House may consider oil exchange proposal - Villar.

The House of Representatives is considering the approval of a bill proposing a national oil exchange as an alternative to help bring down domestic oil prices.

Speaker Manuel B. Villar, Jr. said yesterday that he is "open" to supporting the bill's approval even as he said that the House is "still closely watching" the prices imposed by local oil companies.

"We are reviewing the oil exchange bill, it is a very important measure and I am open to the philosophy of approving (the bill proposing) an oil exchange," Mr. Villar said.

"However, this is a new system and only a few countries have adopted this, so while I maintain an open mind about this, we …