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Metro Manila, Philippines – The Philippine government will engage Iran to ensure the safe passage of oil shipments bound for the country through the Strait of Hormuz, Malacañang said. Palace press officer Claire Castro said President Ferdinand Marcos Jr. has directed Foreign Affairs Secretary Maria Theresa Lazaro to initiate discussions with Iranian officials. “Kahapon po ay nagkaroon din po ng meeting ang UPLIFT at iyan ay ipinag-utos na ng pangulo kay Secretary Tess Lazaro,” Castro said in a press briefing. [Translation: The UPLIFT committee met yesterday and the president ordered Secretary Tess Lazaro to take up the discussions.] “At ayon kay Secretary Tess Lazaro ng DFA, makikipag-usap siya sa ambassador ng Iran, most probably ay tomorrow. Kung hindi man magkakaroon ng tomorrow, by next week,” she added. [Translation: Secretary Tess Lazaro said she will speak with the Iranian ambassador, most probably tomorrow. If not, then by next week.] The Middle…

Metro Manila, Philippines – The Maritime Industry Authority (MARINA) on Monday, March 30, announced new guidelines for stakeholders on price adjustments to reflect higher fuel costs. It said shipping operators should observe the weekly required rate adjustment (RRA) that will allow a maximum increase of up to 30 percent from the base rate as of March 27. The RRA includes the initial 20 percent ceiling set by the regulator. MARINA said the transport of agricultural products and basic commodities will get priority and subject to the 20 percent limit for rate adjustment.  The advisory stated that operators must inform the regulator and commuters of a rate adjustment at least three days before implementation. Lower fares are also required if global fuel prices decline, and the advisory to be published as well at least three days before implementation. MARINA assured the public that it will conduct regular monitoring of freight and…

Metro Manila, Philippines – President Ferdinand Marcos Jr. will spend Holy Week in Ilocos Norte but will remain on duty, Malacañang said Tuesday, stressing that the trip is not a vacation. Marcos said he plans to stay in his home province for a few days before returning to Manila by the weekend. “For the Holy Week, I will spend a few days in Ilocos Norte. And I will be back in Manila by the weekend,” the president said in a media interview in Cabanatuan. Palace Press Officer Claire Castro clarified that the chief executive will continue to oversee government operations despite being away from Manila. “Si Pangulo, hindi uso ang salitang pagbabakasyon… Walang pagbabakasyon dahil patuloy ang ating Pangulo sa pagmo-monitor at sa pagbibigay ng utos sa mga kailangan na gawin ng ating mga ahensya sa gobyerno,” Castro said. [Translation: The word ‘vacation’ does not apply to the President… He…

Metro Manila, Philippines – The country’s oil supply will last for 50.94 days as efforts continue to secure buffer stock of over two million barrels, the Department of Energy (DOE) said on Monday, March 30. As of March 27, the Oil Industry Management Bureau (OIMB) listed the oil inventory per product: Gasoline – 59.78 days Diesel – 46.93 days Kerosene – 107.88 days Jet fuel – 62.69 days Fuel oil – 57.27 days LPG – 34.02 days Energy Secretary Sharon Garin said that a total of 165.7 million liters, amounting to one million barrels, are expected to arrive within April. Three hundred thousand barrels will come from Malaysia, Singapore, India, and Oman throughout the month. “We’re now looking at LPG (liquefied petroleum gas),” said OIMB Director Rino Abad, noting that the department is considering shifting its focus to LPG, which has seen a significant price increase recently. Abad explained that…

Metro Manila, Philippines – The peso sank to a new all time low on Monday, March 30, closing at ₱60.69 against the greenback, pressured by global uncertainty linked to the escalating Middle East conflict. Data from the Bankers Association of the Philippines showed the peso weakening further from the previous low of ₱60.55 per dollar on Friday, March 27.  It is the seventh time this month that the peso fell to a historic low, according to data from the spot currency market. The local currency first breached the ₱60-per-dollar level on March 19. The Bangko Sentral ng Pilipinas (BSP) earlier said it does not target a fixed exchange rate, but may intervene in the market to prevent excessive volatility. The central bank also said it is closely monitoring the potential economic impact of rising global oil prices, which could put more pressure on the peso. On March 26, the BSP…