(Taguig City) – The Department of Energy announced the final members of the Independent Review Committee (IRC) set to look into the books of oil companies to ensure transparency in fuel pricing.

The IRC, led by economist, Dr. Benjamin E. Diokno shall be composed of representatives from the different sectors ̶ Academe: Dr. Rene B. Azurin; Business Community: Dr. Jesus O. Estanislao; Consumer Group: Mr. Raul T. Concepcion; Economists: Dr. Victor D. Abola; Accountants: Mr. Dexter F. Ortega; and Public Transport: Atty. Vigor D. Mendoza.

Dr. Diokno is a Professor Emeritus in the School of Economics of the University of the Philippines, a columnist, and former Secretary of the Department of Budget and Management. Dr. Azurin is a columnist and former professor at the MBA Program of the UP School of Business Administration.  Dr. Estanislao is a former Finance Secretary and Chairman of the Institute of Corporate Directors.

Mr. Concepcion is a consumer rights advocate and is the head of the “Government Watch” (formerly Consumer Oil Price Watch). Dr. Abola is an Associate Professor and Program Director of the Strategic Business Economics Program of the University of Asia and the Pacific School of Economics. Mr. Ortega is a lecturer and member of the Philippine Institute of Certified Public Accountants (PICPA) and a partner at Tagnia Ortega & Partners CPAs. Atty. Mendoza, on the other hand, is the National Chairman of 1-United Transport Alliance Koalisyon (1-UTAK) and a partner at the Malcolm Law Offices.

The IRC is initiated by the DOE to address the issue of alleged overpricing of oil companies in the midst of volatile local fuel pricing. The DOE stresses that it will now step aside and will only assist the IRC in terms of technical requirements for the review.