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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 ....
Romero asks PBBM to revive dad's buffer fund for costly fuel mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.
1-Pacman Party-list Rep. Mikee Romero chose the woman of the hour, Vice President-elect Sara Durerte, as the person to administer his oath as reelected congressman in the upcoming 19th Congress.
Vice President-elect Sara Duterte (left) and 1-Pacman Party-list Rep. Mikee Romero (Photo from Faceboo ....
A House leader has urged President-elect Bongbong Marcos to look into the illegal claims and onerous changes to the government contract of DM Wenceslao Corp. with the Philippine Reclamation Authority (PRA) for the Central Bay construction and reclamation project.