ANGARA WARNS ANEW AGAINST ECONOMIC CONSEQUENCES
OF OIL CRISIS TO PHL

In a recent radio interview, Senator Edgardo J. Angara explained the effects of the rising oil prices worldwide, which will have repercussions on the Philippine economy, urging the government to act fast against this looming problem.

"Being such an oil-dependent country, this unstoppable surge in oil prices and the resulting rise in food costs poses a great threat against the progress of the Philippine economy," he said.

Angara, former Secretary of Agriculture, said that enriching the country's food production industries primarily under the Agriculture sector is key to stemming this impending crisis.

Another solution, he says, is by decreasing our dependence on petroleum-based products through the development of "green technology".

"'Green' modes of transportation such as electric cars and vehicles which run on low-emission fuel is fast becoming a viable alternative in the Philippines--our scientists are hard at work, trying to make this technology accessible to the everyday Filipino," explained Angara, who chairs the Senate Committee on Science and Technology.

According to Angara, the government must give its utmost priority to curbing this growing problem.

"We must act fast and work together if we want to address this problem threatening to put our country into deeper poverty," he said.