Author: Nouman Ali

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?

Any individual who feels calm throughout the day, but suddenly remembers monthly bills understands the feeling of that peace saying goodbye. This is then replaced by anxiety, an unsettling emotion that has been escalating since the onset of the Middle East conflict.

The root cause of this feeling goes miles away, in the Strait of Hormuz. Lately, the media have been using terms such as ‘supply chains’ and ‘geopolitics.’ For us Filipinos, such words hit home. The pillars that hold our lives together-commutes, cooking, electricity, and other basic necessities-begin to break down.

On the bright side, there is light at the end of the tunnel. After diplomatic conversations with Iranian officials, the Department of Foreign Affairs received the green light for Philippine-flagged ships to navigate safely through the Strait-a diplomatic win worth celebrating. However, financial burdens persist, as the successful navigation through the Strait is only a surface-level solution. The costs of the journey go sky-high with the hidden wall of maritime insurance.

Prior to the crisis, it was a typical operational procedure for a ship to be insured. Now, the Strait of Hormuz is one of the most perilous places in the world. Premiums on ‘war-risk’ have risen far above the ceiling, possibly 10 percent of a ship’s value. This makes a single journey through the Strait increasingly expensive. The harsh reality is that the hidden ‘war tax’ imposed on oil and fuel remains until the crisis comes to a true ceasefire, despite the domestic government’s efforts to form diplomatic agreements with regional leaders to keep Philippine ships protected.

It’s understandable that one can scramble to understand current data received from the Asian Development Bank (ADB), such as how inflation lately reached a 20-month all-time high of 4.1 percent and how 98 percent of crude oil is sourced from the Middle East. Digging deeper, the real iceberg concerns several overseas Filipino workers (OFWs) living in high-risk areas and the nearly 5,000 Filipino sailors trudging through the Strait. They play an important role in helping the nation make ends meet amidst the crisis.

With the Strait remaining the most perilous path, an increase in oil prices is only the tip of the iceberg. Households long for calls from their OFW family members still in Riyadh or Dubai. More than the hurt experienced by our economy, the enduring crisis also impacts the volatility of remittances. Repatriation implies a huge dip in remittances since 17 to 18 percent of remittances come from the Middle East. According to ADB, the persistence of the crisis negatively impacts the lifestyle of OFWs and their families.

No one can control the screams, cries, or unprecedented off-tune jump scares of the crisis, but our internal reaction to the situation is what produces true strength. True security comes with the realization that getting through the Strait will not get easier anytime soon, and feeling the necessity of its passage less and less.

The proclamation of a national energy emergency last March 2026 is sobering. It’s time to introspect. Embodying and protecting the Filipino spirit by patronizing local energy projects and initiatives is one way to conquer the hidden obstacle.

Domestic patronization is one of the most authentic ways to act during the onset of a worldwide crisis. International and global affairs are beyond control, but each of us Filipinos can take the call to action and ensure each Filipino family is cared for through local support and implementation of more feasible policies.

After weeks of silence, Vice President Sara Duterte on Thursday denied that there were billions of pesos’ worth of transactions in her bank accounts and blasted not just former Sen. Antonio Trillanes IV for these allegations, but also the Commission on Audit (COA) and the Anti-Money Laundering Council (AMLC) for now being part of a ‘machinery.’

In a lengthy statement issued hours after she responded to the ‘last-minute’ travel authority for her, Duterte said Trillanes, one of her fiercest critics, has been ‘peddling the same incredible story about alleged billions in bank accounts.’

‘From 2016 to 2026, nothing in his narrative has changed,’ Duterte said. ‘What has changed, however, is the machinery now backing him.’

The embattled vice president alleged that Trillanes is now being backed by the ‘machinery,’ which she said included her former political ally and now nemesis, President Marcos, whom she said ‘must be compelled to submit to a simple drug test,’ referring to the repeated calls for a hair-follicle test.

She also claimed that the House lawmakers have also been a part of the so-called ‘machinery’ backing Trillanes, accusing them of receiving ‘maletas and having repeatedly disregarded constitutional limits on her impeachment.

This time, however, Duterte included the COA, supposedly ‘backing’ Trillanes, questioning the timing of the state audit agency’s issuance of its findings on the use of her confidential funds ‘in a manner that conveniently aligns with political attacks.’

Lastly, she also criticized the newly-installed AMLC officials ‘who remain silent and refuse to clarify that there have been no findings of violations of anti-money laundering laws, and the billions of peso in bank accounts are untrue.’

