Reduction not enough to appease transport sector
Oil price rollbacks might be temporary

Senator Edgardo J. Angara today warned the public that we shouldn't be lulled by seemingly lowering price of petroleum products of some oil players in the Philippines because the country might face another series of oil price spikes in the near future.

"The Philippines is one of the most oil-dependent countries in Asia. This fact pits us in a vulnerable position as the country's demand for energy can only be expected to grow as households, transport and factories multiply. In 2008, we saw the year of skyrocketing cost of fossil fuels with oil reaching record prices although prices tempered near the close of the past year until present time. But we shouldn't be lulled by these seemingly low price of petroleum products," said Angara who chairs the Senate Committee on Science and Technology.

He added, "The future is in clean, renewable energy, which is predicted to be one of the biggest industries by 2014. And we must turn this Global Financial Crisis and lower oil prices as an opportunity to invest in green energy and technology. The passage of the Renewable Energy Act is a great step towards this direction. Much still needs to be done not only in policymaking, but in engaging both the public and private sector to participate, as well."

The Renewable Energy Act of 2008, already signed by President Gloria Macapagal-Arroyo will encourage local entrepreneurs to go into the development of the country's vast renewable energy resources and decrease our dependence on imported fossil fuel. It is a timely and strategic measure that will increase RE use and development through fiscal and non-fiscal incentives, most especially to unite us with the global effort to stop climate change.

"Solar, geothermal, hydro and wind energy are proven power technologies, for which the Philippines has great and untapped potential," added Angara.

Angara thru the Congressional Commission on Science & Technology and Engineering (COMSTE) is currently exploring the possible options for the implementation of Renewable Energy generation in the Philippines as an alternative to fossil fuels.