MikeLigalig.com

By PNA

President Benigno S. Aquino III assured the Filipino people that the government is doing its best to protect consumers from possible disruptions of imported oil supply in the country as a result of the recent turmoil in the Middle East and North Africa.

“Our government is not taking this lying down. We are taking steps to protect our people from possible disruptions in supply and the volatility of the world oil market,” the President said in his speech at the 35th anniversary of the Philippine National Oil Company–Exploration Corporation (PNOC-EC) on Friday at Fort Bonifacio in Taguig City.

The President said the initial P450 million financial assistance for the Pantawid Pasada Program is one of the immediate steps that the Department of Energy (DOE) initiated to help all legitimate passenger jeepneys and tricycles franchise owners from the impact of the continued oil price hikes.

“Energy Secretary Rene Almendras has spearheaded the Pantawid Pasada, a temporary financial assistance program for the public transport sector. The initial 450 million pesos for this has been set aside and legitimate transport operators will be able to avail of this in the coming weeks,” he stressed.

The Chief Executive noted that the recent turmoil in the Middle East and North Africa has made life more difficult for the Philippines because the country is still dependent from imported oil.

“We are a country where a large portion of our oil requirements are imported; making us vulnerable to forces we have no control over. As we have seen, if something happens in Libya, Bahrain, or Egypt, we pay the price — in the form of higher fuel cost,” he said.

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