President Arroyo defended yesterday the export of crude from the Malampaya oil fields in Palawan, citing the global trade fundamental of buying low and selling high.
In her weekly radio/TV program "May Gloria Ang Bukas Mo," the President likened the practice to the country’s exportation of sugar, which fetches a high price in the US.
The Philippines then imports sugar from Thailand, where the product can be bought at lower prices for domestic use, she explained.
"Because we are now in one big market, we have to look for the cheapest price when buying, and the highest price when selling," Mrs. Arroyo said.
Last month, the Philippines shipped to South Korea a total 620,000 barrels of crude extracted from the newly discovered oil field off Palawan. — Marichu Villanueva