Manila Bulletin
Philippines
Pimentel backs Senate's inclusion in PH-China joint oil exploration talks
Philippines
Pimentel backs Senate's inclusion in PH-China joint oil exploration talks
Pimentel backs Senate's inclusion in PH-China joint oil exploration talks
Published Apr 3, 2023 12:24 pm
Senate Minority Leader Aquilino “Koko” Pimentel III on Monday, April 3, said he favors the inclusion of the Philippine Senate in the proposed talks on Philippine-China joint oil exploration in the West Philippine Sea (WPS).
“The idea of Senate ‘involvement’ is to be endorsed. Involvement means we hear the matter so that the sun can shine on all the corners of the agreement or proposed agreement,’’ Pimentel said citing the proposal of Senator Francis Tolentino.
Senator Grace Poe, however, holds a different view on the issue.
“The plan to resume talks on the joint oil exploration with China comes amid the continued presence of their vessels in the West Philippine Sea,’’ Poe noted.
Poe recalled the dozens of diplomatic protests that the Philippine government had filed related to China's incursions in Philippine waters, which the foreign government disputes.
“Why China, or why only China, when there are other neighboring countries staking claim in the disputed sea?” she asked.
In pursuing the deal, the government should also consider existing jurisprudence related to maritime explorations, Poe said.
“Country, Constitution, civility and transparency must be our key guideposts in any dealing with foreign nations,’’ she said.
Meanwhile, on the surprise announcement of the Oil Producing Exporting Countries (OPEC) to reduce oil production from May to end of the year, Senator Francis Escudero said it would definitely affect the country’s economic recovery and would surely have inflationary effects
Government agencies such as the Department of Finance (DOF), Bangko Sentral ng Pilipinas (BSP), Department of Energy (DOE), Department of Trade and Industry (DTI) and Department of Labor and Employment (DOLE) should meet and issue corrective plans to cushion its impact, Escudero said.
In a related statement, Senator Imee Marcos, chairperson of the Senate Committee on Foreign Relations, noted that the Philippines and the global economy continue to feel the effect of the Russia-Ukraine crisis.
“While oil prices are down from the peak of almost USD120 per barrel at February to March 2022, translating to local pump prices of almost 90 pesos per liter of gasoline, the fact remains that oil prices remain high at almost P70 per liter,” she said.
“Analysts have forecasted the move of OPEC to increase local pump prices by as much as P3 per liter, and possibly more. In the short term, the government can look at G2G importation with countries like India, China, and possibly Russia to avert the supply crunch,” she pointed out.
“As far as legislation is concerned, I filed SB (Senate Bill) 187 as one of my priority measures last July 7, 2022 to give the President the power to suspend the imposition of the 12 percent VAT (value added tax) on petroleum products,” she added.
“The idea of Senate ‘involvement’ is to be endorsed. Involvement means we hear the matter so that the sun can shine on all the corners of the agreement or proposed agreement,’’ Pimentel said citing the proposal of Senator Francis Tolentino.
Senator Grace Poe, however, holds a different view on the issue.
“The plan to resume talks on the joint oil exploration with China comes amid the continued presence of their vessels in the West Philippine Sea,’’ Poe noted.
Poe recalled the dozens of diplomatic protests that the Philippine government had filed related to China's incursions in Philippine waters, which the foreign government disputes.
“Why China, or why only China, when there are other neighboring countries staking claim in the disputed sea?” she asked.
In pursuing the deal, the government should also consider existing jurisprudence related to maritime explorations, Poe said.
“Country, Constitution, civility and transparency must be our key guideposts in any dealing with foreign nations,’’ she said.
Meanwhile, on the surprise announcement of the Oil Producing Exporting Countries (OPEC) to reduce oil production from May to end of the year, Senator Francis Escudero said it would definitely affect the country’s economic recovery and would surely have inflationary effects
Government agencies such as the Department of Finance (DOF), Bangko Sentral ng Pilipinas (BSP), Department of Energy (DOE), Department of Trade and Industry (DTI) and Department of Labor and Employment (DOLE) should meet and issue corrective plans to cushion its impact, Escudero said.
In a related statement, Senator Imee Marcos, chairperson of the Senate Committee on Foreign Relations, noted that the Philippines and the global economy continue to feel the effect of the Russia-Ukraine crisis.
“While oil prices are down from the peak of almost USD120 per barrel at February to March 2022, translating to local pump prices of almost 90 pesos per liter of gasoline, the fact remains that oil prices remain high at almost P70 per liter,” she said.
“Analysts have forecasted the move of OPEC to increase local pump prices by as much as P3 per liter, and possibly more. In the short term, the government can look at G2G importation with countries like India, China, and possibly Russia to avert the supply crunch,” she pointed out.
“As far as legislation is concerned, I filed SB (Senate Bill) 187 as one of my priority measures last July 7, 2022 to give the President the power to suspend the imposition of the 12 percent VAT (value added tax) on petroleum products,” she added.