We are sorry, the requested page does not exist
Fuel prices in Cebu City as of Feb. 6: Gasoline up by 75 centavos, diesel by P1.50
CEBU CITY, Philippines — Another round of increase in fuel prices greeted motorists on Tuesday, February 6. Local oil firms announced in separate advisories that the prices of gasoline will increase by 75 centavos per liter and diesel by P1.50 per liter. Meanwhile, kerosene was up by 80 centavos per liter. The Department of Energy.....»»
Fuel prices in Cebu City as of Dec. 19: Diesel up by 10 centavos per liter
CEBU CITY, Philippines — In the latest fuel price adjustment, the price of diesel here in Cebu City went up by 10 centavos per liter effective Tuesday, December 19, 2023. This was according to the Department of Energy (DOE) under its Oil Industry Management Bureau, adding that the price of kerosene is down by 85.....»»
Fuel prices go down as oil firms implement another price rollback
CEBU CITY, Philippines — Motorists enjoy lower fuel prices this week as local oil companies implemented a rollback on Tuesday, November 21. The local oil firms announced, in separate advisories, a reduction of 75 centavos per liter for gasoline, 65 centavos per liter for diesel, and 60 centavos per liter for kerosene. According to the.....»»
Road rage trending
With horrendous traffic comes pent-up anger, manifesting in violent outbursts also known as “road rage,” something we are seeing more often now. The FIBA basketball tournament caused several road closures, expanded bus lanes on EDSA, and instituted stop-and-go schemes to give way to team buses and coasters. Inconvenienced motorists must adjust to this global tournament, which has led to irate and impatient heads. We are only aware of what is captured by CCTVs and mobile phone cameras, but we can be certain that this is just a thin slice of a larger pie. Luckily, no lives have been lost, and neither has anybody been injured, with all the road rage occurring daily. We have several factors to blame, such as the poor transport infrastructure, the high number of vehicles on the road, incompetent driving skills, and selective traffic enforcement. In the end, it is the motorist who must bear the stress of driving. I spent the last (long) weekend in Ho Chi Minh City, Vietnam, and the traffic there can be likened to Manila. The stark distinction lies in the discipline of the riders. In that city, you will see more motorcycles than four-wheel vehicles. That is why the buildings there are very narrow and functional, without garages for four-wheelers. There are wide sidewalks where people can walk safely. A horde of motorcycle riders does not feel like a threat in Vietnam — they move around like a school of fish, in rhythm and sync with each other. Of course, there will always be a few rowdy ones, but most of them are disciplined in their speed and maneuvering. In the Philippines, we have motorcycle riders going in all directions at the fastest speeds possible. Our motorcycle riders deliberately try to sneak into every nook and cranny between cars and trucks. There is no sense of spatial distancing for our motorists when it comes to driving on the road, especially during rush hour. This leads to accidents and road rage. Nowadays, you cannot afford to lose your cool in public, thanks to mobile phones and social media. If humiliating footage of you is taken, in minutes it will be uploaded on Facebook, and within hours you will be in the news and vloggers will be giving their two centavos on the issue. With the recent footage of the retired cop in Quezon City, we saw how the public can crucify these individuals even before the benefit of a fair trial, although we can argue that there was nothing the retired cop could do or say in his own defense. The handling of the issue was pathetic on the part of the PNP. Why would you grant the retired cop an audience via a press conference, when other similarly situated suspects are placed in a jail cell? The cop, it turned out, had even been dismissed earlier for dubious reasons, but despite this, he was armed with a handgun and was even employed in the Supreme Court. Kudos to the public officers who spoke up on the issue, especially Senator JV Ejercito and Quezon City Mayor Joy Belmonte. I am also most thankful for public interest lawyer, Atty. Raymond Fortun, immediately came forward to lead the prosecution of the retired cop, despite the victim cyclist’s refusal to file a case against the retired cop. This is the sad reality of our societal system — victims choose not to come out due to fear for their own and their families’ safety. We hope and pray to see progress in this case so that it can be prevented from happening again. For comments, email him at darren.dejesus@gmail.com The post Road rage trending appeared first on Daily Tribune......»»
