by Karen Reyes Caringal, ANC | 11/07/2009 3:40 PM
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MANILA - Presidential Adviser on Economic Affairs Albay Gov. Joey Salceda fears the existing Executive Order 839, which places a price cap on fuel products in Luzon, will affect investor sentiment in the Philippines.
"Ang takot ko dito yung loss of policy predictability ng buong Pilipinas bilang isang investment destination. (What I fear is the loss of policy predictability of the Philippines as an investment destination)," Salceda told ANC's Top Story.
Salceda also agreed with oil firms that the EO would result in billions in lost revenues.
"Ang panghihimasok ng gobyerno sa merkado, unang-una dapat talagang maingat. Lalung-lalo naman kung siguro magiging constitutional issue. Ibig sabihin, magiging issue ang just compensation sa lugi ng oil companies. (Government intervention in the market should really be done carefully, particularly if it would result in a constitutional issue. This means, the issue could be the just compensation for the losses of oil companies.)," Salceda added.
Salceda said that with Petron alone, government is already losing P4B in foregone taxes.
He warned that these losses could go as high as P18 billion.
Salceda said the money could have easily gone to education, health and social services.
The Albay governor personally said he has e-mailed President Arroyo, asking that the oil price freeze be lifted immediately.
While the Department of Energy has scheduled a meeting with oil firms and transport groups on Monday, government has yet to say when it plans to lift the executive order.
I missed filling my Motorcycle Gasoline Tank with P16 unleaded fuel. Now, it has been very frustrating that gas prices is very high.
Soon... Investors will not be opening bizs in the Philippines and may be those who are already here may go to other countries.
No investors.. Less jobs....
Submitted by markmaranga on Wed, 11/11/2009 - 18:33.
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