When the oil industry was liberalized, beginning from the abolition of the OPSF, the leftist militants poured into the streets to oppose the moves.
As they did when they opposed dissolution of the OPSF and liberalization of the power industry, the usual suspects will march in the streets professing love for the poor.
Posadas admitted though that this is an uphill policy fray for the department, "because when you say the word 'stabilization, it seems it is a deja vu to the OPSF
pushed on Tuesday for the return of the Oil Price Stabilization Fund (OPSF) to alleviate the effects of rising oil prices on the Filipinos.
Marcos, said in the face of rising oil prices, it would be a good idea to consider the return of the OPSF which was set up in 1984 during the time of his father to help protect consumers from fluctuations in the prices of oil in the world market.
He pointed out that the OPSF was scrapped with the deregulation of the oil industry during the Ramos administration.
Young Marcos explained that under the OPSF, the top three Oil companies then consisted of Shell, Caltex, and government-owned Petron contributed a portion of their sales to the stabilization fund.
From left, Winnie Davies (OPSF
), Bernadette Fuge (chairwoman of Age Cymru), Gwenda Thomas AM (Deputy Minister) and Rene Gannon (vicechairwoman OPSF
There were a number of critical bottlenecks in the very structure of the economy which contributed to a high inflation expectation.Moreover, as the OPSF
issue highlighted, there were practices - many of them inherited from the past - which tended to bloat up government spending, while Congress was understandably and naturally leery of passing any new tax revenue legislation.