Author: gqSbgCfmna

As we filled our tanks early this week to take advantage of the second consecutive fuel price rollback, a sense of optimism emerged-perhaps things are finally returning to normal.

By ‘normal,’ we imagined oil prices at the pump reverting to pre-Iran war levels-before Feb. 28, 2026-when diesel, for example, hovered around P48 to P65 per liter and Brent crude traded at $60 to $70 per barrel.

This week, while the most common price remains below P100 per liter, it soared above P153 (from April 7 to 13), with the average that week ranging from P120 to P160. Notably, prices reached a record high of P170 to P172 in remote rural areas and at premium stations in Metro Manila.

The double-digit rollback this week was not a voluntary act by oil companies-nor did it result from a sudden resurgence of conscience among their owners, assuming they possess any at all.

The price reductions, though significant, remain far from adequate and were mandated by the government. Aware that major oil companies are unmoved by appeals or pleas, the Marcos administration has finally threatened legal action if they fail to comply more than seven weeks into the Middle East crisis that saw these companies greedily raising prices on oil stocks purchased long before the conflict in Iran.

Clear message. On Saturday, President Marcos himself announced fuel price rollbacks of P24.94 per liter for diesel, P3.41 per liter for gasoline, and P2 per liter for kerosene. He asked oil companies to fully implement these rollbacks (see ‘Marcos: ‘Big’ price rollback for diesel at P24.94 per liter,’ 4/19/26).

‘This is bigger than the rollback a week ago, and this sends a clear message for everyone: there is relief coming,’ Mr. Marcos said in Filipino. Directly addressing oil companies, the President said: ‘My request is clear: Fully implement the rollback, do it right, and with no delays. Give the Filipinos what they deserve.’

Since oil prices spiked after Feb. 28, Mr. Marcos has prioritized diesel subsidies for the transport and food delivery sectors, alongside cash aid for tricycle and jeepney drivers, delivery riders, ride-hailing service operators, and motorcycle taxi drivers.

But even if oil companies were to sell oil at prewar prices today, consumers understand that any rollback would barely compensate for the billions in profits amassed since the war in Iran began. With the Philippines maintaining a 50- to 60-day buffer stock, the older, cheaper oil supplies are only now running out. Unless companies offer their new stock at discounted rates-a highly unlikely scenario-the public will continue to be shortchanged.

Ibon Foundation estimated that oil firms raked in a staggering P46.5 billion in windfall profits in March alone-equivalent to P1.5 billion per day. Oil companies defend their price hikes on old stock by citing ‘replacement cost pricing,’ a practice in which pump prices are set based on oil futures that determine the cost of the next batch of oil.

Price caps. So when Energy Secretary Sharon Garin warned oil firms on Monday of hefty fines should they fail to implement the substantial price rollback, it seemed the Department of Energy (DOE) had finally found its voice, mustering the courage to stand up to big oil firms and local traders.

Citing the national energy emergency declared by Mr. Marcos under Executive Order No. 110, Garin stated that the government can now limit fuel price increases or mandate minimum rollbacks at the pump. In short, the DOE is now required to prescribe fuel prices-not just monitor them-to provide relief to the public and help stabilize the economy amid volatile global oil supplies.

This announcement from the DOE is welcome news, as it promises to end the oil firms’ and traders’ unchecked control over pump prices since the passage of the oil deregulation law.

However, Garin should have moved to control or limit price adjustments at the outset of this crisis, rather than waiting seven weeks to act.

There’s more than meets the eye in the energy secretary’s latest statement that could potentially curb oil firms’ windfall profits. Previously, she cited replacement-cost pricing and other landed costs to justify the surge in oil prices, and at the April 8 House committee on ways and means hearing, she denied that pump prices were overpriced.

Now, however, she strikes a different tone: ‘So that’s our new rule now. That’s because of the issuance of the executive order, which triggered the additional powers of government to prescribe the price during these times of emergency,’ Garin said at Monday’s press conference.

Yet EO 110 was issued nearly a month ago (March 24). She had also claimed the government could not impose limits due to the oil deregulation law (see ‘DOE: Hefty fine awaits oil firms defying price orders,’ 4/21/26).