Amid all the accusations against her, Duterte said she has one ‘simple’ response to the ‘attacks’ against her: her service record is ‘clean.’

‘[H]indi ako kailanman nagkaroon ng kaso sa paggamit ng pondo ng bayan. Lahat ng aking ari-arian at pera ay idineklara ko sa aking SALN (Not once have I been charged for using public funds. All of my properties and money are declared on my statement of assets, liabilities and net worth),’ she said.

Following a fragile ceasefire in the Middle East, the domestic market has seen a glimmer of relief with two consecutive weeks of substantial fuel price adjustments.

As of Tuesday, April 21, 2026, motorists welcomed another major double-digit rollback on diesel prices, which saw a reduction of P24.94 per liter.

This follows a similar massive cut the previous week, marking a significant, albeit necessary, correction that has brought diesel prices down from their recent peaks and into a more manageable, though still high, range for consumers.

Below are the oil prices monitored and gathered by the INQUIRER team as of April 23, 2026.

The Office of the Chief Minister (OCM) in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) has established satellite offices, funded by the European Union (EU), in Basilan and Tawi-Tawi to bring the government closer to its constituents there.

Interim Chief Minister Abdulraof Macacua inaugurated the satellite branches along with Governors Mujiv Hataman of Basilan and Ysmael Sali of Tawi-Tawi and other officials in the island-provinces on Tuesday and Wednesday, respectively.

Ambassador Massimo Santoro of the European Union Delegation in the Philippines (EU Philippines) joined the inauguration rites for the OCM satellite offices, which were constructed under the EU-funded Support to Bangsamoro Transition (SUBATRA) program.

‘Distance should not be a hindrance. Government service must be felt fast, efficient, and direct,’ Macacua posted on Facebook Wednesday afternoon after inaugurating the facility in Bongao, Tawi-Tawi.

Macacua expressed the Bangsamoro government’s gratitude to the EU for its continued support of the region and the Bangsamoro peace process.

He also acknowledged the United Nations Office for Project Services (UNOPS) for helping bring the regional government closer to the two island provinces.

‘This effort strengthens governance and ensures that development reaches our communities,’ Macacua said.

In a statement, EU Philippines said the OCM satellite offices were designed to bring government services closer to the people.

Built with the help of local workers-including a majority of women engineers-this new office stands as a long-term investment in faster, more accessible, and more inclusive governance, it said following the inauguration in Basilan.

Santoro also visited Maluso town to witness firsthand how the EU’s Bangsamoro Agri-Enterprise Programme (BAEP) is transforming lives across communities – from fish processing to rubber farming and coffee production.

The seat of the Bangsamoro government is in Cotabato City, located in mainland Mindanao.

Besides Basilan and Tawi-Tawi, the Bangsamoro region also comprises the provinces of Maguindanao del Sur, Maguindanao del Norte, and Lanao del Sur, all in mainland Mindanao.

The BARMM was established in 2019 following the ratification of Republic Act 11054 or the Bangsamoro Organic Law, which replaced the Autonomous Region in Muslim Mindanao.

The creation of the Bangsamoro autonomous region is the centerpiece of the Comprehensive Agreement on the Bangsamoro (CAB), which was signed in 2014 by the government and the Moro Islamic Liberation Front after 17 years of peace negotiations.

An unexpected power interruption affected parts of Olongapo City on Thursday after a snake came into contact with electrical equipment at a local substation.

In an advisory, Olongapo Electricity Distribution Company (OEDC) reported that the reptile had climbed onto a gantry structure within one of its substations.

The animal’s contact with energized components caused a line-to-ground fault, prompting protective systems to activate and automatically shut down the affected power feeders, the OEDC explained.

The shutdown, while disruptive to residents and businesses, was a safety measure designed to prevent further damage to the electrical network and ensure public safety, it added.

Utility personnel immediately responded to the incident, clearing the obstruction and conducting necessary inspections before restoring power to the affected areas.

OEDC confirmed that electricity service has since been fully restored.

The company apologized for the inconvenience caused by the sudden outage and expressed appreciation for the public’s patience and understanding.

Sen. Mark Villar is pushing for the immediate passage of Senate Bill No. 1422, or the proposed Integrated Urban Agriculture Act, as rising fuel prices threaten to disrupt food supply chains and drive up the cost of basic goods.

Villar said the ongoing fuel crisis, linked to disruptions in the Middle East, has exposed the vulnerability of the country’s long-distance food distribution system, with higher diesel prices increasing transportation and production costs across the agricultural sector.

