Public Information Office-City Mayor's Office
Ref No. 0405-0017
April 12, 2005
Bacolod City Council Urges Repeal of Oil Deregulation Law
Citing the failure of the said RA 8479 to achieve the purpose for which it was passed, namely the creation of competition among oil companies that would result in the lowering of oil prices, but instead prices of oil have increased at will and with frequently and impunity, the SP saw the urgent need for government to take decisive and drastic measures to address the worsening economic condition of the people. Said economic condition has been compounded by the government's thrust to raise funds for the national treasury by increasing value-added tax (VAT), imposing new tax measures, and removing exemptions, especially for majority of the people who fall under the poverty line.
Aside from the repeal of the Oil Deregulation Law, the resolution further urges the President, the Senate and the House of Representatives to immediately consider the reacquisition of government's shares in Petron in order for government to be in a position to protect the people's interest as a key player in the fuel market, and to reestablish an oil stabilization fund, or other such strong, decisive measures for the protection of the Filipino people. (CMO-PIO/ efj)
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