The question on everyone’s mind remains: Why only now, and what really changed?

The Philippine Stock Exchange (PSE) is proposing to significantly ease listing rules for preferred shares offerings, aiming to draw more small and medium enterprises (SMEs) into the capital market.

In a consultation paper, the PSE said it plans to slash the minimum public offering size for preferred shares offerings to P100 million from P1 billion, a tenfold reduction meant to ‘democratize access’ to the market.

The exchange said the move would align the requirement with small-cap initial public offering (IPO) thresholds and provide an alternative to crowdfunding, which SMEs often tap for funding.

Alongside this, the PSE is proposing to lower the minimum number of stockholders upon listing to 100 from 1,000, reflecting the smaller offer size.

The exchange also plans to revise public float rules, shifting from a fixed 20 percent minimum to a range of 15 percent to 20 percent, in line with SEC Memorandum Circular No. 11-2026.

In some cases, the PSE may allow a lower public float, but not below 12 percent, based on a company’s market capitalization at listing.

Easier disclosure requirements

To further encourage listings, the PSE is seeking to streamline disclosure requirements for ‘preferred shares-only’ issuers, focusing on information that affects dividend payments.

This will reduce the number of reportable events requiring prompt disclosure to 29 from 42, removing items not tied to an issuer’s ability to pay dividends.

Certain disclosures-such as reports on top shareholders and some corporate changes-will no longer be required, while sector-specific certifications will be added for mining and energy firms.

The PSE is also proposing a modified penalty framework, retaining fines for structured disclosures but simplifying penalties for unstructured violations to a single level.

Higher penalties will apply to violations affecting preferred shareholders’ rights, including dividend declarations, redemption terms and changes in shareholdings of key officers.

The exchange is inviting comments from market participants until May 5, 2026, after which the final rules may be refined from the draft.

Proponents

Investment banker Eduardo Francisco, president of BDO Capital and Investment Corp., earlier urged the PSE to lower the minimum offering size to P500 million, saying listing-even via preferred shares-could help smaller firms build credibility and attract investors.

‘If they are not yet listed, preferred [shares offering] is a safer way to introduce them,’ Francisco said.

He added that once listed, companies would also have an easier path to conduct follow-on offerings, whether of common or preferred shares.

‘At least, they have a seal of good housekeeping,’ he said.

Customers of Manila Electric Co. (Meralco) can expect a bigger rebate as regulators ordered the swift implementation of P14.17-billion remaining refunds beginning May, as Filipinos reel from rising prices due to the Middle East war.

Based on a document posted on its website, the Energy Regulatory Commission (ERC) directed the Manuel V. Pangilinan-led firm to hasten the rollout of the remaining refunds out of the original amount of P19.96 billion.

This is part of an earlier order that declared July 2022 to December 2024 as a lapsed period.

The true-up calculation shows the gap between Meralco’s actual weighted average tariff and the regulator-approved rate for the period under review.

The refund program started a year ago, initially covering P5.8 billion at a rate of P0.1189 per kilowatt hour (kWh).

Now, the ERC has mandated a higher average refund rate of P0.2511 per kWh.

Residential customers, in particular, will see a reduction of P0.4278 per kWh.

Immediate relief

‘By expediting the refund, we are providing more immediate relief to Meralco consumers, particularly in the face of rising electricity costs driven by global and domestic factors,’ ERC chair and CEO Francis Saturnino Juan said in a statement on Wednesday.

‘The true-up mechanism is a safeguard embedded in our regulatory framework, ensuring that tariffs remain cost-reflective and reasonable at all times,’ he added.

The ERC said the remaining amount would be refunded over a shorter period of 12 months instead of the original 36 months.

According to the ERC, the refund will be under a separate line item in their power bills, allowing consumers to check the amount being returned to them.

In February, Meralco sought regulatory approval for a capital spending of P272 billion for a five-year period, or until 2030.

Rate reset

Under a rate reset process, a regulated entity such as Meralco must submit to the ERC its spending and proposed projects over a certain period, usually five years, unless extended by the regulator. This will then be the basis of the rate that will be passed on to consumers.

