19:14] Laurel [1:19:15] noted [1:19:17] on that [1:19:18] and [1:19:18] just [1:19:19] want [1:19:19] to make [1:19:19] to [1:19:20] assure [1:19:21] you [1:19:21] that [1:19:21] of [1:19:21] course [1:19:22] all [1:19:22] of [1:19:22] you [1:19:22] will [1:19:23] be [1:19:23] part [1:19:23] of [1:19:23] our [1:19:23] technical [1:19:24] working [1:19:24] group [1:19:25] so [1:19:25] you [1:19:26] can [1:19:26] put [1:19:26] your [1:19:26] inputs [1:19:27] there [1:19:27] if [1:19:28] there [1:19:28] are [1:19:28] things [1:19:28] that [1:19:28] you [1:19:29] don't [1:19:29] like [1:19:29] then [1:19:29] we [1:19:30] can [1:19:30] discuss [1:19:30] it [1:19:31] definitely [1:19:33] we're [1:19:33] crafting [1:19:33] laws [1:19:34] so [1:19:36] we [1:19:38] really [1:19:38] need [1:19:39] your [1:19:39] inputs [1:19:39] definitely [1:19:40] that's [1:19:40] 100% [1:19:42] positive [1:19:43] and sure [1:19:43] we will [1:19:44] listen [1:19:45] to your [1:19:45] position [1:19:45] definitely [1:19:46] all the [1:19:46] way [1:19:46] all the [1:19:47] way [1:19:47] thank [1:19:48] you [1:19:48] let's [1:19:49] hear [1:19:50] now [1:19:50] from [1:19:50] Chevron [1:19:51] Philippines [1:19:51] good [1:19:57] morning [1:19:57] everyone [1:19:58] so [1:19:58] sir [1:19:59] for [1:19:59] Chevron [1:20:00] Philippines [1:20:01] Inc [1:20:01] so [1:20:02] our [1:20:03] position [1:20:04] on [1:20:04] the [1:20:04] amendment [1:20:05] or [1:20:06] the [1:20:06] repeal [1:20:06] so [1:20:06] we [1:20:07] still [1:20:07] support [1:20:07] a [1:20:08] market [1:20:08] based [1:20:09] downstream [1:20:09] oil [1:20:10] industry [1:20:10] framework [1:20:10] complemented [1:20:11] by [1:20:12] strong [1:20:13] competition [1:20:13] law [1:20:14] enforcement [1:20:14] and [1:20:15] then [1:20:15] targeted [1:20:17] time-bound [1:20:17] government [1:20:18] interventions [1:20:19] and [1:20:19] then [1:20:20] enhanced [1:20:20] transparency [1:20:21] mechanisms [1:20:22] that [1:20:22] would not [1:20:22] distort [1:20:23] supply [1:20:24] incentives [1:20:24] and [1:20:27] then [1:20:27] for [1:20:27] the [1:20:27] strategic [1:20:29] petroleum [1:20:29] reserve [1:20:30] proposal [1:20:32] we [1:20:32] are [1:20:33] also [1:20:33] supportive [1:20:34] of [1:20:35] the [1:20:35] government [1:20:35] initiative [1:20:37] we [1:20:37] are [1:20:37] also [1:20:38] part [1:20:38] of [1:20:38] the [1:20:38] technical [1:20:40] working [1:20:40] group [1:20:41] from [1:20:41] the [1:20:42] lower [1:20:42] house [1:20:42] in [1:20:42] coming [1:20:43] up [1:20:43] with [1:20:43] the [1:20:43] PSPR [1:20:46] house [1:20:47] bill [1:20:48] all [1:20:51] right [1:20:51] thank [1:20:51] you [1:20:51] mr [1:20:52] joel [1:20:53] gaviola [1:20:54] next [1:20:54] to [1:20:55] present [1:20:56] or [1:20:56] phoenix [1:20:59] petroleum [1:21:00] are you [1:21:00] here [1:21:00] phoenix [1:21:02] all [1:21:05] right [1:21:05] philippine [1:21:09] institute [1:21:09] of [1:21:09] petroleum [1:21:10] here [1:21:12] yes [1:21:14] good [1:21:14] morning [1:21:15] mr [1:21:15] chair [1:21:15] i would [1:21:18] just [1:21:18] like [1:21:18] to [1:21:18] manifest [1:21:19] our [1:21:20] general [1:21:20] support [1:21:21] to [1:21:21] the [1:21:21] eight [1:21:24] proposed [1:21:24] bills [1:21:25] which [1:21:25] are the [1:21:26] subject [1:21:26] for the [1:21:27] hearing [1:21:27] this [1:21:27] morning [1:21:27] but we [1:21:28] will be [1:21:29] submitting [1:21:29] our [1:21:30] position [1:21:30] paper [1:21:31] to your [1:21:32] office [1:21:33] maybe [1:21:34] within [1:21:35] the week [1:21:35] or [1:21:36] early [1:21:37] next [1:21:37] week [1:21:37] and [1:21:38] then [1:21:39] we [1:21:39] would [1:21:39] like [1:21:39] to [1:21:40] generally [1:21:40] we [1:21:41] support [1:21:41] the [1:21:42] intention [1:21:43] of [1:21:43] the [1:21:43] bills [1:21:43] especially [1:21:44] on [1:21:44] the [1:21:45] establishment [1:21:45] of [1:21:45] the [1:21:45] strategic [1:21:46] petroleum [1:21:46] reserve [1:21:47] we [1:21:47] believe [1:21:48] it's [1:21:48] about [1:21:48] time [1:21:49] and [1:21:49] we [1:21:50] commend [1:21:51] the [1:21:51] authors [1:21:52] of [1:21:52] those [1:21:52] bills [1:21:53] and [1:21:53] the [1:21:53] strong [1:21:54] push [1:21:54] of [1:21:54] our [1:21:55] department [1:21:55] secretary [1:21:56] to [1:21:57] make [1:21:58] it [1:21:58] realistic [1:22:00] now [1:22:00] or [1:22:00] realized [1:22:01] now [1:22:02] because [1:22:02] it [1:22:03] will [1:22:03] really [1:22:04] strengthen [1:22:04] our [1:22:04] energy [1:22:05] security [1:22:05] and [1:22:06] make [1:22:07] us [1:22:07] more [1:22:07] prepared [1:22:08] in [1:22:08] any [1:22:09] fuel [1:22:09] supply [1:22:09] disruptions [1:22:10] we [1:22:12] also [1:22:12] support [1:22:12] the [1:22:13] amendment [1:22:15] of [1:22:15] the [1:22:15] oil [1:22:15] deregulation [1:22:16] law [1:22:16] it's [1:22:17] about [1:22:17] time [1:22:18] to [1:22:18] review [1:22:18] the [1:22:19] law [1:22:19] as [1:22:19] well [1:22:19] especially [1:22:20] on [1:22:21] the [1:22:21] things [1:22:22] that [1:22:22] the [1:22:22] PIP [1:22:22] has [1:22:23] advocated [1:22:24] in [1:22:24] the [1:22:24] past [1:22:24] level [1:22:25] playing [1:22:25] field [1:22:26] as [1:22:26] mentioned [1:22:26] by [1:22:26] fair [1:22:27] trade [1:22:29] practices [1:22:29] we [1:22:31] are [1:22:31] willing [1:22:31] to [1:22:31] sit [1:22:31] down [1:22:32] with [1:22:32] the [1:22:32] committee [1:22:32] as [1:22:33] a [1:22:33] member [1:22:33] of [1:22:33] the [1:22:34] TWG [1:22:34] to [1:22:35] help [1:22:35] especially [1:22:36] the [1:22:37] office [1:22:37] of [1:22:38] Department [1:22:38] of [1:22:38] Energy [1:22:39] in [1:22:39] providing [1:22:40] our [1:22:40] inputs [1:22:40] on [1:22:41] how [1:22:41] the [1:22:42] strategic [1:22:42] petroleum [1:22:43] reserve [1:22:43] will be [1:22:44] commercially [1:22:45] or [1:22:45] operationally [1:22:46] feasible [1:22:46] because [1:22:46] it's [1:22:47] not [1:22:47] really [1:22:47] easy [1:22:48] to [1:22:48] manage [1:22:49] or [1:22:49] operate [1:22:50] a [1:22:50] terminal [1:22:50] oil [1:22:52] terminal [1:22:52] or a [1:22:52] depot [1:22:53] for that [1:22:54] matter [1:22:54] on [1:22:56] on [1:22:56] we [1:22:56] also [1:22:56] support [1:22:57] the [1:22:57] bills [1:22:58] on [1:22:58] the [1:22:59] price [1:22:59] transparency [1:23:00] and [1:23:00] fair [1:23:01] trade [1:23:01] practices [1:23:02] and [1:23:03] we [1:23:03] hope [1:23:03] we [1:23:03] could [1:23:04] continue [1:23:04] to [1:23:04] work [1:23:04] together [1:23:05] with [1:23:05] the [1:23:05] Senate [1:23:06] Committee [1:23:06] on [1:23:06] Energy [1:23:07] especially [1:23:07] on [1:23:07] other [1:23:08] issues [1:23:09] and [1:23:09] concerns [1:23:09] of [1:23:10] the [1:23:10] downstream [1:23:11] oil [1:23:12] industry [1:23:12] thank [1:23:12] you [1:23:12] Mr. [1:23:13] Chair [1:23:13] thank [1:23:14] you [1:23:14] Ms. [1:23:16] William [1:23:16] Moore [1:23:16] knowing [1:23:17] that [1:23:18] you're [1:23:18] supporting [1:23:19] most [1:23:19] of [1:23:20] these [1:23:20] bills [1:23:20] we [1:23:20] do [1:23:21] appreciate [1:23:21] it [1:23:22] comes [1:23:23] next [1:23:23] to [1:23:24] present [1:23:26] Independent [1:23:27] Philippine [1:23:28] Petroleum [1:23:28] Company [1:23:28] Association [1:23:29] are [1:23:29] you [1:23:29] here [1:23:30] sir [1:23:30] or [1:23:33] ma'am [1:23:34] morning [1:23:34] sir [1:23:34] yes [1:23:35] thank [1:23:36] you [1:23:36] sir [1:23:36] for [1:23:36] your [1:23:36] invitation [1:23:37] the [1:23:38] IPCA [1:23:38] members [1:23:39] are [1:23:40] in full [1:23:40] support [1:23:41] of [1:23:41] the [1:23:42] establishment [1:23:42] of [1:23:43] the [1:23:43] Philippine [1:23:43] Petroleum [1:23:44] Reserve [1:23:44] as it [1:23:45] ensures [1:23:45] the [1:23:46] stable [1:23:46] supply [1:23:47] for [1:23:47] the [1:23:47] country [1:23:48] due [1:23:50] to [1:23:50] the [1:23:50] oil [1:23:50] deregulation [1:23:51] act [1:23:51] because [1:23:52] of [1:23:52] the [1:23:53] oil [1:23:53] deregulation [1:23:53] act [1:23:54] our [1:23:54] association [1:23:55] was [1:23:55] created [1:23:56] because [1:23:57] we [1:23:57] are [1:23:57] composed [1:23:57] of [1:23:58] the [1:23:58] local [1:23:59] oil [1:23:59] companies [1:24:00] but [1:24:01] when it [1:24:03] comes [1:24:03] to [1:24:03] the [1:24:04] amendments [1:24:05] for [1:24:05] the [1:24:05] oil [1:24:05] deregulation [1:24:06] it [1:24:06] also [1:24:07] it's [1:24:07] also [1:24:08] a [1:24:08] welcome [1:24:08] achievement [1:24:09] for [1:24:10] us [1:24:10] because [1:24:10] effective [1:24:12] regulations [1:24:13] has to [1:24:13] be [1:24:14] organic [1:24:15] and reflective [1:24:16] of the [1:24:16] current [1:24:17] situation [1:24:17] and [1:24:18] I think [1:24:18] it's [1:24:19] also [1:24:19] high [1:24:19] time [1:24:19] that [1:24:20] the [1:24:20] amendment [1:24:21] has [1:24:21] to [1:24:21] be [1:24:21] considered [1:24:22] that's [1:24:24] it [1:24:24] thank [1:24:25] you [1:24:26] come [1:24:28] sec [1:24:28] united [1:24:31] filipino [1:24:31] consumers [1:24:32] are you [1:24:32] here [1:24:33] sir [1:24:33] magandang [1:24:37] aro [1:24:37] po [1:24:37] sa inyong [1:24:38] lahat [1:24:38] ako po [1:24:39] ang [1:24:39] pangulo [1:24:40] ng [1:24:40] ufcc [1:24:41] at [1:24:41] kami [1:24:42] po [1:24:42] ay [1:24:42] nakapag [1:24:43] sabit [1:24:44] na [1:24:44] sa [1:24:44] comsec [1:24:45] ng [1:24:45] aming [1:24:45] position [1:24:46] paper [1:24:47] ito [1:24:48] po [1:24:48] ay [1:24:48] hanggang [1:24:52] labing [1:24:52] dalawang [1:24:52] mongkahi [1:24:53] at [1:24:54] nakalagay [1:24:54] na rin [1:24:55] po [1:24:55] dito [1:24:55] yung [1:24:55] mga [1:24:56] mga [1:24:59] dating [1:25:00] mga [1:25:01] punto [1:25:04] na [1:25:05] pano [1:25:05] natin [1:25:06] may [1:25:06] iwasan [1:25:07] at [1:25:07] mapapalakas [1:25:08] lalong [1:25:09] lalo [1:25:09] na po [1:25:09] ang [1:25:09] Department [1:25:10] of [1:25:10] Energy [1:25:11] at [1:25:12] kanina [1:25:13] po [1:25:13] Mr. [1:25:15] Chair [1:25:15] nabanggit [1:25:16] nyo [1:25:16] na rin [1:25:16] yung [1:25:16] usapin [1:25:17] ng [1:25:17] kuryente [1:25:18] ay [1:25:19] binigyan [1:25:19] na rin [1:25:19] po [1:25:20] namin [1:25:20] ng [1:25:20] kopya [1:25:21] ang [1:25:21] inyong [1:25:21] tanggapan [1:25:22] so [1:25:22] dalawa [1:25:23] po [1:25:23] ito [1:25:23] para [1:25:24] sa [1:25:24] EPRA [1:25:24] at [1:25:25] sa [1:25:25] Oil [1:25:25] Deregulation [1:25:26] Law [1:25:26] at [1:25:27] siguro [1:25:27] po [1:25:28] ay [1:25:28] magandang [1:25:29] malaman [1:25:30] ng [1:25:31] lahat [1:25:31] na [1:25:31] kahit [1:25:33] noon [1:25:33] pa [1:25:34] kahit [1:25:34] nung [1:25:34] mga [1:25:35] panahon [1:25:35] pa [1:25:35] ng [1:25:35] 50s [1:25:36] ay [1:25:36] nariyan [1:25:37] na po [1:25:37] ang [1:25:37] Chevron [1:25:39] sa [1:25:39] Pilipinas [1:25:39] ibig [1:25:40] sabihin [1:25:40] isang [1:25:40] pribadong [1:25:41] kumpanya [1:25:41] hanggang [1:25:42] dumating [1:25:43] yung [1:25:43] administration [1:25:43] ng [1:25:44] ama [1:25:45] ng [1:25:46] ating [1:25:46] presidente [1:25:47] ngayon [1:25:47] na [1:25:48] dumating [1:25:48] din [1:25:49] yung [1:25:49] matinding [1:25:49] krisis [1:25:50] ito [1:25:50] yung [1:25:50] 72 [1:25:51] 73 [1:25:51] at [1:25:52] dahil [1:25:52] po [1:25:53] dyan [1:25:53] ang [1:25:54] Ministry [1:25:54] of [1:25:54] Energy [1:25:55] ay [1:25:55] gumawa [1:25:56] po [1:25:56] ng [1:25:56] 10 [1:25:56] taong [1:25:57] programa [1:25:57] na [1:26:00] pinapakita [1:26:01] ang [1:26:01] paghahanda [1:26:03] natin [1:26:03] para tayo [1:26:04] maging [1:26:04] self-sustaining [1:26:05] at [1:26:07] sinundan po [1:26:08] yan [1:26:08] nung [1:26:08] isang [1:26:09] 1986 [1:26:10] na plano [1:26:11] 5-year [1:26:12] plan [1:26:13] na dalarin [1:26:14] po [1:26:14] natin [1:26:15] sigurado [1:26:16] po ako [1:26:16] sa tanggapan [1:26:17] ng DOE [1:26:18] meron po [1:26:18] nito [1:26:18] ito yung [1:26:19] National [1:26:19] Energy [1:26:21] Program [1:26:22] 1986 [1:26:22] 1990 [1:26:23] pero [1:26:24] dahil [1:26:24] sa [1:26:24] Edsa [1:26:25] Revolution [1:26:25] marami [1:26:26] rito [1:26:26] hindi [1:26:27] natupad [1:26:28] at [1:26:28] karamihan [1:26:29] dun sa [1:26:30] naganap [1:26:30] nung [1:26:31] nakarang [1:26:31] sampung [1:26:31] taon [1:26:32] ay [1:26:32] binigay [1:26:33] naman [1:26:33] natin [1:26:33] karamihan [1:26:34] ng mga [1:26:34] kumpanya [1:26:35] sa mga [1:26:35] pribadong [1:26:36] kumpanya [1:26:38] kaya [1:26:39] inaabot [1:26:39] po natin [1:26:40] itong [1:26:40] problema [1:26:41] na ito [1:26:42] at [1:26:43] gusto [1:26:43] ko [1:26:44] po [1:26:44] banggitin [1:26:45] sa inyo [1:26:45] isa [1:26:47] po [1:26:47] sa [1:26:47] kasapi [1:26:49] ng [1:26:49] UFCC [1:26:50] ay [1:26:50] siya [1:26:51] po [1:26:51] yung [1:26:52] Chief [1:26:52] Financial [1:26:53] and [1:26:53] Management [1:26:53] Chief [1:26:54] ng [1:26:54] Ministry [1:26:55] of [1:26:55] Energy [1:26:55] nung [1:26:56] panahon [1:26:56] kasagsaga [1:26:57] ng [1:26:57] krisis [1:26:58] at [1:26:58] siya [1:26:58] rin [1:26:58] po [1:26:58] yung [1:26:59] nasa [1:26:59] likod [1:27:00] ng [1:27:00] Oil [1:27:00] Price [1:27:00] Stabilization [1:27:01] Fund [1:27:02] siguro [1:27:02] po [1:27:02] ibibigay [1:27:03] ko [1:27:03] yung [1:27:03] mikropono [1:27:04] kay [1:27:04] ginoong [1:27:05] Marcelo [1:27:05] Texon [1:27:06] na malaki [1:27:06] po [1:27:06] ang [1:27:06] utang [1:27:07] na [1:27:07] lob [1:27:07] ng [1:27:08] consumers [1:27:08] at [1:27:09] ng [1:27:09] bansang [1:27:09] Pilipinas [1:27:10] dahil [1:27:10] nung [1:27:10] panahon [1:27:10] nila [1:27:11] ay [1:27:11] pinakita [1:27:12] nila [1:27:13] na [1:27:13] dapat [1:27:13] ihanda [1:27:14] ang [1:27:15] Republika [1:27:15] sa [1:27:16] anumang [1:27:17] estado [1:27:19] may [1:27:19] gera [1:27:19] o [1:27:20] wala [1:27:20] dapat [1:27:20] meron [1:27:21] tayong [1:27:22] stabling [1:27:23] enerhiya [1:27:24] para [1:27:25] sa [1:27:25] ating [1:27:25] pambansang [1:27:26] kaunlaran [1:27:27] at [1:27:28] ang unang [1:27:29] magbe-beneficio [1:27:30] siyempre [1:27:30] ay ang [1:27:31] mga [1:27:31] consumers [1:27:33] natin [1:27:33] na ngayon [1:27:35] ay kabaliktaran [1:27:36] po [1:27:36] ang