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GMA Network
3 days ago
- Business
- GMA Network
Marcos: Fuel subsidies to be provided in expected oil price hike
President Ferdinand ''Bongbong'' Marcos Jr. on Wednesday said that fuel subsidies would be given as oil prices are expected to rise amid the tension between Israel and Iran. In an interview with reporters, Marcos was asked how the Philippine government is bracing for the expected impact of the conflict. ''We are starting already with the assumption that the oil prices will in fact go up and I cannot see how it will not. Because the Strait of Hormuz will then be blocked if it escalates. The oil cannot come out of its sources. So the prices will certainly be affected,'' Marcos said. ''So the subsidies that we have always given, fuel subsidies, that we gave to, if you remember during the pandemic, lalong-lalong na 'yung mga napapasada, 'yung mga may hanap-buhay naman sila, binigyan nating fuel subsidies (We gave fuel subsidies to drivers during the pandemic)," he added. The president also said that the fuel subsidy will also include others who will be "severely affected." "Now we will have to do the same for those who are severely affected, stakeholders, by any instability in the price of oil. Yes, it's a serious problem,'' said Marcos. Under the existing policy, fuel subsidies for public transport drivers and farmers are automatically activated when the price of Dubai crude breaches $80 per barrel. Fuel prices The 2025 General Appropriations Act (GAA) provides an allocation of P2.5 billion through the Department of Transportation for fuel subsidies to drivers of public utility vehicles, taxis, ride-hailing services, and delivery platforms across the country. The President earlier tasked the Department of Energy to strictly monitor the tension in the Middle East as this is expected to affect fuel prices. The conflict between Iran and Israel began last Friday when the latter attacked Iran with air strikes. The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) earlier projected pump price hikes this week, citing gains on positive US-China trade signals, the stall in nuclear negotiations between US and Iran, and the expected oil demand growth in the next two and a half decades. The DOE is already on alert and is implementing proactive and targeted measures to shield the economy and Filipino consumers against the negative effects of the escalating tensions between the two countries. DOE Officer-in-Charge (OIC) Sharon Garin said that the immediate priority is to ensure that the fuel supply remains stable and sufficient and that any local price adjustments are managed in a way that minimizes disruption to the Philippine economy. The agency also called on industry players to 'implement staggered fuel price adjustments, especially in cases of sudden and significant spikes in global oil prices, in order to cushion the impact on local consumers." As of June 16, the price of Dubai crude reached $73 per barrel, according to the DOE. Meanwhile, Marcos also said that there is no need yet for mandatory repatriation despite the ongoing conflict between Iran and Israel. —VAL, GMA Integrated News
GMA Network
4 days ago
- Business
- GMA Network
DOE appeals: Stagger price hikes in case of sudden spikes amid Israel-Iran tensions
The Department of Energy (DOE) is on alert as global petroleum prices rise amid the escalating tensions between Israel and Iran and is now implementing proactive and targeted measures to shield the economy and Filipino consumers. 'As we face continued volatility in the global oil market, the Department of Energy is taking firm and proactive steps to protect the welfare of our people,' DOE Officer-in-Charge (OIC) Sharon Garin said in a statement on Tuesday. 'Our immediate priority is to ensure that our fuel supply remains stable and sufficient, and that any local price adjustments are managed in a way that minimizes disruption to our economy. Through close coordination with the oil industry and strict monitoring of inventory levels, we are working to maintain energy security while preparing targeted interventions to support the most affected sectors,' Garin added. Thus, the Energy Department appealed to industry players to 'implement staggered fuel price adjustments, especially in cases of sudden and significant spikes in global oil prices, in order to cushion the impact on local consumers.' As of June 16, the price of Dubai crude reached $73 per barrel, according to the DOE. With this, the Energy OIC said the government is prepared to roll out fuel subsidies to sectors directly impacted by fuel price increases, specifically transport and agriculture. Fuel subsidies are aimed to prevent a domino effect that could drive up the cost of basic goods and services. Under existing policy, fuel subsidies for public transport drivers and farmers are automatically activated when the price of Dubai crude breaches $80 per barrel. The 2025 General Appropriations Act (GAA) provides an allocation of P2.5 billion through the Department of Transportation for fuel subsidies to drivers of public utility vehicles, taxis, ride-hailing services, and delivery platforms nationwide. Meanwhile, the Department of Agriculture has an allocation of P585 million to support farmers and fisherfolk in the agricultural sector who may be adversely affected by rising fuel costs. Garin said the DOE will continue to monitor and analyze real-time global energy market data to inform timely, evidence-based policy responses. Oil companies are currently mandated to maintain at least a 30-day inventory of crude oil and a 15-day inventory of finished petroleum products. — BAP, GMA Integrated News
