Palace monitoring oil prices

MANILA, Philippines - The government is closely monitoring the movement of oil prices in the country as it prepares to help the transport sector if the need arises.         

Presidential Communications Operations Office Secretary Herminio Coloma Jr. said yesterday the Land Transportation, Franchising and Regulatory Board (LTFRB) is closely watching the situation and would decide on a fare hike depending on the justification.

“There is a process that needs to be followed and that is being enforced by the LTFRB,” Coloma said, adding everyone should adhere to the process.

He said the oil industry has long been deregulated but the administration has taken action in the past, such as giving subsidy to drivers of public utility vehicles.

The subsidy was also meant to ease the burden on commuters brought by the fare increase.

On proposals to suspend the value added tax (VAT) on petroleum products, Coloma said this would be up to lawmakers to decide.

“The Palace will implement measures approved by Congress, if it thinks such is necessary for the benefit of the people,” he said.

Coloma said the government could also push a bill if studies would justify it.