Inflationary pressures will dampen the optimism of investors in the Philippine economy. The series of price hikes not just in gasoline but in the prices of basic commodities will hurt the economy. NEDA sees 5% growth while other economists still see a 6-7% growth.
With the turmoil happening in the Middle East, crude oil prices are expected to jump to US$140 per barrel. This is quite alarming since this will affect other countries especially in Asia and Europe, two regions dependent on Middle Eastern oil. US and South American countries have their own supplies and stocks of these precious black oil. Those who will be hit hard are those without resources of their own.
The Philippines has its Malampaya and other oil exploration sites, why not halt the importation of these precious resources and re-deploy them to benefit our country first? It is our country's biggest oil reserves. Mitra energy estimates recoverable oil reserves at Malampaya to be at 35-40 million barrels of oil. We also have natural gas production in Malampaya estimated to fulfill at least 8percent of the country's needs. The DOE reports that there are now ten (10) oil exploration sites, actively being undertaken by the Department of Energy.
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