Tag: Middle East

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Lacson: Maharlika Investment’s Expanded Oil Storage Facility Move Good, but May Not Lower Oil Prices

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 –  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

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Lacson Urges Govt: Go Beyond Ayuda, Craft Direct Support for Filipinos Hit by Fuel Crisis

Senate President Pro Tempore Panfilo “Ping” M. Lacson on Tuesday urged the government to go beyond traditional “ayuda” and explore more targeted measures to support Filipinos affected by the fuel crisis triggered by the conflict in the Middle East – including a possible fuel subsidy.

Lacson said the government may study approaches used by neighboring economies such as Taiwan, which implements subsidy mechanisms to help cushion fuel price spikes.

“Hindi ako nagmamarunong. Ang suggestion ko lang, pag-aralang mabuti kung anong mas nakakabuti sa sektor na talagang apektado (I am not playing a know-it-all but my suggestion is to study ways to benefit the sectors that are directly affected),” he said in an interview on DZBB radio.

In Filipino: Lacson Hinimok ang Gobyerno: Higit sa Ayuda, Bumuo ng Direktang Suporta para sa mga Pilipinong Apektado ng Krisis sa Langis

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Lacson Cites Constitutional Path for Using BSKE Funds for Crisis Response Amid Comelec Chairman’s Concerns

Realigning the Commission on Elections (Comelec)’s budget for the Barangay and Sangguniang Kabataan Elections (BSKE) to agencies outside the Comelec may be unconstitutional, but a constitutional path exists to channel the funds for crisis response, Senate President Pro Tempore Panfilo “Ping” M. Lacson said Monday.

Lacson thus allayed the concerns of Comelec Chairman George Erwin Garcia on proposals to postpone the BSKE and use some P16 billion in unspent funds allocated to it to address the fuel crisis stemming from the conflict in the Middle East.

“What the Chairman says is true. Funds allocated to the Comelec cannot be realigned to items outside it because that would be unconstitutional. But the allocations can still be treated as savings – Comelec may opt not to spend the funds for the BSKE and declare them as savings to be returned to the Treasury,” he said.

In Filipino: Lacson, Itinuro ang Konstitusyunal na Paraan Para sa BSKE Funds sa Gitna ng Pangamba ng Comelec

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Real talk vs fantasy [Manila Times]

From Ben Kritz’s column in The Manila Times: Senate President Pro Tempore Panfilo “Ping” Lacson (said that) the government needs to take decisive and perhaps even “extreme” action to come to grips with skyrocketing oil prices. Rather than just leave it at that, Lacson went on to specify the legal tools and funds that are already in place to do that.

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Lacson Backs Joint Oil, Gas Exploration with China, With 60-40 Safeguard

Citing ongoing risks to global oil supply due to the conflict in the Middle East, Senate President Pro Tempore Panfilo “Ping” M. Lacson said Sunday the Marcos administration should consider exploring joint energy ventures with China, including in the West Philippine Sea.

Lacson, however, stressed that any such arrangement must strictly comply with the 60-40 foreign ownership provision under the Philippine Constitution.

“Yes. Four-square behind, sinusuportahan ko. Kasi sayang eh. Yayaman tayo doon (Yes. I am supporting this, I’m four-square behind it. There is so much potential. We can benefit greatly from it),” he said in an interview on DZBB radio, when asked if the Marcos administration should consider joint exploration.

In Filipino: Lacson, Suportado ang Joint Oil at Gas Exploration sa China, na may 60-40 Safeguard

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