Meralco is the country’s biggest power distributor, delivering electricity to over 8.2 million consumers in Metro Manila and nearby provinces, including the municipalities of Sto. Tomas, Batangas City and San Pascual.

President Ferdinand Marcos Jr. has approved the rank promotion of 17 senior Philippine National Police (PNP) officers, according to a memorandum from the Department of the Interior and Local Government (DILG).

The appointment papers had been signed by Marcos and transmitted to the DILG by Executive Secretary Ralph Recto, according to a memorandum dated April 20 from Special Police Assistant to the Secretary of the Interior and Local Government Col. Christopher Olazo and addressed to PNP Chief Gen. Jose Melencio Nartatez Jr.

According to the memo, promoted to major general were Brig. Gen. Wilson Asueta, the Anti-Cybercrime Group director, and Brig. Gen. Jay Cumigad, the director for plans.

Promoted to brigadier general were Col. Madeline Cacao, chief of the Center for Police Strategy Management; Col. Rodel Pastor, chief of the National Capital Region Police Office Staff; and Col. Dominic Baccay, executive officer of the Directorate for Plans.

The memo added that the following police lieutenant colonels were promoted to police colonels:

Kenneth Mission

Manolo Salvatierra

George Marca

Jonathan Lee Chy

Richard Bogoy Gumboc

Tyrone Razon Dotimas

Arnold Acosta

Sam Andarino

Romeo Villalobos Jr.

Ariel Bait

Damaso Burgos Jr.

Casan Ali

Section 31 of Republic Act No. 6975, or the DILG Act, which reorganized the PNP, states that only the president can appoint police officers to the rank of police colonel or higher.

Rising fuel costs amid the Middle East conflict forced the Department of Agriculture (DA) to delay by about one month the implementation of nationwide farm-to-market road (FMR) projects.

The agency originally targeted to begin construction of FMR projects in April. It received a budget allocation of P33 billion under the 2026 General Appropriations Act, covering 1,605 projects.

However, the DA plans to start the bidding process next month as it recalibrates construction costs.

‘We expect that by May, we will begin the procurement process for all these bidding activities,’ Agriculture Undersecretary Arrey Perez said in an interview.

Standardizing budget

Perez said the DA is closely coordinating with the Department of Public Works and Highways (DPWH) to standardize the price per kilometer of FMR in the pipeline.

‘Our challenge now is that because fuel prices are rising, we cannot finalize the costing per kilometer of our road projects,’ he told reporters.

Agriculture Assistant Secretary Arnel de Mesa, also the DA’s spokesperson, said: ‘If we insist on using the previous costing, the bidding will likely fail. We need to make the necessary adjustments to ensure that our procurement and implementation are successful.’

Despite these delays, Perez assured that the ongoing FMR projects being undertaken by other agencies would continue.

Takeover

The DA assumed responsibility for constructing FMR projects from the DPWH, effective this year, following corruption concerns over the government’s infrastructure projects.

Although the DA is the lead implementing agency, it is allowed to partner with government agencies, local government units or private entities to complete these projects.

The agency has adopted various measures to ensure transparency and proper implementation, such as auditing FMR projects and launching the FMR transparency portal, where stakeholders can monitor projects or report any issues.

Based on the DA’s digital portal, the government had invested P109.53 billion to develop FMR projects between 2021 and 2026 covering 6,428 projects.

Of these, 3,135 projects have been completed with a total length of 2,399.85 kilometers.

Happiness is often shaped not by grand milestones, but by everyday choices to move forward, help others, and create meaning despite life’s challenges. Through Happiest Pinoy, Cebuana Lhuillier continues to spotlight Filipinos whose stories reflect quiet resilience and purposeful optimism-demonstrating that even the simplest moments can inspire hope and positive change across communities. More than a recognition platform, Happiest Pinoy has grown into a nationwide advocacy that highlights how personal strength and service to others can create lasting impact.

Cebuana Lhuillier’s Happiest Pinoy winner continue to inspire through #SimpleJoysPH

As the initiative evolves into the digital space through #SimpleJoysPH, the journeys of past winners continue to resonate-showing how small acts of courage, gratitude, and kindness can influence others in meaningful ways.

