Senate President Francis “Chiz” Escudero is considering filing a bill that would grant standby authority to the Department of Finance (DOF) or the President to temporarily reduce oil taxes in response to global fuel price spikes triggered by geopolitical crises, such as the ongoing Iran-Israel...
NEW YORK — If oil prices are any measure, Iran just flinched. The price of oil tumbled Monday afternoon in an historical move as traders bet that Iran’s decision to bomb a U.S. base in Qatar signals it is not planning to do the one thing that could really hurt America: Shut down the flow of oil...
The country’s leading group of employers said all future salary adjustments should be overseen solely by the regional wage boards, rather than through legislation that was recently left unapproved by Congress. “The regional wage board is not perfect, but that is the most objective and...
Senator Sherwin Gatchalian said on Saturday, June 21, that the government can release a ₱2.5-billion fuel subsidy fund to cushion the impact of rising oil prices on the transportation, agriculture, and fisheries sectors, with the Israel-Iran conflict driving up fuel costs. In an interview on...
Transportation groups in Cebu welcomed the planned provisional P1 fare hike as they expressed alarm over the supposed big-time oil price hike next week. Ellen Maghanoy, chairperson of the 13-member Federation of Cebu Transport Cooperatives (FCTC), said the fare hike is badly needed for jeepney...
The escalating tensions in the Middle East, which are expected to drive up fuel prices significantly, should prompt the Philippines to accelerate its transition to renewable energy (RE), according to a trade envoy. George Freeman, the United Kingdom’s (UK) trade envoy to the Philippines, said...
Land Transportation Franchising and Regulatory Board (LTFRB) Chairperson Teofilo Guadiz III clarified on Friday, July 20, that the proposed fare increase for public utility vehicles (PUVs) has not yet been approved. Guadiz said that any adjustment to current fare rates “remains on hold” as the...
A big-time fuel price hike, estimated at nearly ₱5 per liter, is set to rock motorists next week, driven by external shocks from escalating Middle East tensions. Based on the four-day Mean of Platts Singapore (MOPS), gasoline could see an upward adjustment of ₱2.50 to ₱3.20 per liter, with...
The market is on edge due to the recent geopolitical tensions between Iran and Israel, prompting the Philippines to brace for potential price increases at gas pumps next week. Jetti Petroleum has indicated that the escalating conflict could impact the supply and transportation of crude oil...
Recognizing that the ongoing tensions between Israel and Iran would eventually hit oil prices, President Marcos said fuel subsidies will be given to those who will be heavily affected. The government, Marcos said, will replicate what it did during the Covid-19 pandemic, where fuel subsidies were...
Motorists will need to tighten their belts once more as fuel prices are set to increase this week. Effective Tuesday, June 17, gasoline and diesel prices will both inch up by ₱1.80 per liter, while kerosene will go up by ₱1.50 per liter. These adjustments have been announced by Shell Pilipinas,...
Minimum wage adjustments remain possible through ongoing assessments by regional wage boards, even after Congress adjourned without passing the proposed legislated increase, the Department of Labor and Employment (DOLE) said. DOLE Undersecretary Benjo Benavidez said the Regional Tripartite Wage...
