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...
Social Security System (SSS) is preparing to launch an energy sustainability loan program in September to help qualified members finance residential solar panel systems amid elevated electricity costs. In a statement on Friday, May 22, SSS President and Chief Executive Officer (CEO) Robert Joseph...
Escalating tensions in the Middle East and the resulting spike in global oil prices could trigger broader economic disruptions in the Philippines, worsening inflation, weakening the peso, and raising costs across transportation, food, tourism, and other energy-intensive industries, according to...
Senator Joel Villanueva has filed a bill seeking to guarantee financial relief for borrowers, depositors, and digital payment users during national emergencies by giving the Bangko Sentral ng Pilipinas (BSP) authority to compel banks and other financial institutions to comply with emergency...
The Philippines rolled out one of the most extensive policy responses in Asia-Pacific to cushion the impact of global oil price and supply shocks, even as the country recorded among the steepest increases in fuel prices in the region, according to the Manila-based Asian Development Bank (ADB). An...
Senate President Pro Tempore Panfilo “Ping” Lacson on Tuesday, April 21 expressed support to the Department of Energy’s (DOE) move to mandate fuel price adjustments, calling it a far better move than leaving the price modifications to the oil firms. Lacson pointed this out saying such...
Noting that time is of the essence, senators on Monday, April 13, questioned why the Department of Foreign Affairs (DFA) has to seek the United States’ permission to import oil from Russia and delay the delivery of oil supply in the country. Sen. Sherwin Gatchalian, chairman of the Senate...
The Philippine economy is facing its most severe test from the ongoing oil crisis, with economists warning that surging fuel costs and supply disruptions are exposing deep structural vulnerabilities and could derail growth prospects this year. In separate reports released on Friday, April 10,...
The interagency Fiscal Incentives Review Board (FIRB) has allowed registered business enterprises (RBEs) in economic zones and freeports to temporarily adopt work-from-home (WFH) arrangements of up to 90 percent of their workforce, following the declaration of a national energy emergency. In a...
Senator Pia Cayetano cautioned on Thursday, April 9 the Commission on Higher Education (CHED) over its policy allowing higher education institutions (HEIs) to shift to online classes a 100 percent amid the fuel and energy crisis. Cayetano made the statement after CHEd issued the new guidance...
The Philippines’ energy rationing measures, including a shortened four-day workweek for some government offices, are disproportionately hitting low-income households, raising risks of stagflation and potential social unrest, according to think tank Oxford Economics. In a report on Thursday, April...
The Marcos Jr. administration’s chief economic manager assured on Tuesday, April 7, that the Philippine government has enough resources to tackle the oil crisis head-on, given an improving fiscal position with rising revenues coupled with prudent spending on public goods and services. “Our...
