Philippines to lift oil price freeze

The Philippine Department of Justice and Department of Energy joint task force on oil has recommended the lifting of Executive Order 839, which froze prices of petroleum products at October 15, 2009 levels. Trade Secretary Peter Favila said he and Justice Secretary Agnes Devanadera have finalized their recommendations to lift the price controls to President Gloria Macapagal-Arroyo. Devanadera said “there’s no need anymore” for the EO to freeze the prices of oil products to help areas devastated by the series of destructive typhoons that hit the country recently. The president needs to issue another executive order to lift EO 839. (November 13, 2009)