Tovic Salvador

Energy Usec. Sharon Garin attends the Finance Subcommittee E's public hearing on the proposed 2024 budgets of government owned- and controlled corporations (GOCCs), namely National Power Corporation, Philippine National Oil Company, and the Power Sector Assets and Liabilities Management Corporation on September 22, 2023. During the hearing, Garin, a former lawmaker, called for the establishment of a national policy on the condonation of debts of electric cooperatives. Joseph Vidal, Senate PRIB handout

Article (news)

RG Cruz

ABS-CBN News

MANILA – Energy Secretary Sharon Garin on Monday called for a review of the nation’s oil deregulation law, suggesting a return to government intervention as volatile markets and geopolitical rhetoric strain the local economy.Testifying before a Senate hearing on the impact of the ongoing conflict in the Middle East, Garin argued that the current free-market framework is insufficient during global crises.&quot;Deregulation only works... when it’s good times. When it&#x27;s bad times, medyo kailangan [regulation],&quot; Garin told lawmakers. &quot;Kasi kailangan bantayan maigi at diktahan kung ano yung, ano yung presyo na tama,&quot; she added.Garin also noted that domestic pump prices are now heavily influenced by the rhetoric of US President Donald Trump. While a brief ceasefire in the Middle East initially triggered a price retreat, she observed that &quot;unfortunate&quot; statements from the US leader have caused international charts to climb again.&quot;The prices are determined not only by international trading, but also the statements of President Trump,&quot; Garin said.The Secretary warned that the energy crisis has caused liquefied natural gas (LNG) prices to triple, while coal has surged by up to 30 percent. To mitigate the impact, the Philippine National Oil Company (PNOC) has procured one million barrels of diesel for P12 billion —a volume sufficient to power the entire country for five days.Garin added that the government has secured supply assurances from China and South Korea through government-to-government channels. Despite these buffers, she maintained that the state needs a permanent &quot;say on fuel prices&quot; during emergencies to protect consumers from the rapid fluctuations of a deregulated market.

"Deregulation only works... when it’s good times," Energy Secretary Sharon Garin told lawmakers.

"Deregulation only works... when it’s good times," Energy Secretary Sharon Garin told lawmakers.

Energy chief backs review of Oil Deregulation Law, bats for intervention during crises

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Energy chief backs review of Oil Deregulation Law, bats for intervention during crises

RG Cruz,

ABS-CBN News

Published April 13, 2026 02:27 PM PHT

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Oil Deregulation Law

Sharon Garin

DOE

Department of Energy

PNOC

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