Aquino no better than Arroyo in stemming rising oil prices
JUST like his teacher and predecessor, President Benigno Aquino III would be unable to claim that economic conditions are better under his term since it continues to fail to stem rising oil prices, leading to higher living costs.
Militant group Bagong Alyansang Makabayan (Bayan) made these remarks after Aquino’s economics professor former President Gloria Macapagal-Arroyo chided him for allegedly failing to improve the economy.
“Both (Arroyo and Aquino) favor deregulation and privatization. Both favor the VAT (value-added tax) on oil. Both rely on failed targeted subsidies that do not have a significant impact on consumers,” Bayan secretary-general Renato Reyes said.
Aquino had said that the government would not let go of P5-billion worth of revenues collected from oil products that can be used for social services.
Pump prices have gone up P1.80 last week due to wide speculation about a supply shortage should tensions between the United States and Iran.
This developed after Iran, which is also suspected of developing atomic weapons, threatened to close the Strait of Hormuz, a narrow passageway for ships carrying petroleum from major oil-exporting countries in the Arabian Peninsula.
In response, Malacañang said it may implement a second round of fuel subsidies for jeepney drivers under the Pantawid Pasada Program in light of calls by some transport groups to hike fares.
At least P200 million of the P450-million project was still unspent as Energy Undersecretary Jay Layug was quoted in a report, saying that drivers can even get as much as P2,000 assistance should the plan pushes through.
Earlier, the Pinag-isang Samahan ng mga Tsuper at Operator Nationwide (Piston) told Sun.Star that it will oppose plans to extend the program since jeepney drivers still found no relief from high gas prices despite the subsidy.
This is because the escalating pump prices will only eat away the value of the financial assistance contained in cards.
Bayan said that the House Energy Committee chaired by Aquino ally Henedina Abad has not held a single hearing on various bills that have called for the review or repeal of the oil deregulation law.
Various groups have asked House Speaker Feliciano Belmonte last year to schedule the bills for public hearings. Abad, wife of Budget Secretary Florencio Abad, refused comment.
“Removing the VAT (value-added tax) on oil will not devastate the economy. It will in fact have a positive effect since lower oil prices will allow consumers to purchase other basic necessities. Even the proposed fare hike can be set aside so long as oil prices go down,” Reyes said. (Virgil Lopez/Sunnex)
http://www.sunstar.com.ph/manila/local-news/2012/01/15/aquino-no-better-arroyo-stemming-rising-oil-prices-200754
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Restaurant@Yats-International.com
(045) 599-5600
0922-870-5178
0917-520-4401
Ask for Pedro and Rechel
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How to get to this fine-dining restaurant in Clark Pampanga? Once you get to Clark Freeport, go straight until you hit Mimosa. After you enter Mimosa, stay on the left on Mimosa Drive, go past the Holiday Inn and Yats Restaurant (green top, independent 1-storey structure) is on your left. Just past the Yats Restaurant is the London Pub.
Yats Restaurant & Wine Bar
Mimosa Drive past Holiday Inn, Mimosa Leisure Estate,
Clark Freeport Zone, Pampanga, Philippines 2023
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 Rea or Chay
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