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THE
Executive assured the public Monday it is prepared to
address any contingencies arising from high oil prices,
which are not expected to abate anytime soon.
Executive Secretary Eduardo Ermita made the assurance
after the Energy Contingency Task Force met with
representatives of the Institute for Development and
Econometric Analysis Inc. (Idea), a University of the
Philippines-based economic think tank led by former
socioeconomic planning secretary Cayetano Paderanga.
“There
is an intensive study to prepare for all these
contingencies and we have the wherewithal to address
them. We are aware that this is a global phenomenon. As
I said, we don’t have anything to worry about. We will
all survive this. This is not the first [time] that we
are facing such a problem,” Ermita said.
Ermita
said Idea will present to President Arroyo and the
Cabinet Tuesday different scenarios related to oil
prices, economic assumptions and recommendations from
now until the end of the year.
He said
Idea will “give the President and the other members of
the Cabinet an idea of the effect of continuing oil
prices in the world market on our exchange rate, on our
inflation rate and many others affecting the different
sectors of society.”
Ermita
said the ECTF, which he chairs, sought the help of the
group to present an “academic approach to the problem.”
Part of the planned Cabinet discussions on high oil
prices is how to make the public more conscious of
energy-conservation efforts of the government and thus
prevent panic.
“It is
necessary to inform the public on government efforts.
[This way] nobody will be alarmed because we are in
possession of the wherewithals to be able to address
effectively the ill effect of impending oil price in the
future,” he said.
Ermita
also reiterated there will be no discussions on
emergency powers to deal with high oil prices,
especially as “the current situation is very
manageable.”
The tack
is to resort to “gradual measures to address the issues
as they come so that we would not feel overwhelmed,” he
said.
At the
Cabinet meeting which will be held at Malacañang Park,
Ermita said the Cabinet study group created to make
recommendations on power-rate reduction will also brief
the President and the Cabinet on their findings based on
data presented by the Manila Electric Co., the
Government Service Insurance System and the Energy
Regulatory Commission. |
