Senator Edgardo J. Angara urged the government to vigorously pursue the development of renewable energy sources to decrease dependence on imported fuel and encourage local entrepreneurs to go into the development of the country's vast alternative energy resources.

Angara, who led the passage of the Renewable Energy Act of 2008, issued this call in light of recent announcement by oil firms of increases in their pump prices.

"We are at the mercy of constant world oil price fluctuations and consequently by the oil companies operating in the business. Each year, we import 94 percent of all our crude oil needs. Meanwhile, our oil consumption is projected to rise by more than 10 percent in the next decade," he said.

Angara said the country's 2006 net oil imports (crude and petroleum product imports less petroleum exports) went up to 20 percent to $6.8 billion funds which could otherwise have been spent on public services funds such as schools and hospitals.

The high cost of imported fuel also translates to high power prices which are passed on to consumers.

"I'm not saying that the Renewable Energy Bill will be the magic bullet that will solve all of our energy problems but I believe that it is a vital step we must take in order to harness and develop the abundant alternative energy resources that our country possesses, to benefit both present and future generations,"he said.