According to the senator, the situation has added pressure on food security as farmers, fisherfolk, and traders face mounting expenses for irrigation, fishing operations, hauling, and logistics. He cited projections from agriculture officials and experts warning that food prices could rise by as much as 20 percent to 60 percent in a worst-case scenario if fuel costs continue to climb.

National inflation reached 4.1 percent in March 2026, Villar said, underscoring the broader economic impact of the fuel price surge on Filipino households.

‘Long-distance food supply chains are highly vulnerable to fuel shocks. Every additional peso in diesel cost ripples through farms, fishing boats, trucks, and markets, ultimately burdening Filipino households with more expensive rice, vegetables, fish, and other basic commodities,’ Villar said.

The proposed measure seeks to institutionalize integrated urban agriculture nationwide by encouraging the use of idle government lands, open spaces, rooftops, vertical farming systems, and community gardens in urban areas. It also aims to provide incentives, technical assistance, and funding support for localized food production.

Villar said the bill could help reduce the country’s dependence on fuel-intensive food transport while also cutting post-harvest losses and creating community-based livelihood opportunities.

‘Urban agriculture is a practical, immediate, and sustainable solution. By growing food closer to consumers, we cut transport costs, lower carbon emissions, create green jobs in communities, and strengthen our resilience against external shocks like the current fuel crisis,’ he said.

He added that the current fuel situation highlights the urgency of adopting measures that can cushion urban communities from rising food costs and possible supply disruptions.

Villar said his office is prepared to work with government agencies, local government units, civil society groups, and other stakeholders to speed up the measure’s passage.

‘My office is ready to collaborate fully with stakeholders, government agencies, local governments, and civil society to move this bill forward quickly,’ he said. ‘We must act decisively so that the fuel crisis does not become a food crisis.’

The senator also called on fellow lawmakers, farmers’ groups, urban communities, and concerned citizens to support the immediate advancement of Senate Bill No. 1422.

The Moro Islamic Liberation Front (MILF) welcomed the appointment of former Interior Secretary Mel Senen Sarmiento as the new presidential adviser on peace, reconciliation and unity.

‘We recognize an opportunity in his appointment for the substantial fulfillment of the CAB (Comprehensive Agreement on the Bangsamoro) and building the foundations of peace in the Bangsamoro,’ Mohagher Iqbal, MILF vice chair, said in a statement on Wednesday.

Iqbal said the MILF also expressed its gratitude to the contributions of former presidential peace adviser Carlito Galvez Jr. in the country’s peace efforts. Galvez took the post in 2018 after retiring from military service.

‘General Galvez has not merely been an official, but a partner to the MILF in the critical years of [CAB] implementation,’ he said.

Iqbal, who led the MILF in political negotiations with the government, noted that during the tenure of Galvez, the Mindanao peace process witnessed historic achievements like the passage of the Bangsamoro Organic Law and beginning the work on decommissioning.

‘Harder work’

‘What remains is the harder, less visible work: completing normalization, building fiscal and governance capacity in the BARMM (Bangsamoro Autonomous Region in Muslim Mindanao), ensuring that the Bangsamoro’s first parliamentary elections strengthen rather than fracture democratic legitimacy, and delivering development that reaches the communities most affected by decades of conflict,’ he said.

And for Iqbal and the MILF, this is where the new peace adviser fits in.

‘This is civilian work. It requires the kind of governance experience that Secretary Sarmiento brings-his understanding of municipal administration, regional development coordination, and national government and BARMM intergovernmental work,’ Iqbal said.

The Sandiganbayan on Wednesday issued a precautionary hold departure order (PHDO) against former Speaker Martin Romualdez, a travel restriction sought by the Ombudsman in connection with the case it is preparing against the lawmaker and several others being linked to the flood control corruption scandal.

The anti-graft court’s Seventh Division granted a petition filed earlier that day by the Office of the Ombudsman through a special panel of investigators, who said Romualdez ‘presents an exceptionally high probability of flight.’

The investigators, led by Deputy Special Prosecutor Omar Sagadal, said they had already made a preliminary finding of probable cause against Romualdez for plunder, direct and indirect bribery, and money laundering.

‘Evade arrest’

‘The complaint-affidavit involves the alleged kickback scheme tied to flood control projects, purportedly masterminded by the respondent (Romualdez), with the total amount of such kickbacks reaching approximately [P56 billion],’ they said in their petition dated April 20.

In the PHDO it issued, the Seventh Division said it found probable cause ‘to believe that respondent will depart from the Philippines to evade arrest and prosecution of crime/s being charged against him.’