One such story is that of Zacarias Mansing, the 2025 Happiest Pinoy awardee, whose life journey reflects how adversity can be transformed into purpose.

In 2012, Zacarias’s life changed dramatically after a car accident left him paralyzed from the chest down. What could have been defined by loss instead became a turning point. Choosing not to be limited by his circumstances, he redirected his experience into service-becoming a socio-civic volunteer, education advocate, and motivational speaker. Guided by his personal mantra, ‘Making a Difference Despite Disability-Inspiring People, Instilling Hope,’ Zacarias has consistently demonstrated how determination and optimism can create impact far beyond one’s own circumstances.

For Cebuana Lhuillier President and CEO Jean Henri Lhuillier, stories like Zacarias’s reflect the deeper purpose of the initiative. ‘Happiest Pinoy highlights Filipinos who turn life’s challenges into opportunities to uplift others. Zacarias’s journey reminds us that happiness is not about circumstance-it is about choosing purpose, creating impact, and finding meaning in even the simplest moments.’

Since receiving the recognition in 2025, Zacarias has continued to expand his advocacy. His Books for Kids Project, which he launched in 2017, has now reached over 50,000 students across 300 public schools in Negros Oriental, promoting literacy while advancing awareness on disability inclusion. Through partnerships with schools and organizations, he delivers talks on resilience, leadership, and positive self-image-reaching diverse audiences from OWWA scholars to aspiring educators, school leaders, and senior high school students. His work reflects how individual purpose can translate into community impact.

For Zacarias, the recognition marked not an endpoint, but a renewed commitment to serve. He finds fulfillment in moments of gratitude, in supporting learners through education initiatives, and in seeing how encouragement can help others recognize their own potential. His experience reinforces a simple but powerful insight: meaningful impact often begins with small, intentional actions.

As Happiest Pinoy 2026 enters a fully digital chapter through #SimpleJoysPH, Cebuana Lhuillier continues to spotlight how everyday acts of resilience, generosity, and hope can create meaningful impact beyond individual stories. By amplifying journeys like Zacarias’s, the initiative underscores a simple but powerful truth: happiness is not defined by perfect circumstances, but by the choice to move forward with purpose and inspire positive change in others-even through life’s simplest moments.

Angge Poyos admitted that blowing a two-set lead hurt for the University of Santo Tomas as they missed the outright chance to clinch a berth to the UAAP Season 88 women’s volleyball stepladder semifinals.

But the Tigresses have no time to dwell on the loss, shifting their focus to their Playoff for No.4 against the Far Eastern University Lady Tamaraws on Saturday at Smart Araneta Coliseum.

‘The loss hurts, but we have to move on right away. We’ll come in more confident on Saturday because our fate is in our hands. That’s what we’ll hold on to, giving our best no matter what,’ said Poyos after pouring in 24 points, 15 receptions, and nine digs.

Poyos kept UST afloat in the decider, but her attack error sent NU to match point before Vange Alinsug nailed the game-winning kill to clinch the No.2 spot with a come-from-behind 19-25, 23-25, 25-18, 25-18, 15-13 win on Wednesday.

‘One factor was miscommunication, especially in crucial moments like when it was tied 13-all. There was a miscommunication with Ate Cassie (Carballo), so communication really played a big role,’ she said. ‘We struggled to close out the game. We were up 2-0 but couldn’t finish it in the third or fourth set.’

Poyos urged her teammates to keep their heads up with their final chance to keep their semifinal streak going.

‘It’s frustrating because we were already close, but still couldn’t get it. For now, our focus is recovery, rest tomorrow, then prepare for Saturday since that’s the most important game for us to make the semis,’ said the former league Rookie of the Year. ‘We just have to stay patient and move on quickly from what happened. We played well, but it still wasn’t enough to get the win.’

Although UST swept FEU in the elimination round, Poyos has no room for complacency in a do-or-die game for the right to face Adamson in the stepladder semis.

