Manila: Sen. Sherwin Gatchalian on Thursday called for closer scrutiny of oil companies, directing the Philippine Competition Commission (PCC) to monitor possible anti-competitive behavior and profiteering amid the ongoing oil crisis. During the Senate's Proactive Response and Oversight for Timely and Effective Crisis Strategy (PROTECT) committee hearing, Gatchalian said the move aims to ensure that fuel price increases remain justified and that consumers are protected from potential abuse.
According to Philippines News Agency, Gatchalian expressed concerns about the possibility of excess profits in the oil sector and emphasized the importance of close monitoring. In an ambush interview at the Senate, he remarked in Filipino about his suspicion of potential profiteering: "Importante sa ganitong sitwasyon, minu-monitor mabuti. Dahil, ako ang kutob ko, imposible walang labis ang kita dito."
Gatchalian mentioned that both the PCC and other agencies are currently keeping track of price movements to identify any signs of anti-competitive practices or excessive profit-taking by oil firms. He stated, "Kung merong anti-competitive behavior. kung merong profiteering. pwede rin pumasok yun," indicating that such issues could be addressed if found.
He also highlighted that oil companies will be required to submit data under the recently enacted law allowing the suspension of excise taxes on fuel. This data will assist the government in assessing actual earnings and determining whether further intervention, such as a potential windfall tax, may be necessary if profits are deemed excessive.
The senator underscored the need for continuous oversight as fuel price increases continue to impact transport costs and other basic goods. Monitoring efforts are concentrated not only on supply conditions but also on pricing behavior to prevent abuse during the crisis.
Gatchalian emphasized that ensuring fair competition and preventing profiteering are essential to protecting consumers as the government addresses the effects of rising global oil prices.
