Petron Corp., the Philippines’ sole oil refiner, has procured 2.48 million barrels of Russian crude oil to shore up the country’s fuel stocks following the closure of the Strait of Hormuz and the declaration of a state of national energy emergency. In a disclosure to the Philippine Stock...
State-run Social Security System (SSS) is considering temporarily suspending loan payments and waiving or reducing penalties on unpaid contributions to provide relief to its members facing financial challenges amid the Philippine energy crisis. SSS said in a statement released over the weekend that...
Singapore-based DBS Bank Ltd stated that the Philippine peso is emerging as one of Asia’s most vulnerable currencies as deepening global oil crisis exposes the nation’s heavy reliance on imported energy and the lack of government subsidies. DBS wrote in a commentary published last Friday that...
The Philippines’ energy security is strengthening despite global oil volatility, as government and private sector efforts begin to stabilize supply, Executive Secretary Ralph Recto said. In a statement, Recto said a “synergy of public-private efforts” ordered by President Marcos is now...
The Philippines and China have resumed high-level consultations, with both sides exploring possible cooperation in oil and gas development alongside broader dialogue, the Department of Foreign Affairs (DFA) said. In a statement, the DFA said the two countries held back-to-back meetings of the 24th...
The Department of Trade and Industry (DTI) secured a commitment from the country’s largest manufacturers and retailers to freeze prices on essential goods through mid-April to insulate households from the inflationary fallout of escalating tensions in the Middle East. In a statement late...
Senator Sherwin Gatchalian said on Saturday, March 28, that the upper chamber’s Proactive Response and Oversight for Timely and Effective Crisis Strategy (PROTECT) Committee was preparing its interim report--including initial recommendations--to address the country’s fuel supply concerns amid...
Two government assistance programs are being implemented in the Philippines to help public utility drivers cope with rising fuel prices triggered by the ongoing conflict in the Middle East. Although both programs aim to support the country’s transport sector, they differ in design and...
Senator Loren Legarda is set to file the Bayanihan Power to the People Act, or the so-called Bayanihan 3 Law, which seeks to establish a decisive government framework in addressing the impacts of the global oil crisis on Filipino households and the national economy. Legarda stressed that Executive...
The distribution of P5,000 cash relief assistance to motorcycle (MC) taxi riders is currently underway today, March 28, at the Kartilya ng Katipunan near Manila City Hall. Authorities said a total of 3,989 motorcycle taxi riders are expected to benefit from the cash assistance program. The...
The Catholic Bishops’ Conference of the Philippines (CBCP) has endorsed the renewal of the country’s consecration to Jesus through the Divine Mercy devotion amid ongoing national and global crises. CBCP president and Lipa Archbishop Gilbert Garcera said the initiative responds to continuing...
Department of Social Welfare and Development (DSWD) Secretary Rex Gatchalian reaffirmed the agency’s mandate to provide social protection during crises, as he denied allegations of irregularities in the distribution of cash relief assistance (CRA) to public utility vehicle (PUV) drivers....
