AQUINO'S OUTRIGHT REJECTION OF PETRON BUY-BACK OFFER IS UNDEMOCRATIC

“President Aquino’s unthinking rejection of the offer to buy back Petron without consulting all the major stakeholders, including majority of the Filipino citizens whose household budgets are greatly affected by the continuing increase in oil prices, smacks of autocratic leadership,” declared Gabriela Women’s Party Rep. Emmi De Jesus on the President’s rejection of Petron’s offer to sell its refinery in Limay, Bataan.

“Refusing to buy back Petron is also an obvious rejection of the call to nationalize the oil industry. That the government has no money to buy back Petron and is inefficient to run something that has a purely business application are lame excuses. The Commission on Audit and the Department of Energy reported that the total Malampaya funds collected since 2002 up to June 30, 2011 and was placed in Fund 151, has amounted to around P115 billion. The government could use this fund to buy back Petron,” added the Gabriela solon.

“Buying back Petron is a significant step towards the nationalization of the oil industry. By doing so, it can influence the pump price of oil to make it affordable to the transport sector,” De Jesus further explained.

“These big oil companies are prime examples of corporate greed that has driven hundreds of thousands of citizens globally to join the “occupy movement.” President Aquino should take heed of the people’s demand to take back management of vital industries that greatly affect people’s lives, and not leave these in the hands of the “Wall Street” people. Aquino should also act on the public clamor to repeal the Oil Deregulation Law and seriously implement programs towards the nationalization of the oil industry,” ended De Jesus. Representative EMMI DE JESUS, Gabriela Women's Party