Press Release
October 27, 2009

ANGARA URGES EFFICIENT USE OF OIL, CONTINUED R.E. DEV'T

While oil companies are expected to implement Executive Order No. 839, which directs them to rollback prices, Senator Edgardo J. Angara today urged the public to remain cautious of excessive oil dependency despite the lower price of petroleum products.

"These lower prices are at best temporary, and we still face the threat of a possible shortage, leading to another series of oil price spikes in the near future. This early, we should explore renewable energy sources," he said.

"The Philippines is one of the most oil-dependent countries in Asia. This puts us in a vulnerable position as the country's demand for energy can only be expected to grow as households, transport and factories multiply. In 2008, we saw the year of skyrocketing cost of fossil fuels with oil reaching record prices although prices tempered until the end of the year until present. We cannot be complacent about our oil use," said Angara who chairs the Senate Committee on Science and Technology.

Angara enumerated solar, geothermal, hydro and wind energy as proven power technologies, for which the Philippines has great and untapped potential.

He added, "The future is in clean, renewable energy, which is predicted to be one of the biggest industries by 2014. And we must turn the current global financial crisis - and the consequentially lower oil prices - as an opportunity to invest in green energy and technology. The passage of the Renewable Energy Act is a great step towards this direction. Much still needs to be done not only in policymaking, but in engaging both the public and private sector to participate."

The Renewable Energy Act of 2008 signed by President Gloria Macapagal-Arroyo will encourage local entrepreneurs to go into the development of the country's vast renewable energy resources and decrease our dependence on imported fossil fuel.

"It is a timely and strategic measure that will increase RE use and development through fiscal and non-fiscal incentives, not to mention unite us with the global effort to stem climate change," said Angara, who was among the main sponsors of the RE law.

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