Friday, January 04, 2008
Arroyo orders holding of energy summit (9:48 p.m.)
PRESIDENT Gloria Macapagal-Arroyo on Friday ordered Energy Secretary Angelo Reyes to call an energy summit following the rise in world crude price to more than US$100 per barrel due to a drop in US stockpiles.
Press Secretary Ignacio Bunye said the President ordered Reyes to call a summit of energy stakeholders to "enhance policies and programs, attract investments in technology, launch development projects that would impact favorably on energy supplies and prices while helping significantly arrest climate change."
Bunye also said Arroyo directed the energy department to coordinate with the trade and finance departments to "come up with recommendation on a possible reduction of tariff on oil."
The tariff on oil products stands at three percent. Reyes said last year that the energy department is not considering tariff reduction because it would result in a P400-million revenue loss per month. (JMR/Sunnex) |
