Economy

Mitigating oil price hikes

Date Published (mm/dd/yyyy): 
05/17/2018

The Tax Reform for Acceleration and Inclusion (TRAIN) Act, which kicked in at the start of 2018, is largely seen – rightly or wrongly – as one of the biggest reasons why consumers are seeing successive increases in the prices of goods.

The consumer price index (CPI), which measures the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care, was up 4.5 percent in April from 4.3 percent in March, an all-time high over a five-year period.

COA orders Malampaya consortium to settle P146.8-B unpaid taxes

Date Published (mm/dd/yyyy): 
05/16/2018

The Commission on Audit (COA) has affirmed its ruling that ordered the Malampaya consortium to settle P146.8 billion in taxes that were charged against the government’s share in the the gas-to-power project.

The consortium members are Shell Philippines Exploration B.V., Chevron Malampaya LLC, and Philippine National Oil Company Exploration Corporation (PNOC EC).

COA found no legitimate basis to its April 2015 ruling, and denied the motions for reconsideration of the consortium members and the Department of Energy (DOE). The decision was released on Tuesday.

Why higher taxes on fuel should be suspended

Date Published (mm/dd/yyyy): 
05/16/2018

MANILA - The poor are bearing the brunt of rising commodity prices due to the first package of tax reforms, a lawmaker who is pushing for the suspension of higher duties on fuel said Wednesday.

Under Sen. Bam Aquino's proposal, additional excise taxes on petroleum products should be suspended if inflation breaches the Bangko Sentral ng Pilipinas' target for 3 consecutive months.

Unlike the price of oil in the world market or the value of the peso against the dollar, the government can control the implementation of taxes to provide relief to consumers, he said.

Malampaya

Date Published (mm/dd/yyyy): 
05/16/2018

DEMAND AND SUPPLY

Oil prices are rising and geopolitical tensions are threatening security of supply. This couldn’t have come at a worse time for the Philippines. Our energy demand is rising in line with economic growth and Malampaya, one of our major energy sources, is running out soon.

The Malampaya franchise is set to expire in 2024. The natural gas it has produced has provided a significant share in our electricity production mix. Malampaya has given us a fuel option that is cleaner than coal, the predominant fuel source today.

Duterte, Filipino scientists off to Benham Rise this May

Date Published (mm/dd/yyyy): 
05/09/2018

Metro Manila (CNN Philippines, May 8) — President Rodrigo Duterte will go to Benham Rise this month with 50 Filipino scientists who will conduct research in the vast undersea region, the Palace said Tuesday.

Duterte's visit is set on May 15-16 to commemorate the renaming of Benham Rise to Philippine Rise, Presidential Spokesperson Harry Roque said in a press briefing.

On May 16 last year, Duterte signed an executive order formalizing the change of name after Chinese survey ships were spotted in the area two months earlier.

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