Review of EPIRA, oil law sought

A SENATOR on Wednesday called for the review of the Electric Power Industry Reform Act (EPIRA) and the Oil Deregulation law following President Ferdinand R. Marcos, Jr.’s declaration of a state of national energy emergency.

In a press briefing, Senator Joseph Victor G. Ejercito cited Thailand’s Oil Fuel Fund which allows their government to tax oil products and provide subsidies in times of crisis, measures the Philippines could explore when revisiting Republic Act No. 8479 or the Downstream Oil Industry Deregulation Act, and Republic Act No. 9136, EPIRA.

The oil deregulation law allows the adjustment of oil prices without the approval of the government, while EPIRA liberalized the country’s energy industry by opening it to private sectors.

“First, they [Thailand] have a refinery. They also have a subsidy that they get from taxing their fuel during normal times but they subsidize their fuel prices during lean times. Maybe that’s what we should do in the long term,” Mr. Ejercito said.

According to the Economic Research Institute for ASEAN and East Asia, Thailand has six active refineries.

The Philippines only has one active refinery in Limay, Bataan operated by Petron.

Several bills seeking to address the oil supply in the country have been filed since the US-Israel and Iran war, including measures setting up a petroleum reserve, amending the Biofuels Act, and repealing the oil deregulation law.

Meanwhile, the House of Representatives will set its legislative agenda in line with what the Philippines needs and grant its authorities the power to respond to the oil crisis, Speaker Faustino “Bojie” Dy III said on Wednesday.

“In moments like this, unity in government is not optional. It is essential to protect our people and keep the nation moving forward.” he said in a statement, without elaborating on the measures the chamber will take up.

“The House will move with the same urgency, through targeted interventions, close oversight, and real relief for our people,” he added.

President Ferdinand R. Marcos, Jr. declared a national state of energy emergency on Tuesday, giving the government authority to secure fuel supplies and shield the economy from surging oil prices triggered by the war involving Iran, Israel and the US.

Some congressmen are urging Mr. Marcos to call a special session to allow lawmakers to pass bills aimed at mitigating the impact of the Iran war on the local economy.

In a separate joint statement, Caloocan Rep. Edgar R. Erice and Navotas Rep. Tobias Reynald M. Tiangco said Congress must reconvene after the Holy Week to allow legislative work to continue.

“It is imperative for Congress to remain in session and act decisively,” they said. Congress is currently in a six-week break, which will resume on May 4. — Kaela Patricia B. Gabriel and Kenneth Christiane L. Basilio