By Wilnard Bacelonia
MANILA – Sen. Sherwin Gatchalian on Thursday called for closer scrutiny of oil companies, directing the Philippine Competition Commission (PCC) to monitor possible anti-competitive behavior and profiteering amid the ongoing oil crisis.
During the Senate’s Proactive Response and Oversight for Timely and Effective Crisis Strategy (PROTECT) committee hearing, Gatchalian said the move aims to ensure that fuel price increases remain justified and that consumers are protected from potential abuse.
“Importante sa ganitong sitwasyon, minu-monitor mabuti… Dahil, ako ang kutob ko, imposible walang labis ang kita dito (In this kind of situation, close monitoring is important… I have a feeling it’s impossible that there are no excess profits here),” he said in an ambush interview at the Senate.
He said both the PCC and other agencies are now tracking price movements to determine whether there are signs of anti-competitive practices or excessive profit-taking by oil firms.
“Kung merong anti-competitive behavior… kung merong profiteering… pwede rin pumasok yun (If there is anti-competitive behavior… if there is profiteering… that can be addressed),” he said.
Gatchalian added that oil companies will also be required to submit data under the recently enacted law allowing the suspension of excise taxes on fuel, which would help the government assess actual earnings.
He said the information could be used to determine whether further intervention, including a possible windfall tax, may be warranted if profits are found to be excessive.
The senator stressed the need for continuous oversight as fuel price increases continue to affect transport costs and other basic goods.
He said monitoring efforts are focused not only on supply conditions but also on pricing behavior to prevent abuse during the crisis.
Gatchalian noted that ensuring fair competition and preventing profiteering are critical to protecting consumers as the government responds to the impact of rising global oil prices. (PNA)
