Gatchalian files measure seeking to investigate the effects of the Russian invasion of Ukraine on PH economy

Gatchalian files measure seeking to investigate the effects of the Russian invasion of Ukraine on PH economy

Senator Sherwin Gatchalian wants to investigate the effects on the Philippine economy of the ongoing war between Russia and Ukraine to determine the impact on energy security and affordability in the country.

Gatchalian has filed Resolution No. 78 due to the drastic increase in global oil and coal prices has reverberated across the domestic market with local pump prices experiencing consecutive weekly increases.

The Senator pointed out the 22% increase in gasoline prices to P77.71 per liter in May from P63.58 per liter in January and diesel pump prices soared by 49% to P75.92 per liter in May from P50.95 per liter in January.

“There is a need for Congress to be apprised of the short, medium, and long-term effects and implications of the Russian invasion of Ukraine on the Philippine economy, in particular, the country’s oil supply and the effects of the continuous elevated global oil and coal prices on domestic oil and petroleum products,” the senator said.

“Hindi na kakayanin ng taong bayan ang palagiang pagtaas ng presyo ng produktong petrolyo na naging sanhi din ng pagtaas ng presyo ng mga pangunahing bilihin,” he added

Gatchalian, who was the chairman of the Committee on Energy in the 18th Congress, conducted a hearing in March to seek specific solutions and programs of the Department of Energy (DOE) and relevant government agencies to mitigate the impact of the Russia-Ukraine crisis on the country’s oil supply and prices. (ai/mtvn)

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