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Metro Manila, Philippines – Senator Sherwin Gatchalian has raised the possibility of  imposing a windfall levy or taxing oil companies extra for excessive profits arising from the price surge triggered by the Middle East crisis. Gatchalian, chairman of the Senate ad hoc committee on the government crisis response, rejected some oil companies’ argument that they need to sell existing stocks at higher or replacement cost to sustain cash flow for future supplies. “Ako, I don’t agree with that dahil nga unang-una, lumang imbentaryo yan. So dapat gamitin mo yung tinatawag na first in, first out. Kung ano yung luma yun ang ilabas mo,” he said in a chance interview on Thursday, March 26. [Translation: I don’t agree with that because, first of all, those are old inventories. You should follow the principle of first in, first out—what’s older should be sold first.] He pointed to a gap in the oil…

Metro Manila, Philippines – A group of lawyers allied with Vice President Sara Duterte turned to the Supreme Court on Friday, March 27, to stop the impeachment proceedings of the House of Representatives.  Led by Israelito Torreon, who had stood as counsel for the Duterte family, the group filed a petition for review and prohibition seeking a temporary restraining order and writ of preliminary injunction against the House justice committee hearing.  In a press briefing, Torreon said his team filed the petition as taxpayers, not as counsel for the vice president. Petitioners said the process was unconstitutional for allowing complaints that do not bear ultimate facts and that are defective in form and substance.  READ: Duterte ouster complaints hurdle substance requirement “The House has the sole power to initiate impeachment, but not the power to relax its own threshold standards, tolerate complaints that fail to plead ultimate facts, abandon the…

Metro Manila, Philippines – Senator Imee Marcos is urging four major social protection agencies to temporarily suspend the collection of contributions and loan payments for at least a month as the country faces rising prices amid the Middle East crisis. The agencies are the Social Security System (SSS), Government Service Insurance System (GSIS), Pag-IBIG Fund, and Philippine Health Insurance Corporation (PhilHealth).  “The crisis in gasoline and crude oil adds to the daily burden of every Filipino, especially our workers. It is only right that we give them at least a month or more of relief in paying their obligations,” Marcos said in a statement on Friday, March 28.  “Let us suspend salary deductions for now and release their wages in full, so they may somehow keep pace with the galloping rise in the cost of living,” she added.  During the COVID-19 pandemic, government agencies had extended payment deadlines and implemented…

Metro Manila, Philippines –  President Ferdinand Marcos Jr. said the government is studying possible changes to oil policies, including reviewing the oil deregulation law and other fuel-related measures, but noted that immediate relief remains the priority. Speaking after the Philippine National Police Academy commencement exercises, Marcos said all policy options are being considered as the country grapples with rising oil prices driven by the Middle East conflict. “Well, as I said before, nothing is being discounted… lahat ng maaaring gawin upang mayroon tayong magawa para tulungan na pagaanin ang epekto nitong nangyayaring giyera sa Middle East ay talagang pinag-uusapan namin,” he said. [Translation: Nothing is being ruled out… everything that can be done to ease the impact of the Middle East conflict is being discussed.] The president, however, cautioned that major policy shifts such as amending the oil deregulation law would take time. “You know, we would love to amend…

Metro Manila, Philippines – The country’s crude oil inventory is until the end of June, President Ferdinand Marcos Jr. said on Friday, March 27, as more fuel sources are in the pipeline to make sure supply will be sufficient beyond that. Speaking at the opening of a new expressway off-ramp at the Ninoy Aquino International Airport, Marcos said Petron President CEO Ramon Ang confirmed the stock fuel. “Mayroon na tayong supply of crude oil, sufficient supply hanggang June 30,” Marcos said.[Translation: We now have sufficient crude oil supply until June 30.] The president said the government is scouting for more sources for supply beyond June. “Patuloy pa rin ang ating paghahanap ng supply,” he added. [Translation: We will continue sourcing supply.] Ang earlier explained that importing crude oil is more cost-efficient than buying refined fuel, especially during global shortages. “Kapag nag-import ka ng diesel or gasolina… may premium na 40…