Saturday, August 27, 2005
More firms to shut down amid soaring oil prices
By Jenny Molbog-Mendoza
DAVAO City Chamber of Commerce and Industry Inc. (DCCCII) president Bienvenido Cariaga warned Friday that if the spate of oil price increases continues to plague the country, more establishments would shut down.
Cariaga said based on the latest data of the Department of Labor and Employment (Dole) 11, 13 companies throughout the region have already stopped their operations, whether temporarily or permanently.
"The number of companies closing and retrenching employees will not stop if the present condition persists. Hindi 'to malayong mangyari kasi tataas ang cost of production ng mga kumpanya. Sa members naman ng DCCCII, wala pa naming retrenchment na nangyayari sa kanilang mga kumpanya," he said.
Cariaga said the government should immediately implement various measures to address the issue.
"The oil price increases, which are happening almost every week, are terrible. The conservation of energy must originate from the government and the private sector will follow. I think, we must also negotiate with the oil-producing countries to continue its supply to us para walang shortage na mangyayri," he said.
With regards to the oil exploration plans, Cariaga said, such plan might not take off because of high capital requirement.
"May fiscal deficit tayo, kaya paano 'yan masisimulan? Energy conservation na lang muna at paggamit ng alternative fuels," he said.
For Bisaya stories from Davao. Click here. (August 27, 2005 issue)
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