Gas, kerosene prices go down 60c

By Alena Mae S. Flores

THE country’s oil firms cut the prices of gasoline and kerosene by P0.60 per liter and diesel by P0.30 per liter effective 6 a.m. Tuesday to reflect the movement of prices in the world oil market.

“Petron will implement the following price rollbacks effective 6 a.m. on June 6: P0.60 per liter for gasoline; P0.30 per liter for diesel and P0.60 per liter for kerosene. These reflect movements in the international oil market,” Petron Corp. said.

PTT Philippines, Cleanfuel, Petro -

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From A1 unit within the MIC would determine where the money will be invested.

MIC can also form joint ventures with conglomerates for big-ticket Public Private Partnership (PPP) projects, they said.

Diokno, who will head the MIC by virtue of his position as Finance secretary, said they will consider all possible investment projects, regardless of size. They will also work on developmental projects that could have a high return.

“The MIC can invest in the stock market or short-term bonds,” Diokno said in Filipino. “There’s an allocation for this. Long term, or short term, maybe high risk but high return. It’s the risk management committee that will determine this.”

Among the sources of funds for the MIF are proceeds from the sale of government assets. Some P2.5 billion worth of government properties are lined up for sale this year.

Diokno said the MIC is expected to be fully operational before the end of the year.

He said the Maharlika Investment Fund (MIF) Act of 2023 is expected to be signed by President Ferdinand R. Marcos Jr. before his second State of the Nation Address (SONA) in July.

Once enacted into law, Diokno said: “We’re expected to prepare the implementing rules and regulations (IRR), and we’re expected to look for people to man the MIC.”

“That is the direction and I see this to be fully operational before the end of the year,” he added.

Congress approved the MIF Act of 2023 last week.

The sovereign wealth fund will be invested in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate and highimpact infrastructure projects, and projects that contribute to the attainment of sustainable development.

Diokno said the MIC would have at least P75 billion in paid-up capital this year.

Of the total, P50 billion will come from the Land Bank of the Philippines while the remaining P25 billion will be from the Development Bank of the Philippines. Julito G. Rada

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From A1

CPAB is also eyeing partnerships with the Hotel and Restaurants Association of the Philippines (HRAP), as well as with ALLDAY supermarkets.

In addition, Monde Nissin Corporation and Unilever Philippines Inc. also agreed to source shallots directly from the farmers for their seasoning products.

The Department of Trade and Industry intends to apply the same strategy to other agricultural products such as rice, garlic, corn, and sugar.

Through the Small Business Corporation (SB Corp.), the DTI also urged farmers to access the Diminishing Loan Assistance (DLA) to help agricultural producers gain access to financing.

CPAB said farmers face several challenges when accessing loans and grants, including the lack of collaterals, limited financial literacy, limited access to formal financing institutions, high-interest rates, complex application processes, and limited availability of grants.

The DLA is a loan program wherein the interest is calculated on the decreasing outstanding principal balance. With the diminishing loan method, the interest is calculated as a percentage of the outstanding principal balance at the beginning of each period, CPAB said.

Gazz, Seaoil Philippines, and Chevron Philippines also cut their pump prices.

Department of Energy Director for the Oil Industry Management Bureau Rodela Romero said the oil firms rolled back pump prices based on the movement of the Mean of Platts Singapore, the benchmark used by oil importers.

She said oil prices slumped last week weighed down by supply risks and weak China’s economic data.

“On the supply side, KSA [Kingdom of Saudi Arabia] warned of further cuts but the outcome of the June 4 meeting remains uncertain after Russian Deputy Minister and OPEC+ negotiator said, he would not expect new production cuts from the meeting,” Romero said.

She said slower factory activity in China, which pointed to the sluggish recovery in the industrial sector after a year of lockdowns also affected oil prices. Industry sources said last week gasoline will go down by P0.65 to P0.75 per liter and diesel by P0.30 to P0.40 per liter.

Domestic pump prices are adjusted weekly, but oil prices depend on the brand, location, and market forces.

On May 30, the oil companies implemented a per liter increase of P1.10 for gasoline while the price of kerosene dropped by P0.60 per liter.

There was no movement in the price of diesel.

These price adjustments resulted in a year-to-date net decrease for kerosene at P6.75 per liter, and a net increase of P6.10 per liter for gasoline.

Diesel remains at a net decrease of P5.05 per liter.