House ready for special session on rising oil prices – Velasco

House Speaker Lord Allan Jay Velasco. (PHOTO FROM HIS OFFICE)

MANILA, Philippines — The House of Representatives is ready for a special session if President Rodrigo Duterte orders it to address the rising prices of fuel, Speaker Lord Allan Velasco on Monday said in a statement issued on Monday.

“We are more than willing to hold a special session in case President Duterte calls for it,” Velasco said.

According to Velasco, the Constitution gives the president the power to call a special session at any time.

Velasco issued this statement after the Fuel Crisis Ad Hoc Committee conducted a hearing on Monday to discuss measures on how to reduce the soaring prices of fuel triggered by the Russia-Ukraine war.

“We expect the ad hoc committee to fully assess the economic impact of the drastic increase in oil prices and come up with recommendations on how the government can address the problem at the soonest possible time,” Velasco said.

The committee is composed of chairpersons of four key House panels, Committee Chairs Sharon Garin (economic affairs), Joey Sarte Salceda (ways and means), Juan Miguel “Mikey” Arroyo (energy), and Edgar Mary Sarmiento (transportation).

They are tackling the impacts of the fuel crisis on inflation, trade and commodity prices, agriculture, supply and demand, and the transport sector.

Velasco lauded the government’s move to provide fuel subsidies to sectors directly affected by rising oil prices.

“I believe that what the government is doing, giving subsidies to targeted beneficiaries who are severely affected by unabated oil price hikes, is the best solution for now,” Velasco said.

The government earlier announced that it is preparing to release P2.5 billion for a subsidy program providing fuel vouchers to qualified members of the public transport sector, as well as P500 million in fuel discounts for farmers and fisherfolk.

The National Economic and Development Authority then announced in a taped briefing with Duterte that it proposed to double the said subsidies from P2.5 billion to P5 billion and P500 million to P1.1 billion.

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