Tag: Gokongwei Group

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.

Philippine retail stock broker COL Financial Inc. said on Monday the country’s main stock index may still reach 7,500 points by the end of the year — a level higher than before the Middle East conflict started earlier this year.

The Department of Public Works and Highways (DPWH) announced that it is getting ready to award critical construction segments for the $3.91-billion Bataan-Cavite Interlink Bridge. Public Works Secretary Vince Dizon said that key contracts for sections over Manila Bay will be finalized soon, building on earlier progress like last year's award for a 1.3-kilometer land approach road in Cavite. The massive infrastructure project is funded through a partnership between the Philippine government and the Asian Development Bank, which provided a $2.11-billion loan.

The Department of Information and Communications Technology (DICT) has signed a deal with Land Bank of the Philippines (LANDBANK) to develop AI-powered digital solutions for micro, small, and medium enterprises (MSMEs). This partnership supports the ASEAN Priority Economic Deliverable on AI-Powered MSME Growth, as the Philippines chairs this year’s ASEAN Summit. The two agencies will build on the DICT’s mobile-first AI Tech Stack, which helps businesses prepare business plans, meet requirements, and find funding, with support in Filipino, English, and other local languages. Officials said the initiative will make AI accessible to more small firms, improve their credit standing, and boost their competitiveness across the country and the region.