Peso closes at $1 = P56.18
The Philippine peso gained against the US dollar on Friday's trading, a day after Bangko Sentral ng Pilipinas kept its local policy rates unchanged. Data from the Bankers Association of the Philippines showed that the local currency closed at P56.18 on Friday, up by 59 centavos from the P56.77 finish on Thursday. The local unit opened Friday's session at P56.65 per dollar. Its intraday best was at P56.14, while its weakest showing was at P56.65 against the greenback. Dollars traded reached $1.46 million on Friday from $960.55 million on Thursday. The post Peso closes at $1 = P56.18 appeared first on Daily Tribune......»»
Peso slips further to $1 = P56.78
The Philippine peso slipped further against the US dollar on Monday, three days before the Bangko Sentral ng Pilipinas has to decide anew on its monetary policy stance. Data from the Bankers Association of the Philippines' website showed that the local currency closed at P56.78 versus the dollar, weakening by 47 centavos from Friday's P56.315 finish. The local unit opened Monday's session weaker at P56.45 per dollar versus last Friday's P56.23 opening. Its intraday best was at P56.45, while its worst showing was at P56.99 against the greenback. Dollars traded dipped to $1.41 billion on Monday from $1.43 billion on Friday. The post Peso slips further to $1 = P56.78 appeared first on Daily Tribune......»»
Support needed as industry prepares for next-gen shift
To bolster the country’s power sector, which is primarily controlled by private firms, the National Grid Corporation of the Philippines (NGCP), the country’s lone transmission system operator, is eyeing to support the training and development of next-generation industry leaders. “We are more than happy to host young minds at our facilities so they can see for themselves the everyday operations of NGCP. Understanding the importance of power transmission in the energy system and how NGCP contributes to the country’s economic development is important to understanding the energy industry,” the NGCP said in a press statement on Friday. Recently, several universities, involving more than 400 students, completed tours in various NGCP sites where they walked through the company’s facilities. “We also want to showcase the capability of our engineers and other technical staff, and we hope to inspire them as future engineers,” the NGCP added. Currently, the country's transmission system is solely operated by the National Grid Corporation of the Philippines, a private company whose 40 percent stakes are owned by the State Grid Corporation of China. The majority, or 60 percent, is controlled by a group of Filipino businessmen led by Henry Sy Jr. and Robert Coyiuto Jr. The NGCP holds a 25-year franchise to operate the transmission assets of the government under the Republic Act 9511 signed in 2008. In another related development, consumers can save about two centavos per kilowatt-hour (kWh) in their monthly bills after the Energy Regulatory Commission or ERC suspended its earlier resolution allowing the NGCP to pass on its franchise fee to end-users. The ERC, in an advisory on Thursday, said it unanimously suspends the effectivity of ERC Resolution No. 07, series of 2011, following a Special Commission Meeting on 8 August. The resolution allows the inclusion of the 3 percent franchise tax of the NGCP in the monthly transmission costs it bills to distribution utilities (DUs). However, ERC chairperson Atty. Monalisa Dimalanta explained that upon review of the agency’s Legal Services, the franchise tax, being a direct tax in nature, should be the “sole responsibility of the franchise-holder and cannot be passed on to consumers.” Per Section 9 of the Republic Act No. 9511, the grid operator is required to pay a franchise tax equivalent to 3 percent of all gross receipts derived from its operations. In deciding the latest ruling, the ERC said, it continuously examines its existing rules and regulations to determine whether the mandates under the Electric Power Industry Reform Act of 2001 are faithfully fulfilled. “With the consumers’ interests in mind, as well as upholding the rule of law, the Commission resolved to suspend ERC Resolution No. 07, Series of 2011, by unanimous vote,” the ERC said. The power industry regulator said it will formalize its directive in a resolution to be issued on this matter. The NGCP, on the other hand, noted that it has yet to formally receive any order or resolution from the ERC regarding the matter. The post Support needed as industry prepares for next-gen shift appeared first on Daily Tribune......»»
