NEDA Sec. Balisacan, hindi pabor sa pagbibigay ng oil subsidy para sa lahat; Transport sector, dapat mabigyan ng oil subsidy ayon kay Balisacan

Transcript

00:00 National Economic Development Authority Secretary Arsenio Balisacan did not agree

00:05 with the oil subsidy for all,

00:09 his explanation in the report of Rod Laguzan.

00:12 National Economic Development Authority Secretary Arsenio Balisacan did not approve

00:21 the subsidy for all,

00:22 in just one statement.

00:24 Balisacan explained that only the rich who have high consumption

00:28 can benefit from this.

00:30 Instead, according to the Secretariat, those in the vulnerable sector should be subsidized.

00:34 Like the transportation sector, where ordinary people can benefit.

00:40 I think we should avoid subsidizing power, electricity, fuels,

00:48 for ever, you know, generally, because the biggest consumers of fuels, for example,

00:57 are the rich.

00:59 The biggest consumers of electricity are the rich.

01:03 So if you subsidize those, who benefits?

01:05 This is what San Miguel Corporation President and Chief Executive Officer Ramon Ang said

01:10 in the Philippine Economic Forum.

01:12 The oil and electricity prices in the country are still high,

01:15 [audio cut]

01:19 for those who subsidize.

01:21 And our neighboring countries don't impose taxes.

01:26 But if you look at it on an equal basis,

01:30 our prices without the subsidy and without taxes

01:35 is even lower than Malaysia, Indonesia, and Thailand.

01:39 Balisacan gave the message that the needs should be prioritized.

01:43 At the moment, there are programs that are being implemented here.

01:47 As we implement our digitalization program, our national ID,

01:53 we should be able to perfect the targeting.

01:59 The target that we are helping is really what we can help.

02:02 That way, we can save a lot of fiscal resources.

02:07 He said that through this, the fiscal crisis will be avoided,

02:12 just like what happened when the Oil Price Stabilization Fund was established.

02:16 Rod Laguzad for Pambansang TV in Bagong, Philippines.