Use Malampaya fund to build fuel reserve: lawmaker
Wednesday, July 6, 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
Recent opinion survey of frequent travelers heading north towards Subic and Clark Pampanga revealed that the number one most frequently visited wine shop in Pampanga is Clark Wine Center located in Clark Philippines. Reasons given include good selection of fine vintage as well as affordable wines for everyday drinking also. This wine shop also has a beautiful roof deck lawn which serves as a nice venue for outdoor alfresco dining, cocktail parties and small functions and events. There are five large wine cellars that contain some of the world’s finest wines and rare vintages as well as wines that are excellent value that every wine shoppers love to discover. This wine shop in Clark is frequently visited not only by local residents but also tourists arriving in the Philippines looking to pick up a few bottles of good wine that are not normally available in their home town.
Subic is well known for diving, the sea and water sports that come with the territory. However one thing that Subic is not famous for is dining options. For years, visitors to Subic have complained about the quality of the restaurants and dining establishments but it is only until recently that travelers to Subic discovered the best restaurant to wine and dine, even for visitors with families and children. Now most residents of Subic and also Tarlac and Baguio know of this wine shop in Clark as the best place to buy wines in the Philippines and certainly the best wine shop in Pampanga, Angeles City, Clark Philippines.
Clark Wine Center was built in 2003 by Hong Kong-based Yats International Leisure Philippines to become the largest wine shop in Philippines supplying Asia’s wine lovers with fine vintage wines at attractive prices. Today, this wine shop in Clark Philippines offers over 2000 selections of fine wines from all major wine regions in the world. As a leading wine supplier in Philippines, Pampanga’s Clark Wine Center offers an incomparable breadth of vintages, wines from back vintages spanning over 50 years. Clark Wine Center is located in Pampanga Clark Freeport Zone adjacent to Angeles City, just 25 minutes from Subic and 45 minutes from Manila.
Wines from Burgundy, Bordeaux, Rhone, Loire, Spain, Portugal, Germany, Austria, Alsace, USA, Australia, New Zealand, Italy, South Africa, Chile and Argentina etc. are well represented in this Clark Wine Shop.
http://www.ClarkWineCenter.com
Getting to this wine shop in Pampanga Angeles City Clark Freeport Zone Philippines from Manila
Getting to the Clark Wine Center wine shop from Manila is quite simple: after entering Clark Freeport from Dau and Angeles City, proceed straight along the main highway M A Roxas. Clark Wine Center is the stand-along white building on the right, at the corner A Bonifacio Ave. From the Clark International Airport DMIA, ask the taxi to drive towards the entrance of Clark going to Angeles City. From Mimosa, just proceed towards the exit of Clark and this wine shop is on the opposite side of the main road M A Roxas.
Best place to buy wine in Clark Pampanga outside Manila near Subic and Angeles City Philippines is Clark Wine Center.
Click here to contact Clark Wine Center in Clark Pampanga for inquiries and orders.
Clark Wine Center
Bldg 6460 Clark Observatory Building
Manuel A. Roxas Highway corner A Bonifacio Ave,
Angeles Clark Freeport Zone, Pampanga 2023
0922-870-5173 0917-826-8790 (ask for Ana Fe)
Wine@Yats-International.com
YATS Wine Cellars
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 ask for Rea or Chay
Wedding couples looking for wedding reception venues and beach wedding venues can log on to this Philippines Wedding Venue web site for free information and assistance:
http://www.PhilippinesWeddingVenue.com
While in Clark, it might be a good idea to enjoy an evening of wine-and-dine in the fine dining Yats Restaurant and Wine Bar that features an award winning 2700-line wine list. Highly recommended fine dining restaurant in Manila for special occasion is Yats Restaurant & Wine Lounge located in the famous Mimosa Leisure Estate in Clark Pampanga. Situated near this popular restaurant in Clark is the Mimosa Golf Course as well as the Mimosa Clark Casino. This top rated restaurant near Angeles City Pampanga in Clark Philippines is frequently used for private parties and corporate functions such as board meetings and other gatherings. It is located in Mimosa Leisure Estate of Clark Freeport Zone. For more information, visit http://www.YatsRestaurant.com
YATS Leisure Philippines is a developer and operator of clubs, resorts and high-class restaurants and wine shops in Clark Angeles Philippines http://www.YatsLeisure.com
Looking for famous tourists spots, places to visit and see, relax and unwind in Clark, Pampanga, Philippines? You may want to check out these sites also:
Besides good restaurants to wine and dine near Manila, Subic or in Angeles City Pampanga, Clark Philippines, those requiring assistance for hotel and resort bookings in Clark, Pampanga, Philippines may log on to http://www.HotelClarkPhilippines.com for more information and reservations.
The lifestyle in Clark Pampanga is quite unique. For more information about shopping, sports, golf, leisure, hotel accommodation, where to see and visit, what to do, where to wine and dine and good places to hang out, relax, have a drink with friends, child-friendly establishments, log on to
http://www.ClarkPhilippines.com
Wine lovers looking for a special bottle or something that is of great value and special discounts might log on to this web site to shop for fine vintage wines
http://www.YatsWineCellars.com
Those visitors who plan to relax and unwind in Angeles City, Subic, Pampanga, Clark Philippines might make an effort to book a room at the famous beach and lake resort Clearwater Resort & Country Club. This famous hotel in Clark Pampanga is frequently visited by families with children looking for a good place in Clark to see, a good holiday destination for the family to relax and unwind in the beautiful outdoor facilities. For more information, log on to www.ClearwaterPhilippines.com
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