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Bongbong Marcos’ eyes revival of OPSF to cushion effects of high oil prices

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Former senator Bongbong Marcos is eyeing the revival of the Oil Price Stabilization Fund (OPSF) to help alleviate the effects of the continued rise of oil prices in the country.

The OPSF was set up during the administration of the Ilocos Norte politiko’s father, the late dictator Ferdinand Marcos, to protect consumers from the fluctuations of oil prices.

It was scrapped when the oil industry was deregulated during the Ramos administration.

Under the OPSF, the top three oil firms contributed a portion of their sales to the fund.

“Ang sistemang yan, yung big three na tinatawag. The three big oil companies. Kapag nagbebenta sila nang petroleum products may binabayad sila na porsiyento na inilalagay diyan sa stabilization fund,” Marcos said.

“Imbes na mabigla ang consumer na magbago lahat ng presyo kasi pag pinabayaan yan ganun na nga ang mangyayari. Kagaya ng nangyayari ngayon, pagka tumaas bigla, sinusuportahan ang presyo. May subsidy galing dun sa stabilization fund,” he added.

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