The government will remain vigilant and proactive in preparing for the possible effects of the ongoing conflict in the Middle East, Malacañang said Saturday evening, March 7. In a statement, Presidential Communications Office (PCO) Undersecretary Claire Castro said President Marcos has directed...
Senator Sherwin Gatchalian believes that the Philippines could struggle to hit its 5 percent economic growth target this year due to lingering domestic challenges and the escalating tensions in the Middle East. In a radio interview with Usapang Senado over DWIZ on Saturday, March 7, Gatchalian was...
Vice President Sara Duterte on Saturday, March 7, suggested that Filipinos use bicycles or practice carpooling as one of the measures to adapt to the impact of the significant oil price hike brought about by the conflict in the Middle East. Duterte said many people are now worried about the...
Senator Francis “Chiz” Escudero has called on lawmakers to consider amendments to the Tax Reform for Acceleration and Inclusion (TRAIN) Law and grant the President permanent powers to deal with rising oil prices. Escudero noted that the current safeguard in the TRAIN law or Republic Act No....
At least two senators have filed the measure seeking to grant President Ferdinand “Bongbong” Marcos Jr. the authority to suspend or reduce fuel excise tax in response to the Middle East conflict. Sen. Joel Villanueva filed Senate Bill No. 1922, which authorizes the President, upon the...
Senator Francis “Chiz” Escudero on Tuesday, March 3, urged the Department of Energy (DOE) to put in place a mechanism that would help cushion the possible impact of the Middle East tension on the prices of petroleum products in the country. Escudero pointed this out as the escalating tension in...
While President Marcos gave an assurance that the Philippines has ample supply of oil amid the Middle East conflict, he bared plans to ask the Congress to grant him an authority to reduce excise tax on petroleum products should prices exceed $80 per barrel. Marcos made the statement in a press...
Senator Joseph Victor “JV” Ejercito on Monday, March 2 called on lawmakers to expedite the passage of the bill mandating the automatic suspension of excise taxes on petroleum products. Ejercito made the call in light of the ongoing conflicts in the Middle East involving the United States,...
Senators urged the government on Sunday, March 1, to help keep oil prices in check following the United States and Israel’s attack on Iran. Senator Francis “Kiko” Pangilinan said the government should exhaust all efforts at keeping oil prices at bay as geo-political tensions in the Middle...
Diesel and kerosene prices are set for another increase next week, while gasoline is expected to remain steady or see a slight rollback, based on four-day trading averages. Diesel costs could rise by ₱0.80 to ₱1 per liter, while kerosene may see a sharper increase of about ₱1.35$per liter,...
Oil prices are set to rise next week, driven by stronger global demand, seasonal maintenance at downstream facilities, and the recent conclusion of the United States (US) government shutdown. Based on the four-day Mean of Platts Singapore (MOPS) average, gasoline prices are projected to increase by...
Motorists are bracing for yet another increase in fuel costs this week as global supply constraints and sustained demand push local pump prices higher for the fifth consecutive week for gasoline. Fuel retailers on Monday, Nov. 3, announced price adjustments, with gasoline rising by ₱1.7 per...
