Business NEWS

With a ‘mega spike’ of $150 per barrel oil in the world market anticipated in the days ahead, the Philippines is subsequently seen bracing for P100 per liter oil at the domestic petroleum pumps, especially for gasoline products that are now inching closer to P90 per liter.

The net income of Aboitiz Power Corporation had soared 66-percent to P20.8 billion last year from P12.6 billion in 2020 on capacity addition of 668 megawatts from the unit 1 of its Dinginin coal-fired power plant and higher capacity injection into the Wholesale Electricity Spot Market (WESM),

The Department of Energy (DOE) and players in the electric power industry are appealing for temporary exemption on the payment of value added taxes (VAT) as well as suspension of excise taxes for coal and oil as fuel for power generation, to spare Filipino consumers from drastic spikes in electricity rates especially during the summer months.

Diesel prices will inch up higher by P5.85 per liter on Tuesday, March 8, as oil companies will also be recovering coco methyl ester (CME) cost, or the biofuel blend component in diesel products being retailed at the domestic pumps.

Government agencies are looking at stockpiling of basic agriculture goods, including frozen meat, and imposition of price ceiling to ensure enough supply and stable prices amid rising oil prices following a blownout Russia-Ukraine war.

The Board of Investments (BOI) has approved the application for registration of Ipolymer Solutions Corporation as domestic manufacturer of face mask, an essential product for Filipinos amid the prevailing pandemic.

Secretary Jeremiah B. Belgica said the next administration will benefit from what the Anti Red Tape Authority (ARTA) has gained from the implementation of measures to make the bureaucracy move faster and remove government red tape.

The newly signed Amended Foreign Investments Act (FIA) has created an Inter Agency Investment Promotion Coordination Committee (IIPCC), which will establish a comprehensive marketing plan in the promotion of investments into the country as the law opens up economic sectors to 100 percent foreign ownership.

The Philippines IT business process management (ITBPM) industry is facing high attrition rate and pressing talent scarcity as the new generation of workers demand flexibility on where and how work gets done, and rising salary rates.

Spectrum to scale up solar rooftop installations for customers

Despite the war hostilities raging between Russia and Ukraine, the Department of Energy (DOE) has declared that the Philippines “nuclear power deal” with Russia’s Rosatom State Atomic Energy Corporation for the conduct of a feasibility study for the targeted installation of nuclear power facilities in the country still stands.

Filipino consumers will be subjected into deeper financial burden as pump prices will be on colossal hikes this week, hitting record high of close to P5.50 per liter for diesel; and roughly P4.0 per liter for kerosene products, based on the calculation of the oil companies.

EU has conveyed that Philippine government should urgently address human rights issues as it concludes its monitoring on the country’s compliance with international conventions, which serve as basis for the continued zero duty privilege of the country’s exports to the 27-member nation bloc.

Leading oil industry player Petron Corporation has landed again in the roll of the Bureau of Customs (BoC) as among its top taxpayers as well as importer of fuel commodities last year.

Alcantara-led Alsons Consolidated Resources Inc. (ACR) cornered a credit rating upgrade by Philippine Rating Services Corporation (PhilRatings) for its P3.0 billion commercial papers (CP) issuance.

Listed firm Basic Energy Corporation (BSC) is scaling up its deployment of electric buses (e-buses) for a rollout target of 3,000 fleet in the near to medium-term for its “green energy e-transport” project.

Sky Cable Corporation’s broadband internet service provider SKY Fiber is aiming to get a bigger piece of the rapidly growing home internet market by offering cost-effective internet connectivity.

The Philippine Economic Zone Authority (PEZA) has registered a total of P4.036 trillion in investments, generated $933.835 billion in exports, and created 1,782,913 jobs since its inception in 1995.