The Philippines’ debt as a share of economic output is expected to remain elevated above 60 percent of gross domestic product (GDP) this year as the government ramps up borrowings to support its response to the national energy emergency amid the prolonged war in the Middle East. Based on the...
National Tobacco Administration (NTA) said it has secured the commitment of traders and cigarette manufacturers to purchase all flue-cured Virginia (FCV) tobacco leaves produced this season to protect farmers from a potential buying freeze amid a projected oversupply of the commodity. In a...
Ombudsman Jesus Crispin “Boying” Remulla on Tuesday, May 26, said the Office of the Ombudsman (OMB) is preparing what he described as the “grandest case of them all” against former House Speaker Martin Romualdez in connection with an alleged conspiracy involving the national budget. During...
The national government’s (NG) usual April budget surplus shrank by more than half this year after the annual income tax returns (AITRs) filing and payment deadline was extended by one month due to the national energy emergency, although revenues were partly supported by millions of pesos in...
The Japanese government plans to help Southeast Asian countries diversify their crude oil procurement sources, in order to stabilize petrochemical supply chains amid the ongoing Middle East tensions. Faced with recent energy shocks following the effective closure of the Strait of Hormuz, Southeast...
The Philippine Chamber of Food Manufacturers Inc. (PCFMI) has urged regulators to adopt more science-based, practical, and consultative approaches in crafting food and nutrition policies as the government studies new rules that could reshape the local food manufacturing industry. During PCFMI Food...
State-run Maharlika Investment Corp. (MIC), which manages the country ’s first sovereign wealth fund (SWF), has signed a cooperation agreement with key government energy agencies to modernize and rehabilitate the aging power transmission system of Mindoro Island, with officials aiming to...
The United States (US) government’s Millennium Challenge Corp. (MCC) has earmarked a $60-million grant for the Philippines focused on the energy sector. Documents discussed during the US aid agency’s economic advisory council meeting last month, which were made public last week, showed that the...
National Grid Corporation of the Philippines (NGCP) requested a formal police investigation into a suspected act of sabotage that severed a critical 500-kilovolt transmission line and deepened the power shortage across the country. The grid operator sent a letter dated May 15 to Philippine National...
The Department of Energy (DOE) is coordinating an emergency overhaul of Palawan’s fragile power infrastructure after a system-wide blackout cut electricity in the tourist-heavy island province last week. State agencies—including the National Power Corp. (NPC), National Transmission Corp.,...
Lawmakers and fiscal policy experts are pushing to unify excise tax rates on vapor products, noting that the current dual-rate system has fueled tax evasion and illicit trade while a single rate would close loopholes and strengthen revenue collection at a critical time when the nation needs...
Camarines Sur Reps. Migz Villafuerte (5th district) and Luigi Villafuerte (2nd district) are optimistic that a measure recently passed on third and final reading by the House of Representatives would let all local government units (LGUs) harmonize their respective land use plans with a...
