Philippines
Here's how Ka Leody would respond to economic impact of Russia-Ukraine war
Here's how Ka Leody would respond to economic impact of Russia-Ukraine war
When asked how he would respond to the economic effects of Russia’s invasion of Ukraine, labor leader and presidential candidate Leodegario “Ka Leody” De Guzman proposed the reversal of the long-maligned Oil Deregulation Law.
De Guzman also condemned Russia’s ongoing attacks on Ukraine, which s expected to have crippling effects on poorer nations like the Philippines.
Fuel prices have skyrocketed in the country and other parts of the world in large part due to Russia’s invasion of Ukraine, which has disrupted global oil trade routes.
“Alisin na natin yung batas tungkol sa deregulation law ng ating industriya ng langis (Let’s remove the Oil Deregulation Law from our oil industry),” De Guzman said during the CNN Philippines Presidential Debate on Sunday, Feb. 27.
The Downstream Oil Industry Deregulation Act of 1998 allowed oil companies more power over their price regulation such that the Department of Energy (DOE) could only monitor oil price fluctuation. This resulted in reduced government control on fuel pricing.
“Kung hindi yan mareregulate at palaging deregulated eh nasa kamay ng mga malalaking korporasyon ng langis na magsamantala at gamitin ang krisis na ito para kumita ng doble (If the prices remain deregulated then it's in the hands of the oil corporations to use this crisis to make twice as much money),” De Guzman said.
Local petroleum products have witnessed non-stop price hikes for nine consecutive weeks since the start of 2022.
Meanwhile, De Guzman condemned Russia’s invasion of Ukraine which officially began on Thursday, Feb. 24.
“Dapat ay panawagan sa Russia tsaka dun sa North Atlantic Treaty Organization (NATO) na itigil na nila yung gera (We should call on Russia and the NATO to end the war),” he reckoned.
Furthermore, he called for the United Nations (UN) to intervene.
“Kung hindi at ito mapapatuloy baka mag full-blown na gera ito, delikado. Manawagan tayo alisin yan, tumigil sila, at makialam ang UN (If this continues into a full-blown war it will be dangerous. Let’s urge them to stop, and for the UN to intervene),” he said.
“At yung Ukraine, baka magandang manawagan din tayo na magneutral sya, wag syang pumanig sa sinuman, sa Russia o sa US (As for Ukraine, it may be good to call on them to remain neutral to both Russia and the US),” he noted.
Since Russia began its assault on Ukraine last Feb. 24, Reuters has reported a death tally of 352 Ukrainian civilians, including 14 children.