nangyayari [1:27:37] at maganda [1:27:38] po [1:27:38] na [1:27:39] ng ating [1:27:40] direksyon [1:27:40] ay [1:27:41] ibasura [1:27:43] ang [1:27:43] Oil [1:27:43] Deregulation [1:27:44] Law [1:27:44] dahil sa [1:27:45] 20 [1:27:46] 28 years [1:27:47] simulang [1:27:49] isinilang [1:27:50] ang Oil [1:27:50] Deregulation [1:27:51] Law [1:27:51] na sinasabi [1:27:52] noon [1:27:53] na magpapalakas [1:27:54] ng [1:27:54] kompetisyon [1:27:55] tumas [1:27:57] nga [1:27:57] ano po [1:27:58] yung [1:27:58] kompetisyon [1:27:59] subalit [1:27:59] ang presyo [1:28:00] naman [1:28:00] ay nanatiling [1:28:02] mataas [1:28:03] ano po [1:28:04] so [1:28:05] okay yung [1:28:06] kompetisyon [1:28:07] pero ang presyo [1:28:08] okay ba [1:28:09] ano po [1:28:09] so [1:28:10] kung marapatin [1:28:11] niyo po [1:28:12] Mr. [1:28:13] Chairman [1:28:13] ibibigay ko [1:28:14] ang mikropono [1:28:15] kay [1:28:16] CPA [1:28:18] Marcelo [1:28:18] Texon [1:28:19] na dating [1:28:19] Chief [1:28:20] Financial [1:28:21] Officer [1:28:23] or [1:28:24] Chief [1:28:24] Financial [1:28:26] and Management [1:28:27] Chief [1:28:27] ng Ministry [1:28:28] of Energy [1:28:29] maraming [1:28:29] salamat [1:28:30] maraming [1:28:30] salamat [1:28:31] sandali [1:28:31] lang po [1:28:31] bago [1:28:32] ninyo [1:28:32] ipasa [1:28:32] yung mikrofon [1:28:33] na kaginong [1:28:33] Texon [1:28:34] I'll give [1:28:35] you three [1:28:35] minutes [1:28:36] Mr. [1:28:36] Texon [1:28:37] to give [1:28:38] your [1:28:38] statement [1:28:39] pero I [1:28:40] just want [1:28:40] to remind [1:28:41] the UFC [1:28:42] saying [1:28:43] I've been [1:28:47] one thing [1:28:48] na [1:28:49] ibasura [1:28:50] itong [1:28:50] all the [1:28:50] regulation [1:28:51] but [1:28:51] since [1:28:51] I'm [1:28:52] may mga [1:28:53] miyembro [1:28:53] po ako [1:28:54] ng [1:28:54] committee [1:28:54] I have [1:28:56] to get [1:28:56] the [1:28:57] approval [1:28:57] and I [1:28:58] have [1:28:58] to get [1:28:59] the [1:28:59] approval [1:29:00] of the [1:29:00] entire [1:29:01] Senate [1:29:01] kung [1:29:02] ibabasura [1:29:03] po [1:29:03] natin [1:29:03] but [1:29:03] for now [1:29:04] let's [1:29:04] talk [1:29:05] about [1:29:05] reviewing [1:29:05] it [1:29:05] dahil [1:29:06] hindi [1:29:06] po [1:29:06] talaga [1:29:06] ako [1:29:06] sa [1:29:07] ngayon [1:29:07] I'm [1:29:07] one [1:29:07] with you [1:29:08] I'm [1:29:09] one [1:29:09] with you [1:29:10] with what [1:29:10] you're [1:29:11] saying [1:29:11] na [1:29:12] medyo [1:29:12] hindi [1:29:12] po [1:29:13] hindi [1:29:13] ko [1:29:13] maintindihan [1:29:14] kung [1:29:14] bakit [1:29:14] naipasa [1:29:15] po [1:29:15] itong [1:29:15] batas [1:29:15] na ito [1:29:16] at [1:29:17] nakalusot [1:29:17] na [1:29:17] instead [1:29:18] na [1:29:18] makatulong [1:29:19] ay hindi [1:29:19] po [1:29:20] talaga [1:29:20] nakatulong [1:29:20] kahit [1:29:21] nung [1:29:21] kolehyo [1:29:22] po [1:29:22] ako [1:29:22] sumasama [1:29:23] po [1:29:23] ako [1:29:23] sa [1:29:23] March [1:29:23] noon [1:29:24] kontra [1:29:25] po [1:29:25] ako [1:29:25] rito [1:29:26] sa [1:29:26] batas [1:29:26] na [1:29:27] ito [1:29:27] hindi [1:29:27] po [1:29:28] ako [1:29:28] natutuwa [1:29:29] dito [1:29:29] sa [1:29:29] batas [1:29:30] na [1:29:30] ito [1:29:30] nung [1:29:30] ako [1:29:32] nagco [1:29:32] cover [1:29:40] natin [1:29:40] maghinay [1:29:41] din [1:29:41] at [1:29:41] pag-aralan [1:29:42] itong [1:29:44] mga [1:29:44] panukala [1:29:45] na ito [1:29:46] kailangan [1:29:46] natin [1:29:46] because [1:29:47] for me [1:29:48] ginoong [1:29:51] habilyan [1:29:53] I'm not [1:29:55] happy with [1:29:56] this [1:29:56] I'm really [1:29:56] not [1:29:57] to tell [1:29:57] you [1:29:57] the truth [1:29:58] pero [1:29:59] kailangan [1:29:59] natin [1:30:00] kailangan [1:30:00] ng [1:30:00] consensus [1:30:01] of [1:30:01] everybody [1:30:01] and [1:30:02] all [1:30:02] the [1:30:02] stakeholders [1:30:03] kailangan [1:30:05] din po [1:30:05] mabuhay [1:30:06] ng [1:30:06] mga [1:30:06] negosyo [1:30:06] definitely [1:30:07] kung [1:30:08] sinasabi [1:30:09] niyo [1:30:09] yung [1:30:09] all [1:30:09] price [1:30:09] stabilization [1:30:10] fund [1:30:10] mukhang [1:30:11] hindi [1:30:11] na [1:30:11] po [1:30:11] gagana [1:30:12] sa panahon [1:30:13] na yun [1:30:13] na [1:30:13] we have [1:30:14] to [1:30:14] put [1:30:14] up [1:30:14] money [1:30:15] for [1:30:15] this [1:30:15] it [1:30:17] will [1:30:17] be [1:30:17] hard [1:30:17] kung saan [1:30:18] po [1:30:18] tayo [1:30:18] kukuha [1:30:19] ng [1:30:19] pondo [1:30:19] it's [1:30:19] easy [1:30:19] to [1:30:20] say [1:30:20] na [1:30:20] OPSF [1:30:21] pero [1:30:21] it's [1:30:22] really [1:30:22] hard [1:30:23] but [1:30:23] anyway [1:30:23] kung may [1:30:24] mga [1:30:24] suggestion [1:30:25] po [1:30:25] yung [1:30:26] inyong [1:30:26] grupo [1:30:26] other [1:30:27] than [1:30:27] oil [1:30:28] price [1:30:28] yun [1:30:29] na [1:30:29] suggestion [1:30:29] ng [1:30:29] DOA [1:30:30] meron [1:30:31] po [1:30:31] tayo [1:30:31] mga [1:30:32] oil [1:30:32] reserves [1:30:32] siguro [1:30:33] para [1:30:34] hindi [1:30:35] tayo [1:30:35] kinakabahan [1:30:36] go ahead [1:30:37] Mr. [1:30:38] Texon [1:30:38] you have [1:30:39] three [1:30:39] minutes [1:30:39] before [1:30:50] I talk [1:30:51] about [1:30:51] regulation [1:30:53] versus [1:30:53] deregulation [1:30:54] let me [1:30:55] answer [1:30:56] first [1:30:56] the two [1:30:58] concerns [1:30:58] that were [1:30:59] aired [1:30:59] earlier [1:31:00] the one [1:31:01] is about [1:31:02] oil [1:31:02] smuggling [1:31:02] actually [1:31:06] there is [1:31:07] a simple [1:31:08] solution [1:31:09] to this [1:31:09] based [1:31:11] on the [1:31:12] estimate [1:31:13] of [1:31:13] former [1:31:14] Secretary [1:31:15] of [1:31:15] Justice [1:31:15] Rimulya [1:31:16] the [1:31:17] annual [1:31:17] loss [1:31:18] from [1:31:18] oil [1:31:19] smuggling [1:31:19] is [1:31:19] already [1:31:20] 100 [1:31:20] billion [1:31:21] pesos [1:31:21] years [1:31:23] before [1:31:24] there [1:31:27] was [1:31:27] a [1:31:28] loss [1:31:28] of [1:31:29] 357 [1:31:30] billion [1:31:30] for [1:31:31] a [1:31:31] number [1:31:31] of [1:31:31] years [1:31:32] it's [1:31:32] published [1:31:33] it [1:31:33] this [1:31:33] is [1:31:34] in [1:31:34] my [1:31:34] position [1:31:35] paper [1:31:36] now [1:31:37] what [1:31:37] is [1:31:37] the [1:31:38] simple [1:31:38] solution [1:31:39] which [1:31:40] I [1:31:40] have [1:31:40] been [1:31:40] recommending [1:31:41] through [1:31:41] emails [1:31:42] and [1:31:42] through [1:31:43] hard [1:31:43] copies [1:31:43] of [1:31:44] position [1:31:45] papers [1:31:45] submitted [1:31:46] to [1:31:47] legislators [1:31:47] but [1:31:49] I [1:31:50] doubt [1:31:50] if [1:31:50] this [1:31:51] reaches [1:31:51] the [1:31:51] legislators [1:31:52] themselves [1:31:53] they [1:31:53] may [1:31:53] have [1:31:53] been [1:31:53] filed [1:31:56] just [1:31:56] by [1:31:56] their [1:31:56] staff [1:31:57] this [1:31:58] is [1:31:58] the [1:31:58] simple [1:31:59] solution [1:31:59] there [1:32:01] is [1:32:01] rampant [1:32:02] smuggling [1:32:03] because [1:32:04] the [1:32:05] economics [1:32:06] of [1:32:06] crude [1:32:06] oil [1:32:07] refining [1:32:07] was [1:32:08] lost [1:32:08] when [1:32:09] the [1:32:09] oil [1:32:09] regulation [1:32:11] law [1:32:11] was [1:32:12] passed [1:32:12] it [1:32:13] became [1:32:13] more [1:32:13] economical [1:32:14] for [1:32:15] oil [1:32:15] companies [1:32:16] to [1:32:16] import [1:32:17] finished [1:32:17] products [1:32:18] than [1:32:18] to [1:32:18] refine [1:32:19] crude [1:32:19] oil [1:32:19] as [1:32:22] a [1:32:22] result [1:32:22] Caltex [1:32:24] with [1:32:24] the [1:32:24] crude oil [1:32:25] refinery [1:32:26] in [1:32:26] Bawam [1:32:26] Batangas [1:32:27] immediately [1:32:28] closed [1:32:28] its [1:32:29] operation [1:32:29] and [1:32:30] then [1:32:30] I [1:32:31] just [1:32:31] learned [1:32:31] lately [1:32:32] even [1:32:33] shell [1:32:33] stopped [1:32:33] its [1:32:34] operation [1:32:34] so [1:32:35] there [1:32:35] is [1:32:35] only [1:32:36] one [1:32:36] oil [1:32:36] refinery [1:32:37] operating [1:32:38] right [1:32:38] now [1:32:38] and [1:32:38] that [1:32:38] is [1:32:39] Petron [1:32:40] Corporation [1:32:40] the [1:32:42] company [1:32:42] where [1:32:42] I [1:32:43] worked [1:32:43] as [1:32:43] a [1:32:44] controller [1:32:44] before [1:32:44] I [1:32:45] went [1:32:46] into [1:32:46] early [1:32:46] retirement [1:32:47] to [1:32:47] go [1:32:47] into [1:32:48] business [1:32:48] now [1:32:49] what [1:32:50] is [1:32:50] the [1:32:50] simple [1:32:50] solution [1:32:51] that [1:32:51] I [1:32:51] am [1:32:51] saying [1:32:52] if [1:32:54] we [1:32:54] will [1:32:54] restore [1:32:54] the [1:32:55] economics [1:32:56] of [1:32:56] crude [1:32:57] oil [1:32:57] refining [1:32:58] our [1:32:59] importation [1:33:00] will be [1:33:00] in the [1:33:00] form [1:33:01] of [1:33:01] crude [1:33:01] oil [1:33:01] crude [1:33:02] oil [1:33:03] is [1:33:04] not [1:33:04] usable [1:33:05] in [1:33:05] the [1:33:06] market [1:33:06] it [1:33:06] has [1:33:07] no [1:33:07] market [1:33:07] because [1:33:08] it [1:33:08] has [1:33:08] to [1:33:08] be [1:33:08] refined [1:33:09] first [1:33:09] unlike [1:33:10] gasoline [1:33:11] and [1:33:11] diesel [1:33:11] this [1:33:12] can [1:33:12] be [1:33:12] purchased [1:33:13] by [1:33:13] direct [1:33:14] consumers [1:33:14] but [1:33:15] in [1:33:15] the [1:33:15] case [1:33:15] of [1:33:15] crude [1:33:16] oil [1:33:16] this [1:33:16] will [1:33:17] have [1:33:17] to [1:33:17] go [1:33:17] to [1:33:17] the [1:33:17] refinery [1:33:18] first [1:33:18] and [1:33:19] there [1:33:19] is [1:33:19] history [1:33:20] control [1:33:20] there [1:33:21] personally [1:33:22] there [1:33:24] are [1:33:24] only [1:33:24] few [1:33:25] importations [1:33:26] by [1:33:26] crude [1:33:27] oil [1:33:27] refining [1:33:28] companies [1:33:29] during [1:33:30] our [1:33:31] time [1:33:31] it [1:33:31] is [1:33:31] just [1:33:31] about [1:33:32] one [1:33:32] shipment [1:33:32] a month [1:33:33] in [1:33:34] the [1:33:35] refinery [1:33:36] there [1:33:37] is [1:33:37] an [1:33:38] assigned [1:33:39] customs [1:33:40] storekeeper [1:33:41] that [1:33:41] look [1:33:42] into [1:33:43] transactions [1:33:43] so [1:33:44] there [1:33:45] is [1:33:45] strict [1:33:45] control [1:33:46] in [1:33:46] product [1:33:46] movement [1:33:47] it [1:33:48] is [1:33:49] also [1:33:49] subject [1:33:49] to [1:33:49] audit [1:33:50] by [1:33:51] other [1:33:52] external [1:33:52] auditor [1:33:53] so [1:33:53] it [1:33:53] is [1:33:53] difficult [1:33:54] to [1:33:54] cheat [1:33:54] so [1:33:55] the [1:33:56] payment [1:33:57] of [1:33:57] tax [1:33:57] there [1:33:59] is [1:33:59] very [1:34:01] difficult [1:34:01] to [1:34:02] cheat [1:34:02] on [1:34:02] taxes [1:34:03] so [1:34:04] if [1:34:05] we [1:34:05] will [1:34:05] restore [1:34:05] if [1:34:07] we [1:34:07] will [1:34:07] change [1:34:08] our [1:34:08] economic [1:34:09] policy [1:34:09] and [1:34:10] give [1:34:10] economic [1:34:11] advantage [1:34:12] to [1:34:12] crude oil [1:34:12] refining [1:34:13] and let [1:34:14] the [1:34:14] independent [1:34:14] oil [1:34:15] companies [1:34:16] partage [1:34:17] from [1:34:17] petrol [1:34:19] or [1:34:19] from [1:34:19] other [1:34:20] companies [1:34:21] that [1:34:21] will [1:34:21] put up [1:34:22] refineries [1:34:23] oil [1:34:24] smuggling [1:34:25] will be [1:34:25] minimized [1:34:26] now [1:34:26] how [1:34:26] do [1:34:27] we [1:34:27] do [1:34:27] it [1:34:27] the [1:34:28] first [1:34:28] impulse [1:34:29] is [1:34:29] objection [1:34:31] because [1:34:31] oh [1:34:32] that [1:34:32] will [1:34:32] mean [1:34:32] another [1:34:33] tax [1:34:33] incentive [1:34:34] or [1:34:34] lowering [1:34:34] of [1:34:35] taxes [1:34:35] for [1:34:35] crude [1:34:36] oil [1:34:36] no [1:34:37] that [1:34:37] is [1:34:37] not [1:34:37] the [1:34:37] solution [1:34:38] the [1:34:38] solution [1:34:39] is [1:34:39] to [1:34:40] raise [1:34:40] taxes [1:34:40] of [1:34:40] imported [1:34:41] products [1:34:42] magkakaroon [1:34:43] pa [1:34:43] additional [1:34:44] income [1:34:44] department [1:34:45] of [1:34:45] finance [1:34:45] so [1:34:45] there's [1:34:46] no [1:34:46] reason [1:34:46] for [1:34:47] them [1:34:47] to [1:34:47] disagree [1:34:48] ito [1:34:49] we will [1:34:50] not [1:34:50] need [1:34:50] any [1:34:50] huge [1:34:51] budget [1:34:51] we will [1:34:52] not [1:34:52] need [1:34:53] infrastructure [1:34:54] the [1:34:54] system [1:34:55] is already [1:34:55] there [1:34:56] it's a [1:34:56] matter [1:34:56] of [1:34:57] returning [1:34:58] to [1:34:58] what [1:34:58] we [1:34:59] were [1:34:59] doing [1:34:59] before [1:35:00] under [1:35:01] regulation [1:35:02] we [1:35:03] already [1:35:03] encountered [1:35:04] we [1:35:04] already [1:35:04] experienced [1:35:05] one [1:35:05] of [1:35:05] the [1:35:05] some [1:35:06] of [1:35:06] the [1:35:06] problems [1:35:07] that [1:35:07] we're [1:35:08] experiencing [1:35:09] right [1:35:10] now [1:35:10] Mr. [1:35:10] Texan [1:35:11] I'm [1:35:12] sorry [1:35:12] to cut [1:35:12] you [1:35:12] in [1:35:13] your [1:35:13] time [1:35:13] is up [1:35:14] but [1:35:14] that's [1:35:15] a very [1:35:15] good [1:35:15] input [1:35:16] that's [1:35:16] a very [1:35:16] good [1:35:17] point [1:35:17] can you [1:35:18] include [1:35:18] that [1:35:19] in your [1:35:19] position [1:35:19] paper [1:35:20] and submit [1:35:21] it [1:35:21] to the [1:35:22] committee [1:35:22] secretary [1:35:23] so that [1:35:23] we can [1:35:24] review [1:35:24] that [1:35:24] we can [1:35:25] put it [1:35:25] incorporate [1:35:26] it [1:35:26] when [1:35:27] we [1:35:28] start [1:35:28] talking [1:35:28] about [1:35:29] crafting [1:35:30] this [1:35:31] law [1:35:31] I [1:35:31] do [1:35:31] appreciate [1:35:32] your [1:35:32] opinion [1:35:33] and [1:35:33] your [1:35:34] inputs [1:35:34] right [1:35:34] now [1:35:34] please [1:35:35] submit [1:35:35] it [1:35:35] to [1:35:36] the [1:35:36] committee [1:35:36] secretary [1:35:37] your [1:35:38] position [1:35:38] paper [1:35:41] thank you [1:35:41] sir [1:35:42] due to [1:35:43] limited [1:35:43] time [1:35:44] we really [1:35:44] have to [1:35:45] finish [1:35:45] this [1:35:46] hearing [1:35:46] sir [1:35:46] thank [1:35:47] you [1:35:47] there [1:35:47] is [1:35:47] one [1:35:47] more [1:35:48] no [1:35:48] it's [1:35:48] okay [1:35:48] sir [1:35:49] just [1:35:49] put [1:35:49] it [1:35:49] in [1:35:49] your [1:35:49] position [1:35:50] paper [1:35:50] and [1:35:51] we [1:35:51] will [1:35:52] look [1:35:53] into [1:35:53] it [1:35:53] and [1:35:54] carefully [1:35:54] study [1:35:54] it [1:35:54] thank [1:35:55] you [1:35:55] for [1:35:56] your [1:35:56] opinion [1:35:56] bureau [1:35:57] of [1:35:57] customs [1:35:57] I [1:35:57] just [1:35:57] like [1:35:58] what [1:35:59] Mr. [1:36:00] Texson [1:36:00] is [1:36:00] saying [1:36:00] here [1:36:01] I [1:36:01] want [1:36:01] to [1:36:02] call [1:36:02] your [1:36:02] attention [1:36:02] sir [1:36:03] I [1:36:03] mean [1:36:03] you [1:36:03] arrived [1:36:04] late [1:36:04] so [1:36:05] I [1:36:05] just [1:36:06] want [1:36:06] you [1:36:07] to [1:36:07] take [1:36:08] a [1:36:08] careful [1:36:08] look [1:36:08] in [1:36:09] Cagayan [1:36:09] De Oro [1:36:09] Port [1:36:10] for [1:36:10] example [1:36:10] there's [1:36:11] this [1:36:11] Felcor [1:36:12] Petroleum [1:36:13] and [1:36:13] Control [1:36:13] Holdings [1:36:14] Incorporated [1:36:15] and [1:36:16] in [1:36:16] Port [1:36:16] of [1:36:17] Cebu [1:36:17] Petrelao [1:36:18] Philippines [1:36:19] Smile [1:36:19] Petroleum [1:36:20] OPC [1:36:20] and [1:36:21] Port [1:36:21] of [1:36:21] Batangas [1:36:22] Power [1:36:22] Film [1:36:23] you [1:36:23] may [1:36:24] want [1:36:24] to [1:36:24] check [1:36:24] sir [1:36:24] because [1:36:25] I [1:36:25] have [1:36:26] been [1:36:26] hearing [1:36:26] and [1:36:27] I [1:36:27] have [1:36:27] intelligence [1:36:28] reports [1:36:28] claiming [1:36:29] na [1:36:30] ito [1:36:30] po [1:36:30] mga [1:36:30] ito [1:36:31] nagbiminis [1:36:31] declare [1:36:32] po [1:36:32] ng [1:36:32] kanilang [1:36:33] load [1:36:33] ng [1:36:34] kanilang [1:36:34] quantity [1:36:35] which [1:36:35] is [1:36:36] very [1:36:36] unfair [1:36:36] for [1:36:37] other [1:36:37] major [1:36:38] players [1:36:38] here [1:36:39] who [1:36:39] are [1:36:39] paying [1:36:40] correct [1:36:40] taxes [1:36:41] di [1:36:41] po [1:36:41] ba [1:36:42] kaya [1:36:42] ginagawa [1:36:43] po [1:36:43] nilang [1:36:43] SOP [1:36:44] nila [1:36:45] with [1:36:47] they [1:36:48] misdeclare [1:36:49] the [1:36:49] quantity [1:36:50] of [1:36:50] their [1:36:50] load [1:36:50] for [1:36:51] example [1:36:52] yung [1:36:52] barco [1:36:52] po [1:36:52] ang [1:36:53] dala [1:36:53] po [1:36:53] is [1:36:54] 15 [1:36:54] million [1:36:55] liters [1:36:55] ang [1:36:56] dideclare [1:36:56] lang [1:36:57] is [1:36:57] 5 [1:36:57] million [1:36:58] so [1:36:59] 10 [1:36:59] million [1:36:59] po [1:37:00] hindi [1:37:00] na [1:37:00] po [1:37:00] binabayaran [1:37:01] so [1:37:02] unfair [1:37:02] naman [1:37:03] po [1:37:03] sa [1:37:03] other [1:37:04] major [1:37:04] corporations [1:37:05] natin [1:37:06] Petron [1:37:07] Shell [1:37:08] Caltex [1:37:10] etc [1:37:10] that [1:37:11] is [1:37:11] very [1:37:11] unfair [1:37:12] for [1:37:12] them [1:37:12] and [1:37:12] other [1:37:12] small [1:37:13] players [1:37:13] so [1:37:14] could [1:37:14] you [1:37:14] please [1:37:15] take [1:37:15] a [1:37:15] look [1:37:15] at [1:37:15] this [1:37:16] and [1:37:16] then [1:37:16] malalaman [1:37:17] nyo [1:37:17] po [1:37:17] yan [1:37:17] kasi [1:37:18] may [1:37:18] in [1:37:18] kahots [1:37:19] po [1:37:19] sila [1:37:19] sa [1:37:20] ilang [1:37:20] port [1:37:21] officials [1:37:23] natin [1:37:24] sa [1:37:24] Bureau [1:37:25] of [1:37:25] Customs [1:37:25] you can [1:37:26] check [1:37:26] that [1:37:26] on [1:37:27] the [1:37:27] load [1:37:27] port [1:37:28] survey [1:37:29] or [1:37:29] LPS [1:37:30] from [1:37:30] the [1:37:30] port [1:37:31] of [1:37:31] origin [1:37:31] kasi [1:37:32] nadudoktor [1:37:32] po eh [1:37:33] pag [1:37:33] binigay [1:37:34] na po [1:37:34] ng [1:37:34] barko [1:37:35] nadoktor [1:37:35] na po [1:37:36] yung [1:37:36] pakiusap [1:37:37] ng [1:37:37] ilang [1:37:37] tauhan [1:37:37] natin [1:37:38] so [1:37:38] you [1:37:38] might [1:37:39] want [1:37:39] to [1:37:39] check [1:37:39] the [1:37:39] LPS [1:37:40] load [1:37:41] port [1:37:41] survey [1:37:42] from [1:37:43] the [1:37:43] origin [1:37:46] field [1:37:46] nagbabayad [1:37:47] po [1:37:47] itong [1:37:48] mga [1:37:48] major [1:37:48] players [1:37:49] natin [1:37:49] tapos [1:37:49] itong [1:37:50] mga [1:37:50] ito [1:37:50] eh [1:37:51] hindi [1:37:51] po [1:37:51] nagbabayad [1:37:52] ng [1:37:52] tama [1:37:52] masyadong [1:37:53] malaki [1:37:53] na po [1:37:54] ang [1:37:54] profit [1:37:54] alright [1:37:55] so [1:37:55] that's [1:37:56] next [1:37:57] hearing [1:37:57] po [1:37:57] natin [1:37:58] I [1:37:58] want [1:37:58] to [1:37:58] hear [1:37:59] from [1:37:59] you [1:37:59] again [1:37:59] on [1:38:00] ano [1:38:00] na [1:38:01] po [1:38:01] nagawa [1:38:01] ninyo [1:38:01] dyan [1:38:02] okay [1:38:02] with [1:38:04] that [1:38:04] the [1:38:04] committee [1:38:04] thanks [1:38:05] all [1:38:05] our [1:38:05] resource [1:38:06] persons [1:38:06] stakeholders [1:38:07] and [1:38:07] my [1:38:07] esteemed [1:38:07] colleagues [1:38:08] for [1:38:08] their [1:38:08] valuable [1:38:08] participation [1:38:09] and [1:38:09] insights [1:38:10] today's [1:38:11] discussion [1:38:11] have [1:38:12] provided [1:38:12] the [1:38:12] committee [1:38:13] with [1:38:13] valuable [1:38:13] information [1:38:14] and [1:38:15] perspective [1:38:15] that [1:38:15] will [1:38:16] greatly [1:38:16] assist [1:38:16] us [1:38:17] in [1:38:17] our [1:38:17] consideration [1:38:18] of [1:38:18] the [1:38:18] provost [1:38:19] measure [1:38:19] the [1:38:20] committee [1:38:21] directs [1:38:21] the [1:38:21] secretary [1:38:22] to [1:38:22] consolidate [1:38:23] all [1:38:23] position [1:38:23] papers [1:38:24] comments [1:38:25] and [1:38:25] recommendations [1:38:26] submitted [1:38:26] by the [1:38:27] resource [1:38:27] persons [1:38:28] for the [1:38:29] consideration [1:38:29] of the [1:38:29] committee [1:38:30] and [1:38:30] I'd [1:38:31] like [1:38:31] to [1:38:31] inform [1:38:31] everybody [1:38:32] including [1:38:32] the [1:38:32] public [1:38:33] watching [1:38:33] right [1:38:33] now [1:38:34] this [1:38:34] committee [1:38:35] will [1:38:35] not [1:38:35] stop [1:38:36] hangat [1:38:37] hindi [1:38:37] po [1:38:37] ma [1:38:37] review [1:38:38] ito [1:38:38] pong [1:38:38] oil [1:38:39] the [1:38:39] regulation [1:38:39] law [1:38:40] dahil [1:38:41] all [1:38:41] the [1:38:41] regulation [1:38:42] law [1:38:42] itinatag [1:38:43] po [1:38:43] para [1:38:43] sa [1:38:44] mga [1:38:44] tao [1:38:45] hindi [1:38:45] po [1:38:46] para [1:38:46] sa [1:38:46] iilan [1:38:47] I will [1:38:47] make [1:38:48] sure [1:38:48] as the [1:38:48] chairman [1:38:48] of [1:38:49] this [1:38:49] committee [1:38:49] habang [1:38:50] nandito [1:38:50] ako [1:38:51] nag [1:38:51] i-review [1:38:52] po [1:38:52] natin [1:38:53] ang [1:38:53] batas [1:38:53] na ito [1:38:54] na [1:38:54] hindi [1:38:55] na [1:38:55] po [1:38:55] maulit [1:38:56] yung [1:38:56] mga [1:38:56] sinasabing [1:38:57] presyuhan [1:38:58] nakatakataka [1:39:00] na [1:39:00] pag [1:39:01] tumaas [1:39:01] sa [1:39:01] world [1:39:01] market [1:39:02] ang [1:39:02] presyo [1:39:03] eh [1:39:03] bukas [1:39:04] na [1:39:04] bukas [1:39:04] sa [1:39:04] gasolin [1:39:05] mataas [1:39:09] market [1:39:10] ngayon [1:39:11] eh [1:39:11] next [1:39:13] month [1:39:13] pa [1:39:13] bababa [1:39:14] yung [1:39:14] presyo [1:39:15] dapat [1:39:15] pantay [1:39:16] lang [1:39:16] diba [1:39:16] pag [1:39:17] tumaas [1:39:17] ang [1:39:17] presyo [1:39:18] sa [1:39:18] world [1:39:18] market [1:39:19] today [1:39:19] abay [1:39:20] tataas [1:39:21] yung [1:39:21] gasolinahan [1:39:22] natin [1:39:22] dapat [1:39:22] na [1:39:22] hindi [1:39:23] eh [1:39:23] dapat [1:39:24] pag [1:39:24] bumaba [1:39:24] eh [1:39:25] ganun [1:39:25] din [1:39:25] at [1:39:26] saka [1:39:26] dapat [1:39:26] kung [1:39:27] magkano [1:39:27] itinaas [1:39:28] kunwari [1:39:28] 150 [1:39:29] per [1:39:30] liter [1:39:30] ang [1:39:30] tinaas [1:39:31] dapat [1:39:31] 150 [1:39:32] rin [1:39:32] ang [1:39:32] rollback [1:39:33] hindi [1:39:33] 25 [1:39:34] hindi [1:39:34] 30 [1:39:35] centimos [1:39:35] dahil [1:39:36] naiiwan [1:39:36] po [1:39:36] yung [1:39:37] iba [1:39:37] and [1:39:38] we [1:39:38] will [1:39:38] make [1:39:38] sure [1:39:39] that [1:39:39] this [1:39:40] will [1:39:40] not [1:39:40] happen [1:39:41] again [1:39:41] kaya [1:39:41] po [1:39:41] tayo [1:39:42] narito [1:39:42] we [1:39:43] will [1:39:43] review [1:39:44] this [1:39:44] all [1:39:44] the [1:39:45] regulation [1:39:45] law [1:39:45] marami [1:39:46] salamat [1:39:47] po [1:39:47] for [1:39:47] those [1:39:48] who have [1:39:48] not yet [1:39:48] submitted [1:39:48] their [1:39:49] position [1:39:49] papers [1:39:49] we [1:39:50] respectfully [1:39:50] request [1:39:51] that you [1:39:51] do so [1:39:51] that the [1:39:52] earliest [1:39:52] opportunity [1:39:53] to assist [1:39:54] the [1:39:54] committee [1:39:54] in its [1:39:55] deliberations [1:39:56] the [1:39:56] secretariat [1:39:57] will [1:39:57] likewise [1:39:57] issue [1:39:58] the [1:39:58] appropriate [1:39:58] notices [1:39:59] or notice [1:40:00] for the [1:40:00] next [1:40:00] hearing [1:40:01] there [1:40:01] being [1:40:02] no [1:40:02] further [1:40:02] matters [1:40:02] to [1:40:03] discuss [1:40:03] this [1:40:03] hearing [1:40:03] is [1:40:04] hereby [1:40:04] suspended [1:40:05] thank [1:40:05] you [1:40:06] good [1:40:06] day [1:40:06] to [1:40:06] everyone