Peso drops against the dollar, closes at P56.22
The Philippine Peso dropped against the US dollar on Thursday as economic growth slowed in the second quarter. Data from Bankers Association of the Philippines website showed that the local currency closed at P56.22 versus the dollar on Thursday, down by 20 centavos from Wednesday’s P56.20 finish. The local unit opened Thursday’s session at P56.25 per dollar. Its worst showing for the day was at P56.45, while its intraday best was at P56.13 versus the greenback. Dollars traded went down to $1.24 billion on Thursday from the $996.2 million recorded on Wednesday. The post Peso drops against the dollar, closes at P56.22 appeared first on Daily Tribune......»»
Meralco rates down anew
Following last month’s reduction on electricity bills, Manila Electric Company customers should enjoy another round of cuts in their electricity rate this month due to lower generation charge. Meralco announced on Wednesday that the overall rate for a typical household in August will slightly go down by 29-centavo per kilowatt-hour or kWh to P10.90/kWh from July’s P11.19/kWh. The reduction, according to the company, will translate to around P58 reduction in the power bills of residential households consuming 200 kWh. With the latest adjustment, the combined reduction over the past two months now stands at P1.01 per kWh. Based on the data provided by Meralco, the generation charge had gone down for the third straight time this month; it dropped by 21 centavos/kWh to P6.39/kWh in August from P6.61/kWh in July. The Wholesale Electricity Spot Market charges also declined by P1.29 per kWh as demand decreased due to the onset of the rainy season. Charges from Power Supply Agreements or PSA also went down by P0.17 per kWh due to lower fuel prices and the peso’s appreciation which affected around 26 percent of PSA charges that are dollar denominated. On the other hand, transmission and other charges, which include taxes and subsidies, also registered a net reduction of about 8 cents. Following the new rules for the implementation of the lifeline rate program, Meralco also called on qualified customers, particularly beneficiaries of the Pantawid Pamilyang Pilipino Program and other marginalized households, to apply for the program to get discounts on their electricity bills. The post Meralco rates down anew appeared first on Daily Tribune......»»
Peso strengthens to $1 = P55.20
The Philippine peso slightly strengthened against US dollar on Wednesday amid improved employment data. Data from the Bankers Association of the Philippines showed that the local currency closed at P55.20 versus the dollar, strengthening by two centavos from Tuesday's P55.24 finish. The peso opened Monday's session at P55.40 per dollar. It weakened to as much as P56.44 while its intraday best was at P55.20 versus the greenback. Dollars traded fell to $996.20 million on Wednesday from the $1.15 billion recorded on Tuesday. The post Peso strengthens to $1 = P55.20 appeared first on Daily Tribune......»»
Meralco rates down for second straight month
Following last month’s reduction, Manila Electric Co. or Meralco customers should enjoy another round of cuts in their electricity rate this month due to lower generation charges. Meralco announced on Wednesday that the overall rate for a typical household in August will slightly go down by 29-centavo per kilowatt-hour or kWh to P10.90 per kWh from July’s P11.19 per kWh. The reduction, according to the company, will translate to around P58 reduction in the power bills of residential households consuming 200 kWh. With the latest adjustment, the combined reduction over the past two months now stands at P1.01 per kWh. Based on the data provided by Meralco, the generation charge had gone down for the third straight time this month; it dropped by 21 centavos per kWh to P6.39 per kWh in August from P6.61 per kWh in July. The Wholesale Electricity Spot Market charges also declined by P1.29 per kWh as demand decreased due to the onset of the rainy season. Charges from Power Supply Agreements or PSA also went down by P0.17 per kWh due to lower fuel prices and the Peso’s appreciation which affected around 26 percent of PSA charges that are dollar-denominated. On the other hand, transmission and other charges, which include taxes and subsidies, also registered a net reduction of about 8 cents. Following the new rules for the implementation of the lifeline rate program, Meralco also called on qualified customers, particularly beneficiaries of the Pantawid Pamilyang Pilipino Program and other marginalized households, to apply for the program to get discounts on their electricity bills. The post Meralco rates down for second straight month appeared first on Daily Tribune......»»