The court ordered the Bureau of Immigration to include Romualdez in its hold-departure list.

The Leyte congressman, who is also a cousin of President Ferdinand Marcos Jr., earlier sought clearance from the House leadership to be in Singapore from April 20 to May 4 ‘for a long overdue follow-up on my angioplasty surgery.’

Speaker Faustino ‘Bojie’ Dy III granted his predecessor’s request for a travel clearance on Tuesday.

‘Other people’s corruption’

On the same day, however, Ombudsman Jesus Crispin Remulla held a press conference to say he was blocking Romualdez’s overseas trip.

Remulla also disclosed that his office had taken initial steps to secure a freeze order on the former Speaker’s assets, and that a plunder complaint may be filed against him in May.

Later in the day, Romualdez released a video defending himself against allegations implicating him in the public works mess and in the controversial insertions made in the 2025 national budget.

‘I will not be the fall guy for other people’s corruption,’ said Romualdez, who stepped down two months into his second term as speaker in the current 20th Congress, after he was dragged into the corruption scandal.

He stressed that he was not part of the bicameral conference committee or the ‘small committee’ that introduced changes to the budget bill.

The insertions, he said, were decided by Sen. Francis ‘Chiz’ Escudero, then Senate President, and former Ako Bicol Rep. Elizaldy ‘Zaldy’ Co, then House appropriations chair.

Also on Wednesday, Sen. Panfilo Lacson said Romualdez should have appeared before the Senate during its inquiry into the flood control projects.

Lacson, who heads the Senate blue ribbon committee, said the former House leader should have ‘heeded [our] invitations’ to attend the panel’s hearings, especially after Co, in a series of video recordings in November last year, claimed that Romualdez took part in ‘mangling’ the 2025 budget.

No ‘modus’ in Senate

Sen. JV Ejercito also on Wednesday noted that the ‘modus of selling [infrastructure] projects’ was prevalent among ‘contractors’ – a portmanteau of congressmen and contractors.

There is no way the Senate could ‘gain’ from this scheme, Ejercito said. ‘It’s not that I’m defending the Senate, but you’ll never hear about that here [in this chamber].’

‘I hope those involved will be held accountable,’ the senator said.

A former member of the chamber, Ramon ‘Bong’ Revilla Jr., is currently detained over graft and malversation charges in connection with the flood works mess. The former senator and two others had also been implicated in the 2013 pork barrel scandal.

Total insured deposits in the banking system posted a double-digit growth in 2025, which state-run insurer Philippine Deposit Insurance Corp. (PDIC) attributed to expanded protection for depositors.

PDIC data showed insured deposits had climbed to P5.2 trillion last year, an increase of P1.5 trillion, or 40.9 percent, from P3.7 trillion in 2024.

The agency said most of the gain stemmed from the doubling of maximum deposit insurance coverage to P1 million from P500,000 on March 15, 2025. This policy shift accounted for P1.3 trillion, or 86.1 percent, of the rise.

Fully insured accounts increased to 169.2 million at end-2025, up 20.9 percent from 140 million a year earlier, representing 98.8 percent of all deposit accounts nationwide in the Philippines.

Total deposits

Total domestic deposits reached P21.7 trillion at year-end, rising 7.1 percent, or P1.4 trillion.

Individual depositors drove the expansion, contributing P812.1 billion, or 56.4 percent of the increase, followed by private corporations with P334.8 billion, or 23.2 percent.

‘This sharp increase not only reflects sustained public confidence in the banking system but also signals a significantly stronger financial safety net for depositors,’ the PDIC said.

The PDIC has tapped the World Bank to study the possibility of implementing a ‘risk-based’ pricing mechanism for fees that banks pay to insure deposits, in a bid to deter lenders from making risky investment moves.

Premium cost

At present, the PDIC collects a flat annual rate of one-fifth of 1 percent of the total deposit liability of a bank. Lenders pay the state insurer so that depositors can be reimbursed up to a certain amount if a bank is ordered closed by the Bangko Sentral ng Pilipinas (BSP).

But the PDIC also has five years from 2022-the year its revised charter took effect-to conduct a study on the need to establish a risk-based assessment system, which could result in higher premiums to be paid by banks that engage in riskier investment activities.

The result of the study will have to be reported to Congress.

BSP Governor Eli Remolona Jr. earlier said that beefing up the protection for bank deposits would unlikely create a moral hazard, as he stressed the need to make the local deposit insurance system ready for systemic risks.