House forms joint body vs oil shock

The House of Representatives is set to create a joint committee to address the ongoing oil price shock in the Philippines, House Committee on Ways and Means member Rep. Romero Quimbo said during the Saturday News Forum in Quezon City.

Quimbo said newly appointed House Speaker Faustino Dy III has ordered the formation of the Legislative Energy Action and Development Joint Committee.

“These are three committees from different House committees that have been brought together to comprehensively address the oil price shock happening in the Philippines,” he said in Filipino.

He added that rising fuel prices have a ripple effect on inflation, particularly on food and other basic goods.

“In a nutshell, the needed action is how do we control prices by controlling the effect of the oil price shock,” Quimbo said.

“The main action is really to help industries affected by oil so that it does not spill over into other sectors,” he added.

Quimbo also noted that the transportation sector is among the hardest hit, with drivers and operators facing higher fuel costs while fares and incomes remain constrained.