Peso depreciates to $1 = P56.02
The Philippine Peso depreciated against the dollar on Monday and returned to the P56:$1 level after recent signals from economic authorities on being careful not to hike local policy rates too much to avoid slowing economic growth. Data from the Bankers Association of the Philippines' website showed that the local currency closed at P56.02 versus the dollar on Monday, depreciating by 30 centavos from Friday's P55.74 finish. The local unit opened Monday's session at P55.65 per dollar. Its weakest was at P56.06 per dollar, while its intraday best reached P55.60 against the greenback. Its weighted average reached P55.743 per dollar. Dollars traded went down to $973.75 million on Monday from the $1.14 billion seen on Friday. The post Peso depreciates to $1 = P56.02 appeared first on Daily Tribune......»»
Peso weakens vs dollar amid easing inflation
The Philippine peso weakened against the US dollar on Friday amid the easing inflation rate for July 2023. Data from the Bankers Association of the Philippines showed that the peso closed weaker at P55.74, losing 22 centavos from P55.52 the previous session. The local unit opened Friday's session weaker at P55.60 per dollar versus the previous session's P55.30. Its weakest showing for the day was at P55.777, while its intraday best was at P55.55 against the greenback. The peso's weighted average rate on Friday was at P55.675, while the peso-US dollar volume declined to $1.14 billion versus $1.28 billion. The post Peso weakens vs dollar amid easing inflation appeared first on Daily Tribune......»»
Peso closes P55.52 against the dollar
The Philippine Peso further depreciated against the US dollar on Thursday as investors await inflation data, due to be released tomorrow, Friday. Data from the Bankers Association of the Philippines showed that the Peso closed weaker at P55.52 and lost 33 centavos from P55.19 the previous session. The local unit opened Thursday's session at P55.30 per dollar. Its weakest showing of the day was at P55.565, while its intraday best was at P55.27 against the greenback. The Peso’s weighted average rate on Thursday was at P55.388 while the peso-US dollar volume increased to $1.28 billion versus $1.10 billion previously The post Peso closes P55.52 against the dollar appeared first on Daily Tribune......»»
LRT riders brace for fare hike
Passengers of Light Rail Transit Lines 1 and 2 should start allocating additional budget for their daily expenses as the line’s fare increase officially takes effect starting tomorrow, 2 August. The Department of Transportation’s Rail Regulatory Unit approved the petitions seeking to increase the trains’ boarding fee by P2.29 — with an additional 21 centavos for every kilometer traveled. The two line’s minimum boarding fees will now be P13.29 from P11, plus an additional P1.21 per km. traveled from P1 per km. The adjustments were supposed to be implemented sooner but no less than President Ferdinand R. Marcos Jr. appealed to the DoTr to defer the fare adjustment until it fully reassessed its economic impact on the riding public. Last month, the President approved the implementation of the delayed fare increase, citing the “improving” employment figures and easing headline inflation rates, which he said would allow passengers to cope with the fare increase. According to Light Rail Manila Corp., which operates the LRT-1, the company will use the earnings from the fare adjustment to deliver efficient services. “We are determined to give people back their time through efficient transport and put more value to every single peso that our passengers spend for every LRT-1 ride,” LRMC chief operating officer Rolando J. Paulino III said. “Despite the absence of fare adjustments in previous years, we have established major improvements in the 38-year-old railway line with the increase in trains deployed to service more commuters; improved headway or waiting time; station rehabilitation and expansion; and the construction of LRT-1 Cavite Extension Project,” he added. By Wednesday, LRT-1’s revised fare matrix will show a minimum fare of P14 and a maximum fare of P35 for Stored Value Cards or SVCs. On the other hand, Single Journey Tickets or SJT will range from P15 to P35. Meanwhile, in LRT-2, fares will now range from P14 to P33 for SVCs and P15 to P35 for SJTs. The current minimum fare for SVC is P12 and a maximum of P30, while SJT is at P15 minimum fare and P30 maximum fare. The post LRT riders brace for fare hike appeared first on Daily Tribune......»»
