The Freeman's editorial about Sen. Roxas

Good day everyone! I'll share to you yesterday's editorial of Cebu's The Freeman newspaper about Senator Mar Roxas call to review the oil firm's books.

Senator Mar Roxas, noting that world oil prices have dropped drastically and are now selling at below $70 per barrel, is demanding an accounting by oil companies operating in the Philippines.

This is because, as Roxas noted, the price cuts being implemented by these oil firms are not in proportion with the levels to which world oil prices have dropped. In other words, while these oil firms are cutting back on their prices, they are not cutting back enough.

Roxas, who is the chairman of the Senate committee on trade and commerce, wants these oil firms to open their books so the public can see if they are not being made suckers by greedy corporate giants.

But Roxas should not stop with a simple demand for transparency. He should initiate a probe of these companies to determine if sanctions are not in order for their making hay out of a critical situation at public expense.

It is bad enough that these oil giants grab all they can, it is worse when they do it with the thought that we cannot see through their machinations. Pretending to give P1 or P2 cutbacks when they can give P5 is corporate con artistry and must not go unpunished.

Certainly, Roxas is in a position to do something about this abusive and oppressive corporate policies. And it is better to find legislative measures to correct the situation than wait for people to reach breaking point and force them to take matters into their own hands.

And while Roxas is at it, maybe he could also try to find out what is taking the LTFRB so long to order a reduction in transport fares when, for the same reason that world oil prices have been going down steadily, transport fares should have also been cut long ago.

Roxas must remember that transport fares were allowed to go up for one reason only — that oil prices were going up. Now that oil prices have gone down, it is wrong for drivers to start invoking other factors such as prices of rice, bread, etc.