Manila Electric Co., the country’s largest power disturber better known as Meralco, on Tuesday said power rates in November will be higher as generation charge increased due primarily to a depreciation of the peso against the U.S. dollar.
The Bangko Sentral ng Pilipinas (BSP) has intervened in the ongoing issue of unauthorized deductions from GCash accounts, directing G-Xchange, Inc. (GXI) to swiftly address the problem and expedite refunds for affected users.
Foreign direct investment (FDI) in the Philippines showed a decline of 14.5 percent year-on-year in August 2024, totaling USD813 million in net inflows, compared to US$951 million in August 2023, according to the latest data from the Bangko Sentral ng Pilipinas (BSP).
Preliminary data from the Bangko Sentral ng Pilipinas (BSP) highlighted continued growth in lending and domestic liquidity in September, reflecting robust economic activity and financial stability.
The country's gross international reserves (GIR) stood at USD112.43 billion as of end-October 2024, slightly lower than the USD112.71 billion recorded at the end of September 2024, according to preliminary data from the Bangko Sentral ng Pilipinas (BSP).
The Aboitiz Group is ramping up its Vietnam expansion, leveraging investments in energy, food security, and infrastructure as economic ties between Manila and Hanoi gain momentum under a deepening bilateral partnership.
Senator Jose 'Jinggoy' Estrada on Monday maintained his innocence in the plunder charges filed against him, alleging that the case is part of a political effort to weaken the Senate bloc aligned with Vice President Sara Duterte. Estrada claimed he had received several offers to have the plunder and graft cases dropped if he agreed to leave the new Senate majority coalition but rejected them. Estrada said he cannot sacrifice the independence of the Senate to improve my personal circumstances. The beleaguered lawmaker framed the plunder case as an assault on the autonomy of the Senate, which “must remain free from political coercion, free from undue influence, and free from any scheme designed to weaken its constitutional role as a co-equal and independent branch of government.”
Interior Secretary Jonvic Remulla said he led the police on Monday to arrest Senator Jose 'Jinggoy' Estrada at the Senate following the issuance of an arrest warrant in a plunder case, despite objections from Senate leaders. Remulla said authorities moved swiftly to enforce the warrant to avoid a repeat of the escape of Senator Ronald 'Bato' dela Rosa. He noted that the Sandiganbayan did not recommend bail for Estrada and four co-accused. Former Public Works Secretary Manuel Bonoan has surrendered to authorities but was taken to a hospital for medical treatment, Remulla added.
The Department of Energy (DOE) confirmed this week will see broad price rollbacks, with reductions starting at P4.76 per liter for gasoline, P9.26 for diesel, and P10.86 for kerosene.