MANILA, Philippines- The government is studying a proposed price freeze on petroleum products, Malacañang said Friday, as the Philippines faces four consecutive weeks of steep increases in pump prices.
Palace Press Officer Claire Castro said authorities are weighing both consumer welfare and the viability of the oil industry.
“This will be balanced based on what is appropriate so that not only one sector is affected,” Castro said during a press briefing.
“There should be balance for the oil industry and for the public. We are not saying that a price freeze will not be implemented, but it is currently under study,” she added.
Castro said declaring an energy emergency is crucial to addressing disruptions in global oil supply, which affect both the availability and pricing of fuel products in the country.
She emphasized that the government remains proactive while ensuring all interventions comply with existing laws.
“The government can perform its duties without violating the law. We can unlock the funds we need to use in accordance with the law,” she said.
Castro added that the government, through the Department of Energy (DOE), has lined up measures to ensure a stable electricity supply.
“We have issued department guidelines to allow the use of cheaper fuel and to generate more power from sources such as coal and renewable energy. The Energy Regulatory Commission has also suspended the electricity market to enable increased use of coal, renewable energy, and even power generated from Malampaya gas field,” Castro said, quoting the DOE.
“We are also assisting renewable energy developers in completing their projects ahead of schedule,” she added.
For island communities, Castro said the government is planning to secure cheaper, lower-grade diesel for the National Power Corporation to help prevent blackouts.
She also urged solar energy firms to fulfill their commitments to help stabilize the country’s power supply.
In a related development, Ferdinand Marcos Jr. announced on Thursday the successful drilling and testing of the Camago-3 well, which is producing up to 60 million standard cubic feet of gas per day.
This development is expected to extend the lifespan of the Malampaya gas field, providing additional, more stable, and potentially cheaper power for Filipino consumers.
