Statement of Sen. Win Gatchalian on Oil Deregulation Law review

I’m open to reviewing the Oil Deregulation Law to improve transparency among industry players and assess the benefits to our consumers. Considering that this is a 24 year-old law, the review can be helpful in optimizing the oil industry.

However, a fundamental problem on why we are experiencing high prices of oil is because of our over dependence on imported oil. We import almost 100% of our oil requirements. As long as we import oil, we will be susceptible to global oil shocks that we have absolutely no control of.

As a way forward, we need to explore new domestic oil and gas reserves, transition to renewable energy as well as electric vehicles in the medium to long-term.