‘We just have to give everything, our 101%, and not doubt ourselves. It’s a do-or-die game this Saturday, and we know FEU will come back strong. We won’t just let this slip. We really want to make the Final Four. We’ll stay patient and just perform at our best,’ said Poyos.

LBC Express Holdings Inc. is exiting its Taiwan-based employment services business after three years as part of a move to refocus operations and address losses.

In a disclosure on Wednesday, the logistics company said it had approved the sale of its 100-percent stake in Blue Eagle and LBC Services Ltd. to Ruby Chang for 2 million Taiwanese dollars, or about P3.8 million.

LBC said the divestment is aimed at realigning its strategy for the unit.

‘The divestment of Blue Eagle is pursuant to the plans of the Corporation to refocus strategic direction for Blue Eagle, which may include implementing certain organizational changes, with a view of turning around losses of the subsidiary,’ it said.

Blue Eagle, incorporated in Taiwan, is engaged in employment services.

The purchase price represents a steep markdown from LBC’s earlier acquisition cost. In 2023, the company acquired the same unit for 5 million Taiwanese dollars, or about P8.7 million at the time, as part of efforts to expand its global revenue streams.

‘The acquisition is expected to benefit the company by contributing to the global revenue stream,’ LBC said then.

The sale remains subject to approval by Taiwan regulators.

Business mix

LBC generates the bulk of its revenues from logistics services, including domestic and international courier, freight forwarding and cargo transport across air, sea and land.

It also operates a money transfer business covering remittances, bills payment and corporate payout services.

The company returned to profitability in 2025, posting attributable net income of P246.06 million.

Domestic operations continued to account for the larger share of revenues, generating P8.61 billion, while overseas operations contributed P5.41 billion.

By segment, logistics services brought in P13.56 billion, compared with P465.53 million from money transfer services.

Police anti-narcotics operatives arrested two alleged street drug pushers, and seized P142,000 worth of shabu (crystal meth) in a buy-bust operation early Wednesday, April 22, in Rodriguez town in Rizal province.

The Rizal police reported that a team of operatives held ‘Vonvon,’ 33, and ‘Cristi,’ 36, after they sold P500 worth of shabu to a poseur buyer in Barangay San Jose at dawn.

The suspects yielded seven heat-sealed plastic sachets containing suspected meth weighing 21 grams, worth P142,000, and a digital weighing scale.

The Rodriguez police are still investigating the source of the illegal drugs.

The report tagged the suspects as street-level pushers on the police watch list.

‘The arrest of these individuals is proof of our relentless campaign against illegal drugs. We will continue to intensify our operations to maintain the safety and order of our community, Colonel Eleazar Barber Jr., Rizal police director, said.

The suspects were detained and are facing charges of violating the Comprehensive Dangerous Drugs Act of 2002.

Last year’s Typhoon Tino dropped a month’s worth of rain over the course of a few hours, and left behind hundreds of deaths and millions of pesos in agricultural and structural damage. For some, Tino was an unavoidable tragedy and the direct result of an unforeseen natural disaster. But with questions of flood control and ghost projects, to others, it was an example of how corruption and institutional incompetence directly resulted in the loss of Filipino lives.

After firsthand accounts and videos of murky, mocha-colored flood waters surfaced in Barangay Guadalupe during the typhoon, many pointed to Slater Young’s The Rise at Monterrazas as a significant contributor to the flooding in Cebu. That is, on top of the Department of Environment and Natural Resources (DENR) slamming a cease-to-operate order on the project last November.

However, after the Environmental Management Bureau (EMB) Region 7 (Central Visayas) confirmed that it lifted the cessation of operations order (CDO) against the Monterrazas project, Young broke his silence on the matter.

‘That tragedy was real, and it deserves real answers, not speculation, not misinformation,’ said the content creator/civil engineer in a statement posted on YouTube. ‘We also know that what we experienced is nothing compared to the suffering of those who were directly affected by the flood. We tried to never lose sight of that, and we waited for the truth.’

