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Metro Manila, Philippines – Any suspension of the fuel excise tax can only take effect by the second week of April at the earliest, a Finance official said, citing the required 15-day publication period before implementation. During a Senate hearing on Thursday, March 26, Undersecretary Karlo Adriano said the suspension may already be triggered after average Dubai crude prices exceeded $80 per barrel for a month. Aanother requirement is a recommendation from the policymaking Development Budget Coordination Committee (DBCC), which is scheduled to meet on Friday, March 27. “Now, in terms of the timeline, kasi may fifteen days pa na publication and effectivity,” Adriano said.  “So, the earliest that the president can issue the EO is around April 12 or 13, if I’m not mistaken with my numbers,” he added. Adriano assured lawmakers that the DBCC would be able to submit its recommendation in time for implementation once the measure…

Metro Manila, Philippines – President Ferdinand Marcos Jr. announced a new natural gas discovery that is expected to extend the life of the Malampaya gas field by up to six years, boosting energy security amid volatile global fuel prices. In a statement, Marcos said the Camago-3 well has been successfully drilled and tested, producing up to 60 million standard cubic feet of gas per day. The project marks the second major milestone under the $893-million Malampaya Phase 4 development. “It is significantly larger than our first,” Marcos said, noting that Camago-3 contains an estimated 2.5 times more recoverable gas than the earlier Malampaya East-1 discovery. Combined output from the two wells is expected to prolong the operational life of Malampaya, the primary source of indigenous natural gas, which supplies a number of power plants in Luzon. Marcos said the development would translate into more stable and potentially cheaper electricity for…

Manila, Philippines – The central bank’s policymaking Monetary Board kept borrowing costs untouched on Thursday, March 26, during an off-cycle meeting it held amid what it described as “fast-changing developments and uncertain economic conditions.” The unscheduled rate review was nearly a month ahead of a scheduled April 23 meeting, but made in wake of President Ferdinand Marcos, Jr.’s declaration of a state of national energy emergency as global crude prices spiral out of control amid the Middle East war. The Bangko Sentral ng Pilipinas’ (BSP) key policy rate stayed at 4.25 percent. “I hope it (rate hold) reassures markets that we are assessing the situation constantly,” BSP Governor Eli Remolona told a virtual press briefing on Thursday. Still, the central bank did not rule out the likelihood of reversing its loose monetary cycle when the so-called “second-round effects” from the oil price shock become clear. But tightening money supply via…

Metro Manila, Philippines –  ​​The Office of the Ombudsman said the assets of personalities tagged in the multibillion-peso flood control scam are preserved amid reports that freeze orders are about to be lifted. In a press briefing on Thursday, March 26, Assistant Ombudsman Mico Clavano said the office has secured assurance from the court that freeze orders subject to expiry have corresponding civil forfeiture cases.  He said that while freeze orders automatically expire after six months, the court issues an asset preservation order during civil forfeiture proceedings.  “It’s inaccurate to say na meron ng hold ang tao, ang mga respondent doon sa pera nila, as long as meron pong asset preservation order na inisyu ng RTC (regional trial court)…ibig po sabihin, naka-freeze pa rin po ang assets nila sa bangko,” he said. [Translation: It is inaccurate to say that the respondents already have control over their money, as long as…

Metro Manila, Philippines – The House of Representatives will summon the self-confessed bagman of Vice President Sara Duterte and will issue a subpoena on a number of documents including her statements of assets, liabilities, and net worth (SALN), in relation to the two complaints seeking to oust her from office.  During the first formal hearing on Wednesday, March 25, the House justice committee approved the motion for Ramil Madriaga, the detained former military agent, to testify in the hearing. The committee will also seek records of his affidavit, where he made a number of accusations against the vice president and presented himself as her bagman. Duterte denied the allegations and later on filed a perjury complaint against Madriaga.  Justice committee chairperson Jinky Luistro said Madriaga will appear at the next hearing on April 14. The House will also provide protection for Madriaga for his transport and participation in the hearing.…