The government's former anti-trust chief stated that the Philippine Competition Commission and Energy Regulatory Commission have the power to investigate oil firms for collusion. Economy Secretary Arsenio Balisacan shared this during a House hearing. Lawmakers urged stronger enforcement amid the fuel crisis.
During a hearing of the House joint committee on Legislative Energy Action and Development, Economy, Planning, and Development Secretary Arsenio Balisacan stated that the government is not powerless against collusion in the deregulated oil industry. He formerly chaired the Philippine Competition Commission under the Duterte administration.
"I think the issue here is that the oil regulators are not exercising their powers to make sure that market players are being fair in the way they play their game in the market," Balisacan said. He noted that in a highly concentrated industry with few major players, cartel-like behavior is easy, similar to OPEC.
Rep. Miro Quimbo of the House ways and means committee called for stronger enforcement by the PCC and ERC, especially amid the fuel crisis triggered by the US-Israel war on Iran. "In reality, the government has sufficient powers... to be able to prevent, determine, investigate, and penalize individuals who are excessively profiteering," he said.
Meanwhile, ACT Teachers Rep. Antonio Tinio urged the Department of Energy to unbundle oil prices and disclose oil companies' actual profits. "Unbundle oil prices now. If there is truly no overpricing, then transparency should be the easiest thing to provide," he said, pointing to higher local pump price increases compared to world market indicators.
