Use Malampaya fund to build fuel reserve: lawmaker
July 7, 2011
THE government should use a chunk of the P77.2-billion Malampaya fund to build a permanent emergency fuel stockpile that would cushion the country from future global oil shocks, a lawmaker said Wednesday.
Representative Arnel Ty, of the party-list LPG Marketers’ Association (LPG/MA) and a member of the House energy committee, said that at current crude oil prices, just one-fourth of the Malampaya fund, or P19.3 billion, would enable government to purchase and stash an emergency supply of fuel good for 15 days national consumption.
The lawmaker cited a Commission on Audit report stating that a special account for government royalties from the Malampaya Deep Water Gas-to-Power Project still had a residual cash balance of P77.187 billion as of December 31, 2010.
“Considering the availability of potential funding, [the] government is now in a position to put up the emergency oil stockpile we’ve been pushing for,” Ty said.
“We have to create a state-controlled stockpile of refined petroleum products to secure our requirements – estimated at the equivalent of 300,000 barrels of oil per day – during a crisis,” he pointed out.
This was after Budget Secretary Florencio Abad clarified that the nature of the Malampaya Fund balance of P79.48 billion as of May 2011 is not actual cash but an accounting of revenue inflows and expenditure items charged against the Fund since revenues were remitted to the government from the Malampaya Natural Gas Project since it started in 2002.
“In other words, there’s no P79.48-billion in cash sitting in any bank and ready to be used by the government at any time,” Abad said in a press statement issued by the Department of Budget and Management.
He explained that the annual revenue inflow in the form of net proceeds from the sale of petroleum from the Malampaya Natural Gas Project is accounted for as part of the yearly revenue program supporting the budget proposal submitted to Congress. Hence, the proceeds are effectively utilized every year to fund expenditures approved by Congress.
For 2011, some P26.2 billion of Malampaya proceeds is projected under the P138 billion non tax revenue program of the government.
Abad asserted that the Malampaya Fund should be used prudently and for the proper purposes. He notes that the Malampaya Fund has a specific purpose in law, which is to fund energy developments, or for other purposes as duly approved by the President.
Ty is author of House Bill 4526, which seeks to launch a national Strategic Petroleum Reserve (SPR), to be established and maintained by the state-owned Philippine National Oil Company (PNOC). Senator Teofisto “TG” Guingona III has the same proposal contained in Senate Bill 159.
As proposed by Ty and Guingona, the PNOC would be required to install the SPR within 26 months after their bills are enacted. The reserve would initially store ready-to-use gasoline, diesel, and LPG.
Mandating the PNOC to set up the SPR would be consistent with the firm’s mandate, under Presidential Decree 334, to provide and maintain an adequate and stable supply of oil and refined fuel products for the domestic requirement, Ty said.
“The creation of the SPR will also give flesh to the country’s commitment under the Association of Southeast Asian Nations Petroleum Security Agreement, which encourages members to build extra stockpiles and forge emergency oil-sharing agreements,” he added. (Kathrina Alvarez/Sunnex)
Source: http://www.sunstar.com.ph/manila/local-news/2011/07/06/use-malampaya-fund-build-fuel-reserve-lawmaker-165359
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Mimosa Drive past Holiday Inn, Mimosa Leisure Estate,
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3003C East Tower, Phil Stock Exchange Center,
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