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Bacolod City, PhilippinesMonday, November 5, 2007
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Gov't to act on
oil price hike'

The government is mapping out measures to cushion the impact caused by the spiraling of oil prices in the world market, Executive Secretary Eduardo Ermita said Saturday.

Ermita, in a radio interview, said President Gloria Macapagal Arroyo has given orders to address the problems caused by the increase in the world prices of oil.

"She (President Arroyo) is aware that this can affect so many aspects of everyday life," he said.

Ermita said the President had meetings with officials of the Department of Energy and the Energy Regulatory Commission to address the increase in oil prices.

We will know of what measures the DoE, ERC and other government agencies will take in the coming days. For now, I cannot give specific details, he said.

Press Secretary and Presidential Spokesman Ignacio Bunye earlier said that "the runaway price of oil is beyond the government's control."

"This serves as a continuing wake up call for all sectors that there are more things to attend to other than relentless politics of personal destruction," he said.

Bunye also said now is the time "to pool our collective patriotic efforts to intensify the search and development of alternative energy sources, as well as provide the appropriate legal environment to accelerate such initiatives."*

 

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