TUCP to oil companies: Limit profit-making

AMID the steady rise in the prices of fuel products, the Trade Union Congress of the Philippines (TUCP), the country's biggest labor group, called on oil companies to share the burden by moderating their profit margins, as a way of showing corporate social responsibility.

TUCP's call came following the 11th straight week of oil price hikes, eroding further workers' wages amid relentless rise in the prices of basic commodities and services.

"It is not only PUV (public utility vehicle) drivers and motorists who are taking the hit from oil price hikes but all Filipino families because when gas prices go up, it will have a second-round knockdown effect on almost all basic goods and services," said TUCP Vice President Luis Corral. "Why is it so easy for gas companies to implement price hikes while it is exceedingly hard for workers to demand pay hikes?"

"We have long urged all social partners, both in government and in business, to share the sacrifice because workers have long sacrificed, especially during the pandemic, providing a decent life to their families despite too high prices and too low wages," he pointed out.

Further, the TUCP said the lives of the working class could become more bearable if oil companies go easy on profit-making.

The group added that it supported moves by the leadership of the House of Representatives to recommend to President Ferdinand Marcos Jr. the possible suspension of excise tax and value-added tax on oil.

"We join calls to review and reform the Oil Deregulation Law. This is long overdue since this policy of unbundling gas prices never ended unfair and unjust pricing borne out of price collusion. It is well-settled, after all, that liberalization and deregulation will only work in a truly free market, and not in an oligopoly filled with colluding firms," the group further said.

At the same time, it called on Congress to prioritize the study and amendment of Republic Act 9136, or the "Electric Power Industry Reform Act of 2001," more popularly known as the "Epira Law."

It pointed out that the law never achieved its purpose of making electricity in the country affordable and reliable.

"Even before assuming the presidency, the President declared that 'our mission for our country is to have adequate, reliable and affordable electricity for all' in cognizance that 'a big part of every Filipino's salary goes to paying electric bills.' We hope Congress will also [include in the] agenda amendments to Epira, such as proposed rate reduction targets," it said. - By William B. Depasupil