GMA Network
11-06-2025
- Business
- GMA Network
Megaworld to spend P2.5B to redevelop Eastwood City
Listed township developer Megaworld Corp. is set to spend P2.5 billion to redevelop Eastwood City, its first township development spanning 18.5 hectares that was first launched in 1997. Megaworld said the redevelopment will involve upgrading its commercial areas and lifestyle malls including Eastwood Citywalk, Eastwood Mall, and the Eastwood Mall Open Park, the ongoing enhancement of Eastwood Richmonde Hotel. This also includes the phased refurbishment of office towers, which started with the renovation of the IBM Plaza which was recently completed. Renovations are set to be rolled out in the coming months, covering upgrades to the lobbies, facilities, and amenities of additional office buildings and residential towers. 'Eastwood City holds a special place in our history as Megaworld's very first township, and this redevelopment reflects our commitment to keeping it vibrant, relevant, and future-ready,' Megaworld president Lourdes Gutierrez-Alfonso said in an emailed statement. 'We are not only preserving its legacy but also reinventing it into a township of the future — setting an even higher standard for integrated urban living,' she added. Megaworld earlier this year announced plans to expand with at least two more townships in over 300 hectares of land in growth areas in Luzon and Visayas. The company's real estate portfolio includes residential condominium units, subdivision lots and townhouses, as well as office projects and retail spaces. Its businesses include real estate sales, leasing of office spaces, and management of hotel operations. Its subsidiaries include Richmonde Hotel Group International Limited, Eastwood Cyber One Corp., Empire East Land Holdings Inc., Global-Estate Resorts Inc., and Bonifacio West Development Corp. —AOL, GMA Integrated News
GMA Network
04-06-2025
- Business
- GMA Network
Marcos agreed PUV modernization not viable at present — Palace
President Ferdinand ''Bongbong'' Marcos Jr. agreed that the Public Transport Modernization Program (PTMP) is not viable as most jeepney drivers have to borrow money to acquire a new unit. On Wednesday, Palace Press Officer Undersecretary Atty. Claire Castro was asked about the President's sentiment on the remarks made by Transportation Secretary Vince Dizon that the modernization program is not feasible at the moment. ''Nong binanggit po ito ni Secretary Dizon kay Pangulo, positibo naman po ang response ng ating Pangulo at ayaw naman din po niyang pahirapan ang mga operators at mga jeepney drivers natin kung ipu-push po ito tapos parang pilit,'' Castro said at a press briefing. (When Secretary Dizon mentioned this to the President, his response was positive and he doesn't want operators and jeepney drivers to feel the burden if the government will push for this at this time.) ''So, dapat po talagang aralin para po lahat po naman ay maging maayos ang takbo at pag-implement po ng programa na ito,'' she added. (There's really a need to study this so that the implementation of the program will be smooth.) Dizon earlier said that a modernized jeepney unit costs roughly between P2.5 million to P2.8 million, of which 15% to be subsidized by the government. Drivers will shoulder an estimated P40,000 He said that transport cooperatives and operators were given "limited" loaning options with the PTMP. The DOTr has also come up with several interventions in a bid to address the problem, according to Dizon. Initiated in 2017, the PTMP—formerly the PUV Modernization Program—seeks to replace old jeepneys with Euro 4-compliant models to reduce pollution and improve road safety. However, the cost of a modern jeepney exceeds P2 million, a price deemed too steep even by government financial institutions. The program mandated the consolidation of individual PUV franchises into cooperatives or corporations. Unconsolidated units were classified as ''colorum'' and were subject to penalties. — RSJ, GMA Integrated News
GMA Network
29-05-2025
- Business
- GMA Network
Ginebra San Miguel Q1 net income up 11%
Ginebra San Miguel Inc. (GSMI), the spirits business of San Miguel Corp. (SMC), on Thursday reported an 11% growth in its net income for the first quarter of the year, on the heels of its continued growth over the last 11 years. In a regulatory filing, GSMI said its net income rose to P2.1 billion, as consolidated revenues grew by 8% to P16.3 billion, while operating income increased by 8% to P2.5 billion. 'Our spirits business, Ginebra San Miguel Inc., has demonstrated remarkable strength over the years, even in the face of various challenges, including the global pandemic,' GSMI president and chief executive officer Ramon Ang said. 'The company's over a decade-long growth trajectory clearly shows the wide appeal of our brands and the company's overall resilience and strength,' he added. GSMI last year reported a record net income of P7.3 billion, reflecting a 3% increase from the previous year as it sold 50 million cases for the first time, and gained a larger share of the local liquor market. Sales revenues for the year climbed 17% to P62.5 billion. The company's brands include Ginebra San Miguel Gin, Ginebra San Miguel Premium Gin, GSM Blue Light Gin, GSM Blue Mojito, GSM Blue Margarita, GSM Blue Gin Pomelo, GSM Blue Lychee Martini, Ginebra San Miguel, 1834 Premium Distilled Gin, Archangel Reserve Premium Dry Gin, Antonov Vodka, Freedom Island Light Rum, Primera Light Brandy, and Chinese wine Vino Kulafu. — Jon Viktor D. Cabuenas/BM, GMA Integrated News
