Pilipinas Shell, Petron Corp. and Chevron Philippines Raise Price
Local oil firms raised their fuel prices anew by more than a peso per liter Tuesday. This is the third time in just a month that fuel prices increased. At 6 a.m., major oil players Pilipinas Shell, Petron Corp. and Chevron Philippines(formerly Caltex) hiked their respective prices of regular gasoline by P1.15 per liter, premium [...]
Inflation Rate of the Philippines
By Joann Santiago The Bangko Sentral ng Pilipinas (BSP) expects drop in oil prices that might o result in slower inflation rate this month, but cautions that hike in utility rates and fare increases might push inflation higher. BSP Governor Amando Tetangco Jr., in a text message to reporters Friday, projects inflation to stay within [...]
Inflation Expectation in the Philippines
Noting the continued rise in oil prices and its impact on inflation expectations, the policy-making Monetary Board (MB) implemented another 25 basis points hike in the Bangko Sentral ng Pilipinas’ (BSP) policy rates Thursday. The latest MB decision, the second in a row since last March, brought to 4.50 percent BSP’s overnight borrowing rate and [...]
Philippine Government Provides Temporary Fuel Assistance
By Leslie D. Venzon The Department of Energy (DoE) is seeking approval of Malacanang on the draft executive order providing temporary fuel assistance that will enable the transport sector to cope with the impact of rising oil prices. “We are seeking funds from the DoF (Department of Finance). We are hoping that it would be [...]
Inflation Rate in the Philippines 2011
The Bangko Sentral ng Pilipinas (BSP) said that although the scope for keeping policy rates has narrowed due to continued climb of the inflation rate, there is still no need to hike rates. This as the government reported the rise in the inflation rate to 4.3 percent last February from month-ago’s 3.5 percent on account [...]
1 Peso Oil Hike in Philippines
More oil firms raised prices of petroleum products on Friday by 1 peso per liter for gasoline and P0.75 per liter for diesel. Pilipinas Shell Petroleum Corp. and Total (Philippines) Corp. said in separate advisories that they increased their prices at 6:00 a.m. Friday. Total implemented a P1 per liter upward price adjustment for all [...]
Chevron Philippines to Increase Oil Price
Chevron Philippines announced it will raise prices by another P1 per liter of diesel, gasoline and kerosene effective Friday (March 4, 2011), bringing to P3 per liter the total price increase this week. As this developed, Peter Lee U, an economist of the University of Asia and the Pacific, however, said the recent oil price [...]
Biggest Bioethanol Plant in the Philippines
Green Future Innovations Inc. (GFII) will build a P6-billion bioethanol plant in Isabela that will produce 54 million liters and generate 19 megawatts annually starting 2012. GFII president Reynaldo Bantug, during the launching, said the P6-billion mega project aims to contribute to the domestic supply of green energy pursuant to the Biofuels and Renewable Energy [...]
Leading Oil Refiner in Philippines: Petron
Petron Corp., the country’s leading oil refiner, announced that it will cut its fuel prices by P0.75 per liter for gasoline and P0.25 per liter for diesel and kerosene starting 6 a.m. Monday to reflect the softening of world oil prices. “This is to reflect movements in the international oil markets,” Petron said in a [...]
Philippines Economy 2011 Growing and Strong
The Philippine economy is likely to grow by 6.8 percent this year mostly because of election-related spending and the global recovery, the World Bank said. “GDP growth has been stronger than expected, reflective of rapid recovery and election-related spending amidst a strong external position which has led to a sovereign credit rating upgrade in November [...]