MANILA, Philippines — President Ferdinand Marcos Jr. on Wednesday said he does not want to discuss the possibility of a government takeover of the oil industry to control the soaring prices of fuel.
"We don't want to get into that discussion," Marcos told reporters, when asked whether the government plans to take over the oil industry following the declaration of state of national energy emergency.
Trade Union Congress of the Philippines Rep. and House Deputy Speaker Raymond Democrito Mendoza earlier urged Marcos to consider declaring a state of national emergency to allow temporary government takeover of oil companies’ operations.
Mendoza cited that under Section 14(e) of Republic Act 8479, the Department of Energy may temporarily take over or direct the operations of entities in the oil industry during emergencies.
