The Maharlika Investment Corp. (MIC)’s move to establish an expanded oil storage facility to help protect the country from future oil price surges is a good step but not without concerns, Senate President Pro Tempore Panfilo “Ping” M. Lacson said Thursday.
Lacson noted that while the initiative can help safeguard domestic oil supply, it may not necessarily bring down fuel prices – especially since the MIC is an investment entity designed to generate profit.
“This is one good move to obviate the possible shortage of our domestic supply of oil. However, I cannot help but be apprehensive since the Maharlika Investment Corporation is an investment entity that is designed to earn profit –Â hence while it may help ensure continuous supply of oil, it may not be able to help bring down the prices of oil products,” he said.
In Filipino: Lacson: Magandang Hakbang ang Expanded Oil Storage Facility ng Maharlika Investment, Pero Hindi Matik na Magpababa ng Presyo ng Langis