News Release
December 13, 2007
For reference:  Connie Bragas-Regalado, Chairperson (0927-215-7392)
 
Scrap oil deregulation law -- Migrante
 
For OFWs and their families reeling from the negative effects of the “strong peso” on their pockets, the call to scrap the oil deregulation law is a welcome one. 
 
“We join the various sectors calling for the scrapping of the oil deregulation law.  The constant oil price hikes fuel the rising prices of basic goods and services.  As such, the already diminished budget we’re left with because of the ‘strong peso’ is diminished even further,”  says Connie-Bragas- Regalado, Migrante International Chairperson during the National People’s Protest Against Oil Price Hikes.
 
“If the Arroyo administration is truly intent on alleviating the financial crisis OFWs and their families face – the repeal of the Oil Deregulation Law or RA 8479 should be among the first steps she takes,”  she added, noting that OFW families are also directly hit since many are also PUV operators or commuters.
 
Since the full deregulation of the oil industry in 1998, the price of petroleum products has increased by 513.4%.  Under Arroyo, the petroleum products increased by 121.9% with oil prices increasing an average of 8 times per year, according to the science and technology group Agham.
 
Bragas-Regalado estimates that since the dollar’s steady fall, OFWs and their families are losing an average of 20% in the value of their remittances. 
 
“Pegging the dollar to a peso exchange rate will help us little if the prices for various goods and services keep increasing.  Already, most OFW remittances are spent on basic items like food, clothing and shelter.  It’s such that even earnings from abroad can hardly keep up with the rising cost of living,”  said Bragas-Regalado. 
 
The migrant leader said that with Christmas fast approaching, the peso may rise even further as more OFWs send dollars home to their relatives.  The Bangko Sentral ng Pilipinas estimates OFW remittances may reach around $14.7 billion this year with monthly remittances consistently breaching the US$1 billion mark.
 
“Clearly, pronouncements about how the ‘strong peso’ illustrates a ‘strong economy’ are another Malacanang myth.  The rising oil price hikes, rising cost of living and rising number of Filipinos forced overseas to survive shatter this latest Arroyo lie to the people,”  she exclaimed.
 
“We commit to intensifying the campaign for the repeal of the oil deregulation law among overseas Filipinos and their families.  Actions for the scrapping of this anti-people law and ouster of Arroyo will surely intensify in the coming year,”  concluded Bragas-Regalado.  #