Reference to the GMA News Online report "Govt is caught between business policy and oil prices, says Energy chief"
We are in a very difficult situation! Oil prices largely contribute to inflation.
But I find Energy Secretary Jose Rene Almendras statements here more sensible than the Friedmanian conclusion of Deputy Presidential Spokeswoman Abigail Valte on price-control-leads-to-shortage. In a way, the legal action and monitoring mechanisms by DOE-DOJ are 'price control policies' that are good to combat 'administered pricing' of the greedy oil companies. But this is not enough!
The Galbraithian-Keynesian sense of Walden Bello should be seriously considered, addressing the needs for price stability and full employment towards growth, social welfare and social justice.
'Effective price controls' should be instituted with 'wage controls' to prevent imbalance between profits/investments and wages/incomes.
Fiscal policies must prioritize the people, workers and consumers through expenditures on job-creating programs and tax cuts (including of EVAT and in tolls).
Realign targeted funds of CCT in favor of 'universalization' of social welfare; government job guarantee schemes (a la Minsky's government-as-employer-of-last-resort); and SME financing.
We are in a very difficult situation! Oil prices largely contribute to inflation.
But I find Energy Secretary Jose Rene Almendras statements here more sensible than the Friedmanian conclusion of Deputy Presidential Spokeswoman Abigail Valte on price-control-leads-to-shortage. In a way, the legal action and monitoring mechanisms by DOE-DOJ are 'price control policies' that are good to combat 'administered pricing' of the greedy oil companies. But this is not enough!
The Galbraithian-Keynesian sense of Walden Bello should be seriously considered, addressing the needs for price stability and full employment towards growth, social welfare and social justice.
'Effective price controls' should be instituted with 'wage controls' to prevent imbalance between profits/investments and wages/incomes.
Fiscal policies must prioritize the people, workers and consumers through expenditures on job-creating programs and tax cuts (including of EVAT and in tolls).
Realign targeted funds of CCT in favor of 'universalization' of social welfare; government job guarantee schemes (a la Minsky's government-as-employer-of-last-resort); and SME financing.
'Effective price controls' should be instituted with 'wage controls' to prevent imbalance between profits/investments and wages/incomes.
Fiscal policies must prioritize the people, workers and consumers through expenditures on job-creating programs and tax cuts (including of EVAT and in tolls).
Realign targeted funds of CCT in favor of 'universalization' of social welfare; government job guarantee schemes (a la Minsky's government-as-employer-of-last-resort); and SME financing.
Use this crisis as an opportunity for socio-economic reforms (including disciplining of 'market forces'), as well as for environmental sustainability (alternatives to foreign oil-based production system).
PNoy administration must rediscover 'coordination' — in other words, team work — for this should involve a coordinated response from literally every department and agency of the government.
And yes, we also need good luck!
