MARCOS TO BUSINESS: FOLLOW EXAMPLE OF TRANSPORT GROUPS, REDUCE PRICES OF GOODS

Senator Ferdinand "Bongbong" R. Marcos today lauded transport groups for initiating a move for the reduction of jeepney minimum fare saying that the business sector should follow suit and bring about reduction in prices of their products.

Marcos said the decision of the Alliance of Concerned Transport Organizations (ACTO) and Pinagkaisang Samahan ng Tsuper at Opereytor Nationwide (PISTON) is an example to other sectors to start their own scheme to alleviate the plight of the public.

"This is a good example of social responsibility. I believe we have a lot of companies that are conscientious enough to start lowering prices on their own without government order or action and this is what they should do. These transport groups have shown the way and other sectors should follow suit," Marcos said.

ACTO and PISTON had earlier proposed for a P0.50 reduction in the P7.50 minimum fare following the continuing decline of oil prices in the global market.

Last Monday, Brent crude prices fell US$28 a barrel shortly after Iran was allowed to export oil. The last time Brent prices fell to below US$28 a barrel was in 2003.

Marcos had earlier called on the Department of Trade and Industry to explain why the prices of basic commodities remain high despite the big rollback in the prices of petroleum products.

He pointed out there should be a substantial reduction in the prices of basic commodities since oil prices have been reduced by as much as P24 since 2014. Just last Monday, oil companies announced another round of oil price rollback which put diesel prices in the range between P19 and P22.80 per liter while gasoline prices ranged from P32 to P38 per liter.

In January 2014, based on the Energy department's price monitoring report, retail prices of petroleum products ranged from P50.30 per liter to P55.45 per liter for gasoline and P42.10 per liter to P46.50 per liter for diesel.

"The Filipino people should be feeling the progressive effect of the oil price reductions but prices remain high. These transport groups have shown the way for others to emulate. But I think the government must also do its part to bring reprieve to our countrymen," Marcos said.