Gatchalian bats for stricter oil watch

Senator Sherwin Gatchalian has called for tighter oversight of oil firms, urging the Philippine Competition Commission (PCC) to closely monitor possible anti-competitive behavior and profiteering amid the ongoing oil crisis.

Speaking during a hearing of the Senate’s Proactive Response and Oversight for Timely and Effective Crisis Strategy (PROTECT) committee, Gatchalian emphasized the need to ensure that fuel price hikes remain justified and that consumers are protected from abuse.

“Importante sa ganitong sitwasyon, minu-monitor mabuti… Dahil, ako ang kutob ko, imposible walang labis ang kita dito (In this kind of situation, close monitoring is important… I have a feeling it’s impossible that there are no excess profits here),” he said in an ambush interview at the Senate.

He noted that the PCC, along with other government agencies, is already tracking fuel price movements to detect any signs of anti-competitive conduct or excessive profit-taking.

“Kung merong anti-competitive behavior… kung merong profiteering… pwede rin pumasok yun (If there is anti-competitive behavior… if there is profiteering… that can be addressed),” he said.

Gatchalian added that oil companies will be required to submit relevant data under the recently enacted law allowing the suspension of excise taxes on fuel—information that could help determine their actual earnings.

Such data, he said, may guide future government action, including the possible imposition of a windfall tax if profits are deemed excessive.

The senator underscored the importance of sustained oversight as rising fuel costs continue to drive up transportation fares and prices of basic goods, stressing that monitoring should cover both supply conditions and pricing behavior to prevent abuse.

Ensuring fair competition and curbing profiteering, he added, remain crucial as the government works to shield consumers from the impact of volatile global oil prices.