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High fuel prices sap economic optimism among Filipinos

April 16, 2011

MALACANANG said Thursday that a drop in optimism among Filipinos can be traced to oil price hikes, which it is already trying to address.
A Social Weather Stations (SWS) survey in March found that fewer respondents felt that their lives would improve in the next 12 months.
From a “very high” net personal optimism rating of +35 in November, the SWS survey reported a “high” of +24.
Optimism for the economy also fell from +30 in November to +4 in March.
Presidential Communications Operations Secretary Herminio Coloma Jr. said the results were expected considering the period the surveys were conducted.
He said the survey was conducted at a time when “the most dominant event is the oil price hike,” he said.
“They also have a chart that shows the survey conducted during the previous administrations, and I noticed that every time the oil prices increase or there is a spike in oil prices, the level of optimism is affected,” he added.
Coloma said the government is studying options to mitigate the impact on the public of continuing oil price hikes.
He welcomed the survey results, saying “those optimism or attitude ratings are very helpful because we look at this as an impetus for us to intensify our efforts to implement the programs of government that we have committed ourselves to.”
One of those programs is a subsidy intended to lighten the burden of rising fuel prices on drivers and operators of public utility vehicles.
President Benigno Aquino III said earnings from the Malampaya natural gas project in Palawan could be used to fund the subsidy.
However, Senate President Juan Ponce Enrile has advised caution on using Malampaya funds, saying the money has been earmarked for oil and gas exploration.
He added reallocating the money might need approval from the legislature.
“You cannot pay out money from the Treasury without an appropriation authorized by Congress. I’m sure that they know what they’re doing but I’m just cautioning that they should be very very careful,” he said. (Jill Beltran/Virgil Lopez/Jonathan de Santos)

Source: http://www.sunstar.com.ph/manila/local-news/2011/04/15/high-fuel-prices-sap-economic-optimism-among-filipinos-150660

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