BusinessWeek M I N DA N A O CREDIBLE
Volume XII, No. 119
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Briefly Bigtime rollback FUEL PRICES could start retreating starting next week after the Dubai benchmark for crude oil sold to Asia receded from its highs, Energy Secretary Alfredo G. Cusi said. “The good news now is that in the past two trading days of oil… Dubai Crude (averaged) $104.79 per barrel,” Mr. Cusi said. “Last week it reached an average of $122.61.” He was speaking at a meeting of the Cabinet with President Rodrigo R. Duterte, which was taped and released to the public early on Wednesday.
P200 subsidy AN additional P200 per month subsidy has been proposed to help beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps) cope with the rising fuel prices. Finance Secretary Carlos Dominguez III proposed the retention of excise taxes on fuel and use the money to be collected to extend subsidies to households belonging to the bottom 50 percent of the society, as well as drivers and operators of public utility vehicles (PUVs) and farmers and fisherfolk. “ This is sustainable. This is something that we can sustain and something that we can afford at this time. So I hope that, Mr. President, you will support these recommendations,” he said during President Rodrigo R. Duterte’s Talk to the Nation aired Wednesday morning.
Deregulation review T H E r ev i e w o f t h e o i l deregulation law will continue because expectations that fuel prices will retreat soon cannot yet be counted on to provide relief to the public, legislators said on Wednesday. “That is a BIG IF. Even (if fuel prices fall), there is no assurance that it will not spike again in the future,” Bayan Muna Representative Carlos Isagani T. Zarate said in a Viber message. Calls to suspend the excise taxes on fuel could be canceled if prices drop, while fuel subsidies will only continue if sectors kept being impacted by the oil price hikes, Marikina Rep. Stella Luz A. Quimbo said.
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Bangsamoro's investment code set to stir devt: exec K By BONG S. SARMIENTO, MindaNews
ORONADAL City — Bangsamoro Interim Chief Minister Ahod Ebrahim has vowed to be the principal author of the region’s investment code in a bid to further attract investors to the area, a senior economic manager said. Lawyer Ishak Mastura, chair of the Bangsamoro Board of Investments of the Bangsamoro Autonomous Region in Muslim Mindanao (RBOIBARMM), said they have submitted to Ebrahim the draft Bangsamoro Investment Code, which contains the investment and incentives regulations that will be applied in the region. “Considering the importance of this bill, the Chief Minister himself, being the principal promoter of investments in the BARMM, has signified that he CODE/PAGE 7
PRICE ROLLBACK. A pump attendant prepares to update the prices of fuel at a gas station in Davao City. Gas companies is expected to implemented bigtime price rollback this week. Oil prices went up in recent weeks due to the ongoing Ukraine-Russia war. mindanews photo
PANLUGBAK. Mother and child drop chains of beads into a hole during the annual pangampo ritual of the Bukidnon-Daraghuyan tribe in Olanguhon village in Barangay Dalwangan, Malaybalay City last week. The act, called panlugbak, symbolizes burying one's sins and asking forgiveness for them. mindanews photo by h . marcos c . mordeno
Oca open to 4-day ERC reviews proposed lifting workweek schedule of secondary cap suspension CAGAYAN de Oro Cit y mayor Oscar Moreno on Friday said he is open to the recommendation of a four-day workweek amid the prevailing oil price hikes in the country. In an online briefer, the city chief executive said the lical government here is ready to implement the proposal if approved by the national government. "If that is with the legal effect, of course, we will
implement that," he said. Moreno's remark was in response to the proposal of Nat ion a l E c onom ic Development Aut horit y Secretary Karl Kendrick Chua on Tuesday for a fourday workweek scheme to conserve energy and alleviate work-related expenses amid the series of fuel price hikes. However, the local chief executive emphasized the need for "extra analysis" WORK/PAGE 7
By MYRNA M. VELASCO, Contributor
THE Energ y Regulatory C om m i s s ion (E RC) i s reviewing the proposed lifting of the P6.245 per k i l o w a t t h o u r ( kW h) secondary price cap (SCP) at the Wholesale Electricity Spot Market (WESM) after an appeal from the power generators due to soaring fuel prices in the world
market. The generation c o m p a n i e s (G e n C o s) reportedly met with ERC C ha i r p er s on A g ne s T. Devanadera to discuss their appeal for the temporary lifting of the spot market’s secondary cap — because if that is sustained amid the skyrocketing coal, oil and gas
prices globally, the power industry players would be incurring losses and that will be a counterproductive move when it comes to the country’s bid for additional capital flow in the sector. ERC C om m issioner Floresinda B. Digal noted there is “continuous study and ongoing review” relative to the SCP, although that LIFTING/PAGE 7
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