Cusi: Economic emergency not needed for oil prices

Energy Secretary Alfonso Cusi stated that declaring a state of economic emergency is not necessary at this point to address the rising petroleum prices.

Cusi questioned the effectiveness of such a declaration, asking what actions could be taken under an emergency status.

Albay Representative Joey Salceda had previously proposed the declaration to expedite aid distribution to sectors affected by the fuel price surge.

Salceda suggested that an economic emergency would allow the use of calamity funds for relief efforts targeting tricycle drivers, farmers, and fisherfolk.

The Department of Energy (DOE) believes amending the Oil Deregulation Law is a more suitable approach to allow government intervention.

Malacañang has also called for a review of the oil deregulation law in light of increasing oil prices and the Russia-Ukraine conflict.

Congress is currently in recess and will only resume sessions after the May 9 elections, unless convened by President Duterte.

DOE Undersecretary Gerardo Erguiza Jr. supported Cusi's stance, emphasizing the need for a legislative framework to address the issue.