Estrada rejects oil exchange firm

President Estrada rejected yesterday a proposal in the House of Representatives to create a National Oil Exchange Corp. (NOEC), saying the measure may run counter to the government's policy on deregulation and market liberalization.

Presiding over the first meeting of the Economic Coordinating Council (ECC) at Malacañang yesterday, the President sustained the recommendations of Energy Secretary Mario Tiaoqui against House Bill 8710 authored by Bataan Rep. Enrique Garcia.

In his recommendations to the President, Tiaoqui said the measure runs counter to the government's policy of attracting investors in the industry.

Quoting the report, Mr. Estrada said creating an oil exchange company may send wrong signals to local and foreign investors.

During the same meeting, the President endorsed the proposal to legislate the Optimal Revenue Performance Law, which will reward government revenue collecting agencies that exceed collection targets but will punish those that fail to meet targets.

Also approved during the meeting was the privatization of the management and sale of rolling stocks of state-run Light Rail Transit, Metro Rail Transit and Philippine National Railways. --