MANILA, Philippines ? Pilipinas Shell Petroleum Corp. welcomed the lifting of Executive Order 839, saying this was a positive development that will restore normalcy to the business environment.

"This sends a positive signal to both the local and international business communities. With the lifting of the EO 839, market competition can now prevail, which is the essence of the Oil Deregulation Law. We look forward to a continuing stable policy environment, in which to conduct business successfully", Edgar O. Chua, Shell chairman and president said in a statement.

Shell said it would continue to work closely with the Department of Energy to ensure a safe and secure supply of petroleum products at competitive prices.

In a multi-sectoral meeting called by President Gloria Macapagal-Arroyo with representatives of labor, transport and business sectors, Shell agreed to continue to assist affected sectors by moderating price increases, extending discounts and providing continued support for social development programs for transport groups.