Passengers brace for LRT fare hike starting Wednesday
Passengers riding Light Rail Transit Lines 1 and 2 should start allocating additional budget for their daily expenses as the line's fare increase officially takes effect starting Wednesday, 2 August. The Department of Transportation’s Rail Regulatory Unit approved the petitions seeking to increase the trains' boarding fee by P2.29 — with an additional 21 centavos for every kilometer traveled. The two lines' minimum boarding fees will now be P13.29 from P11, plus an additional P1.21 per km traveled from P1 per km. The adjustments were supposed to be implemented sooner, but President Ferdinand R. Marcos Jr. appealed to the DoTr to defer the fare adjustment until it fully had assessed its economic impact on the riding public. Last month, the President approved the implementation of the delayed fare increase, citing the “improving” employment figures and easing headline inflation rates, which he said would allow passengers to cope with the fare increase. According to Light Rail Manila Corp., which operates the LRT-1, the company will use the earnings from the fare adjustment to deliver efficient services. “We are determined to give people back their time through efficient transport and put more value to every single peso that our passengers spend for every LRT-1 ride,” LRMC Chief Operating Officer Rolando J. Paulino III said. “Despite the absence of fare adjustments in previous years, we have established major improvements in the 38-year-old railway line with the increase in trains deployed to service more commuters; improved headway or waiting time; station rehabilitation and expansion; and the construction of LRT-1 Cavite Extension Project,” he added. By Wednesday, LRT-1’s revised fare matrix will show a minimum fare of P14 and a maximum fare of P35 for Stored Value Cards or SVCs. On the other hand, Single Journey Tickets or SJT will range from P15 to P35. Meanwhile, in LRT-2, fare will now range from P14 to P33 for SVCs and P15 to P35 for SJTs. The current minimum fare for SVC is P12 and a maximum of P30, while SJT is at P15 minimum fare and P30 maximum fare. The post Passengers brace for LRT fare hike starting Wednesday appeared first on Daily Tribune......»»
Peso closes at $1 = P54.88
The Philippine peso strengthened against the US dollar on Monday as the country's inflation rate shows signs of deceleration. Data from the Bankers Association of the Philippines’ website showed that the local currency closed at P54.88 versus the dollar on Monday, strengthening by three centavos from Friday's P54.91 finish. The local unit opened Monday's session at P54.888 per dollar. Its weakest showing of the day was at P54.91, while its intraday best was at P54.75 against the greenback. Dollars traded went down to $1.03 billion on Thursday from the $1.10 billion seen on Wednesday. The post Peso closes at $1 = P54.88 appeared first on Daily Tribune......»»
Peso closes at $1 = P54.755
The Philippine peso weakened against the US dollar on Friday as markets anticipate a 25-basis point hike from the Federal Reserve next week. Data from the Bankers Association of the Philippines' website showed that the local currency closed at P54.755 versus the dollar on Friday, down by 2.35 centavos from Thursday's P54.52 finish. The local currency opened Friday's session at P54.68 per dollar. Its weakest showing of the day was at P54.76, while its intraday best was at P54.56 against the greenback. Dollar trade reached $1.17 billion on Friday, up from $1.14 billion posted a day before. The post Peso closes at $1 = P54.755 appeared first on Daily Tribune......»»