Slater’s defense

‘When the accusations were made against the Monterrazas project, our first instinct was to respond immediately, but we held back because we believed that the right thing to do was to let the proper investigations run its course, to let the science and evidence speak rather than to add to all the noise and confusion,’ added Young, putting forward an independent study conducted by the Institute of Environmental Science and Meteorology (IESM) Environmental Hydrology Laboratory at the University of the Philippines, Diliman.

‘These were done by scientists with no connection to the project, no stake in the project,’ he added. ‘They found that Monterrazas did not cause or worsen the flooding. What caused it was the sheer volume of rain.’

According to the study, the Monterrazas project helped mitigate the occurrence of flash floods during Tino. Its detention ponds acted as stopgaps that held incoming rainwater, allowing it to flow slowly rather than having it all go down at once. The study also produced models and comparisons to prove that flooding levels would have been the same even without the existence of the Monterrazas site-and in fact, the project is said to have reduced overall flooding in the area by around two percent compared to if the area was left undeveloped.

‘The science does not just say we did not cause the flooding, it says that the systems we had built in place helped reduce it. This is not our conclusion; this is theirs. This study is public, and anyone who wishes to go through it is free to do so,’ shared the Pinoy Big Brother winner.

Though, despite the facts and figures Young has put forward, public opinion has largely been left unchanged, with others unconvinced of the validity of the UP study cited. Although Young claims that several third-party researchers have peer-reviewed the findings and have reached similar conclusions, all we have so far is a Facebook summary that won’t hold up as an undeniable fact.

Should the IESM Environmental Hydrology Laboratory publish the complete study and its findings are supported by more environmental organizations, then this would likely result in greater support for Monterrazas. But even then, it’s also safe to say that even that won’t have much impact on the court of public opinion.

‘We understand that for some, no study or finding will ever be enough. Grief does not follow a timeline, and we respect that,’ Young added. ‘But Cebu deserves real solutions and real solutions can only come from correctly identifying the real cause-that is, work that is ongoing, and Monterrazas is committed to being a part of it; I am committed to being a part of it.’

Reactive, never preventive

After the Monterrazas development was placed under scrutiny following Typhoon Tino, DENR initially halted the project, citing several breaches of forestry and environmental laws, notably the Forestry Code of the Philippines, the Clean Water Act, the Philippine Environmental Impact Statement (EIS) System, as well as lapses in their Environmental Compliance Certificate.

It’s also important to note that more than 700 trees were reportedly cut down within Monterraza’s 140-hectare property.

In short, these violations were happening right under our noses, and it took a region-wide disaster and several viral TikToks for anything to be done about it. And to make things worse, while Young’s statement addressed the flooding aspect of the controversy, nothing regarding the violations was ever discussed.

According to EMB-7 Regional Director John Edward Ang, the order was lifted on the basis of ‘documented remedial works, compliance milestones, and settlement of penalties’ by The Mont Property Group, Inc., meaning, penalties were paid off, and lapses were made up for-after hundreds of lives were lost to Typhoon Tino. Again, too little too late.

But as easy as it is to solely direct anger and attention towards Young and Monterrazas, DENR and the Cebu local government are also to blame. Frankly, the spotlight on Young has directed attention away from the P26 billion in flood control funds Cebu received from 2016 to 2025 that have amounted to nothing, and the rules and regulations that allowed Monterrazas to operate to begin with.

Through DENR and the Cebu local government, penalties can be paid off and cease to operate orders can be simply lifted. Meanwhile, the people of Cebu lost their friends and family, their property, and their livelihoods. But Young and The Mont Property Group, Inc.? Barely anything by their standards. A few hate comments, a slap on the wrist, and the approval to carry on with the project.

In the coming months, when typhoon season hits again, what will be their solution? Will it be to simply add more compliance checks? More detention pools? What about improving environmental compliance standards to begin with? Why not outright ban developments in flood-prone areas? In the end, Young and Monterrazas are only playing by the rules they’ve set.

Developers can handle the fines and penalties this game of trial and error asks for. But everyone else? The best they can do is survive the flood.

So yes, as Young says, Cebu deserves real solutions. But simply adhering to the bare minimum set by DENR and the local government won’t be enough. After all, it’s that bare minimum that got the people of Cebu to where they are today.