Last Monday, Philippine newspaper headlines announced the business community’s applause over last week’s ASEAN SUMMIT accord, calling for the extensive use of biofuels. A few days before that, the Philippine President, signed the “Biofuels Law” that requires all vehicles to use petroleum mixed with 5% biofuel. The use of biofuels as an additive (extender) or fuel source is exceptionally deserving of praise. It is expected to reduce the state's dependence on imported petroleum and trim the need for dollar reserves that are used to pay for the country's importations. Furthermore, a lesser dependence on imported fuel is expected insulate the local economy from fluctuations in both: the world oil prices, and; the value of the US currency. On top of all that, biofuels are environmentally friendly. It reduces harmful emissions therefore, making the air more breathable. However, “I have a big BUT-T here!” For quite sometime now, Philippine agriculture has failed to produce enough food
What's happening in this world.