MANILA - A lawmaker on Monday proposed the revival of the Oil Price Stabilization Fund, which was created by the first Marcos administration in 1984, to cushion oil price spikes. 1-Pacman Party-list Rep. Mikee Romero said there is a need for a "buffer fund" to absorb the price hikes, noting that prices would remain "volatile and elevated" because of the Russia-Ukraine war and the recovery of many countries from the coronavirus disease (Covid-19) pandemic. "We should revive the OPSF or establish a similar buffer fund, which the government could use to avoid frequent adjustments in the pump prices of oil products due to fluctuations in the cost of crude oil in the world market and in the peso-dollar exchange rate," Romero said in a statement. Romero suggested that the fund be sourced from higher excise taxes imposed on diesel, gasoline, cooking gas, and other oil products under the Tax Reform for Acceleration and Inclusion (TRAIN) law. "Since the govern
ENERGY. President Ferdinand "Bongbong" Marcos Jr. meets with Department of Energy officials in this undated photo uploaded on the state-run Radio Television Malacanang's (RTVM) official Facebook page. Marcos, in separate Facebook post, said he had a thorough discussion with the DOE officials to address the soaring prices of petroleum products. (Photo courtesy of RTVM) MANILA - President Ferdinand "Bongbong" Marcos Jr. on Thursday met with key Energy officials to address the continued oil price hikes. Photos of Marcos' meeting with the officials of the Department of Energy (DOE) were uploaded on the state-run Radio Television Malacanang's (RTVM) official Facebook page. "President Ferdinand 'Bongbong' Marcos Jr. met the key officials of the Department of Energy at Malacanan Palace in Manila to discuss the national government's initiatives and programs in addressing the continuing oil price hike in the country," the RTVM said. Malacana