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Tuesday, August 16, 2005
Espinoza: Crisis could unite Pinoys
By Fred C. Espinoza
MORE BAD THINGS. If there’s truth to the saying that it takes a crisis to unite a feuding family, the global oil crisis could unite our people. If you happen to be one of the few who still cherish the thought that there’s a silver lining waiting whenever clouds appear in the blue, as the song goes, I don’t blame you, my friend.
The country’s economic prospects are not likely to get better in 2006, according to the former secretary general of the National
Economic and Development Authority (Neda).
Former socio-economic planning secretary Cielito Habito, now director of the Ateneo Center for Economic Research, told reporters that the economy is held hostage not only by the political crisis, but more importantly, by the high prices of crude oil in the world market.
Based on the Ateneo macroeconomic forecasting model, every 20 percent increase in the price of oil would mean that the growth of the economy, as measured by the gross domestic product, would fall by 0.8 percentage point.
He also described the inflation outlook as not very encouraging.
If Dubai crude, one of the benchmarks used by local retailers
to peg the prices of oil products, hits $70 per barrel, Habito pointed out that domestic oil prices could reach P50 a liter.
“By then, we would have to rethink our inflation forecasts,” he said.
BICKERING. On the other hand, it is hard to believe that the proverbial silver lining could emanate from the House of Representatives.
Based on reports yesterday, members of the House of Representatives have called for a moratorium on political bickering so everyone can focus on dealing with a looming oil crisis as the price of crude oil rose last week to a historic $65 a barrel.
The appeal was made by Reps. Joel Mayo Almario (Lakas, Davao Oriental) and Vicente Garcia (NPC, Davao City), vice chairman and member, respectively, of the House committee on energy. They said there is a compelling need for national unity to address the oil problem, which is now upon the country.
Almario also tried to allay the fears of President Gloria Arroyo’s critics that the moratorium is a diversionary tactic.
“In fact, we should end the political wrangling now that the House committee on justice has started the hearings on the impeachment complaint,” he said.
He urged his peers to set aside partisan politics and unite to contribute to energy conservation efforts, as well as look for alternative energy sources.
In the upper chamber, Senate Minority Leader Aquilino Pimentel Jr. supports the call of his colleagues in the majority bloc to set the date for the termination of the jueteng inquiry.
“There is a need, I agree, to somehow define and fix a particular date (to end the jueteng hearing),” Pimentel said.
For his part, Rep. Garcia said: “The most logical thing to do is to implement fully the energy independence and savings plan, which includes increasing reserves of indigenous oil and gas; aggressively developing the renewable energy potential, such as biomass, hydro, solar, wind and ocean resources; increasing the use of alternative fuels; and forging strategic alliances with other countries. We should constantly assess and review our efforts to ensure that we remain on track with our goals and prevent an oil crisis.”
(August 16, 2005 issue)
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