Game changer
Senator Panfilo Lacson warned that if the government does not do something about the increase in prices of practically everything due to TRAIN, then a revolution might happen. When people go hungry, prepare for protest actions. Lacson adds this is the case in other countries, where protests and even revolutions were the result of an expensive way of life. Lacson is one of the senators who voted against TRAIN.
Prices are indeed high for basic commodities. The spending power of the peso is not what it used to be. The almost weekly increases in gasoline and diesel prices aren't helping. We should also mention the fall of the peso against the dollar. The country is being hit with a double-whammy. How much can the ordinary Filipino take? Did the reduction of personal income tax offset the increase in everything as the government claimed back then? And yet, in 2019, there will be additional taxes due to TRAIN.
As of this writing, gasoline and diesel prices have risen. But there may be a bit of good news. Saudi Arabia and Russia will meet this July to discuss stabilizing crude oil prices. They are ready to increase oil production if necessary. Saudi Arabia is the world's largest oil exporter. They control the virtual oil faucet. When prices are high, they turn it up. When prices are low, they turn it down. That's how powerful this Middle East kingdom is. Indeed, Saudi Arabia had to fill the void of Venezuela and Iran, due to geopolitical issues. Venezuela's once monumental oil industry is collapsing. I guess nothing lasts forever, even for crude oil.
Duterte recently claimed he shed tears when he saw oil flowing from the recently-inaugurated Alegria Oil Field in Cebu. But what is available from Alegria might only be for local consumption, such as a power plant for the province not for the whole country. Oil still needs to be refined. The quality of oil from Alegria must also be classified. It would be nice if more oil fields such as Alegria were discovered all over the country. The Alegria Oil Field is operated by China International Mining Petroleum Co., Ltd. (CIMP). Well, what can we say about that? Apparently, they found the oil and provided the infrastructure to get it out. They are partnered with Filipino companies as mandated by law. China does not produce its own oil, which is why they are practically scouring the seabeds for it, even going as far as Philippine Rise. Oil is such a game changer, that China will do anything to get their hands on it. If they can find oil inland, then they may be able to find it anywhere on the ocean. If they do find oil and gas on the ocean, especially on disputed areas, will they still be partnered with Filipino companies? Is this why they are upping the ante on disputed areas by militarizing, because they already have evidence of large reserves of oil and gas?