Tag: Bank of the Philippine Islands

The country's largest electronics industry group is calling for closer coordination between government and the private sector to address recurring power disruptions in the Visayas, warning that unreliable electricity could erode the Philippines' competitiveness in the global semiconductor supply chain.

Two Filipino seafarers have been killed, 12 injured and one remains missing following separate drone attacks on commercial vessels in the northern Black Sea, prompting renewed calls for shipping companies to avoid the high-risk route. Department of Migrant Workers Secretary Hans Cacdac said one Filipino died in a July 6 attack and another on July 19, with efforts underway to recover the missing seafarer and repatriate the victims. Since the attacks began, nine ships carrying Filipino crew have been hit. Four injured seafarers have returned home, while eight remain under medical and psychological care. The other 124 Filipino crew members are safe. (Marjohara Tucay)

The Philippines and Oman are set to conduct bilateral air service negotiations before the end of 2026 to increase direct flights between the two nations, aiming to serve overseas Filipino workers, strengthen tourism, and expand trade ties. Department of Transportation Secretary Giovanni Lopez met with Oman’s Ambassador to the Philippines Nasser Said Abdullah Al Manwari on July 16 to kick off discussions on broader transport cooperation.

Gov’t manages impact of major fuel price hikes Energy The Department of Energy announced that local fuel companies will implement significant across-the-board price hikes this week, driven by rising global tensions. Expected per-liter increases could reach as high as ₱3.65 for gasoline, ₱10.68 for diesel, and ₱11.77 for kerosene. This sharp upward adjustment follows a week of mixed price changes and stems directly from the breakdown of the US-Iran truce and recent tanker attacks in the Strait of Hormuz, both of which have disrupted global supply chains and renewed concerns over Middle East petroleum shipments. Despite the steep increases, Energy Secretary Sharon Garin assured the public that the government remains on top of the situation and is taking all legally permissible steps to cushion the impact. Garin emphasized that while the Philippines cannot control international market forces, local fuel inventories remain sufficient and adequate for normal operations. Furthermore, because the country remains under a National Energy Emergency, the energy department is actively coordinating with local government units to prevent illegal activities like hoarding, ensuring that Filipinos can continue their daily routines with confidence.