CA conundrum
What gives in the recent Court of Appeals decision that effectively emasculated the Energy Regulatory Commission? The ruling, in effect, said SMC was correct in its petition to the ERC asserting a “change in circumstance” to allow it to set aside the fixed-price provision in its contract with Meralco. Moreover, the ruling favored SMC’s claim that the adjustment would result in the least electricity cost, which was the conglomerate’s contention when it filed the petition with ERC. In its plea, SMC’s power units sought a 30 to 34 centavos per kilowatt hour increase in the rate it charged Meralco. Meralco as the electricity distributor then passes on the cost to consumers in their monthly bills. The court in its decision weighed the impact of the various options and favored the one that SMC proffered as having the most benefit to consumers. The ERC in its October decision dismissing the petitions of SMC arms, South Premiere Power Corp. and San Miguel Energy Corp., cited the straight pricing scheme in the power supply agreements of both firms with Meralco. SMC, instead of petitioning ERC for a review, went straight to the Court of Appeals to seek temporary restraining orders for both SPPC and SMEC. The CA through its 13th Division promptly issued a TRO on SPPC which in effect suspended its contract with Meralco, as SMC had warned if the ERC did not go along with its wish for a price adjustment. President Ferdinand “Bongbong” Marcos Jr. then urged the court to review the TRO, fearing that it would result in higher electricity bills. The CA’s 16th Division then rejected the TRO petition of SMEC but allowed the consolidation of the cases with the 13th Division, which issued a ruling later upgrading the SPPC TRO into a writ of preliminary injunction. The latest 13th Division ruling was the provision of permanent injunctions to both SMEC and SPPC. Going by the principle of honoring contracts, ERC, as the regulator, needed to enforce the fixed-price provision in the PSAs which covered about 1 gigawatt of electricity supply to Meralco. SMC in the deliberations with the ERC said that it had been hemorrhaging money — P15 billion since 2021 from operating the Sual coal and the Ilijan natural gas power facilities amid high global coal prices and unilateral natural gas supply restrictions from Malampaya. The CA’s ruling overturned the ERC and thus allowed SMC to recover its claimed losses by passing it on to consumers. SMC can also seek new adjustments retroactively from the time that it was considered to have been affected by the high global prices and natural gas supply restrictions, based on the rulig. The CA decision would have the immediate effect of a likely price increase since the PSA would be terminated, forcing Meralco to buy electricity from the spot market. The ultimate effect of the CA decision, however, would be to weaken the regulatory function of the ERC since it will set a precedent for parties in a contract to undermine the regulator’s decision by going directly to the CA. The ERC, thus, is fighting to uphold its function under the Electricity Power Industry Reform Act or Epira with its vow to appeal the CA decision in the Supreme Court. “The decision is not yet final and we will still file a motion for reconsideration. If granted, that's another discussion. If denied, we will go all the way to the Supreme Court,” said ERC chairperson Monalisa Dimalanta. It is indeed disconcerting that businesses that can pull all the strings overstep the rules, including the sanctity of contracts, aided by the court. Solicitor General Menardo Guevarra in defending the ERC said the CA’s 13th Division “violated the separation of powers and overstepped its boundaries when it directed the parties (SMC and Meralco) to enter into good faith negotiations” on the PSA of SPPC. He said that the 25 January resolution granting the writ of preliminary injunction and issuing the directive to renegotiate the terms of the contract “impinges on the executive jurisdiction of both the Department of Energy and respondent ERC.” Guevarra said that a renegotiation “was not even prayed for in the petition.” The $64,000 question is what prompted the CA to go out of its way to favor SMC despite the business behemoth effectively breaching its contracts with Meralco. The post CA conundrum appeared first on Daily Tribune......»»
Phl peso closes at P54.40 against the greenback
The Philippine Peso strengthened against the US Dollar on Friday as easing US data on inflation led to a decrease in the expectations for Federal Reserve rate hikes. The local currency closed at P54.40 versus the dollar on Friday, up by 11 centavos from Thursday's P54.51 finish, data from the Bankers Association of the Philippines’ website showed. The local currency opened Friday's session at P54.45 per dollar. Its weakest showing of the day was at P54.55, while its intraday best was at P54.31 against the greenback. Dollar trade reached $1.15 billion on Friday, down from $1.41 billion posted a day before. The post Phl peso closes at P54.40 against the greenback appeared first on Daily Tribune......»»