THE House Committee on Energy approved a still unnumbered “substitute bill” that would propose amendments to Republic Act 8479 or the Downstream Oil Industry Deregulation Act of 1998.
During the committee meeting presided by committee chairman Rep. Mikey Arroyo, a few legislators provided a simple manifestation, until a motion was called to approve the substitute bill “subject to form and style.”
It can be recalled that it was President Rodrigo Duterte himself who ordered a review of the Oil Deregulation Law due to the spate of oil price increases amid the war between Russia and Ukraine.
Proponents of the proposed measure insisted on the importance to pass the proposed amendments to the Oil Deregulation Law.
Arroyo said the government and Congress must make concrete actions to provide solutions to the effects of the continued oil price increases.
For House Deputy Minority Leader Carlos Zarate, there is now a need to review the 24-year-old Oil Deregulation Law that promised to provide benefits, which is not really happening.
Lawmakers believe that instead of amendments, they should just scrap the Oil Deregulation Law, which is deemed as the cause of the problems and has already affected the economy and lives of Filipinos.