DOE cites positive impact of oil deregulation law

The oil deregulation law has caused significant impact on the Philippine economy, contrary to claims of some stakeholders, according to the Department of Energy (DOE). The DOE maintains that the Oil Deregulation Law is working for the Philippines and that the law has created a healthy competitive environment in the industry in terms of prices, quality of products and services, and more importantly, improved availability of access to supply. Citing data, the agency said that the new players in the oil industry have injected more than Php30 billion (US$645.65 million) in investments since 1994 up to the present. The DOE issued the statement in reaction to the claims of Consumer and Oil Price Watch advocate Raul T. Concepcion, who has asked Congress to regulate the oil industry again. (September 1, 2009)