Palace rejects call for scrapping of Oil Deregulation Law

MANILA, Philippines - Malacañang on Monday told critics to wait for the result of the economic managers' review on the Oil Deregulation Law but rejected calls to scrap it. The Palace was reacting to calls to suspend its implementation pending its review by the Energy department and the economic team. Deputy spokesperson Lorelei Fajardo said President Arroyo has already ordered Energy Secretary Angelo Reyes and the economic managers to discuss the matter with lawmakers. “The President is very serious not to scrap but to review [the law]. We just want to clear that. That's why she has given instructions to our Secretary of Energy. So let's await the results. This is always discussed at the Cabinet meeting," Fajardo said. She said consultations are being held with stakeholders to protect both consumers and business sector as the Palace saw the need to review the law. The consultations and ongoing investigations will tell if there is really an oil cartel, according to Fajardo. - GMANews.TV