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The Philippine Stock Exchange Inc. (PSE) had asked Lopez-led First Gen Corp. to explain why it should not be penalized for its late disclosure of the so-called ‘poison pill’ or change of management control provisions in the company’s business deals with Prime Infrastructure.

PSE president Ramon Monzon told The STAR that the exchange has sent a clarificatory letter to First Gen when the change of management control provisions came out in the news.

‘After receiving and evaluating First Gen’s reply, PSE issued a show cause letter to the company asking for its written explanation on why it should not be penalized for incomplete and delayed disclosure violations,’ Monzon said.

The Lopez family majority in the board of Lopez Inc. last week called on both the PSE and the Securities and Exchange Commission (SEC) to investigate First Gen’s delayed disclosure of the poison pill provision.

SEC chairperson Francis Lim earlier told The STAR that it is for the PSE to determine if the alleged poison pills are ‘disclosable.’

The majority, which represents three branches of the Lopez clan, said the two poison pills, which shield Federico ‘Piki’ Lopez from ouster, were disclosed six months and two months late, respectively, ‘in clear violation of stock market rules meant to protect the investing public by giving them full, fair, accurate and timely information.’

The deals refer to Prime Infra’s purchase of 60 percent of the gas assets of First Gen for P50 billion in November last year, as well as First Gen’s purchase of 40 percent of Prime’s hydropower business for P75 billion, which was later reduced to 33 percent last February.

The Lopez majority said First Gen only admitted the existence of the poison pills when they exposed it and the PSE asked for a clarification.

‘These amounts are so significant that they are roughly equivalent to a third or so of the market capitalization of First Gen and would affect shareholder dividends and eventually share prices if triggered, as they should have been cleared with them (Lopez Inc. board), not just with the (First Gen) board that, Piki claimed, approved them,’ the Lopez majority said.

As a publicly listed company, First Gen earlier said it observes with fidelity the rights of all stockholders to equal access to material information by avoiding its premature and selective disclosure.

‘This holds true for the transactions with the Prime Infra Group, which all the members of First Gen’s board of directors – including chairman and CEO Federico R. Lopez and director Manuel L. Lopez – unanimously approved,’ the company said.

First Gen also explained previously that the change of management control provision serves as a significant protection mechanism for a business partner and is recognized as a relatively standard provision often in contracts for projects in industries such as energy and infrastructure, which involve huge investments.

The company said the provision is also known as the ‘key man clause’ because the success of projects under contracts with this provision depends heavily on the competence, relationships, or reputation of certain individuals.

The continued active involvement of these ‘key men’ is deemed essential by the party requesting the clause, it said.

First Gen noted that Prime Infra’s request to include the provisions demonstrates the level of trust and confidence the company has in Piki and his management team.

Former Commission on Audit commissioner Heidi Mendoza disputed Vice President Sara Duterte’s claims that bank transaction records linked to her were ‘bloated,’ saying existing reports may actually understate total fund movements.

‘Bago mo sabihing bloated… meron pa ngang hindi pumasok sa sistema,’ Mendoza said in an interview on web show “Facts First” on Sunday, April 26. (Before you say it’s bloated… there are even some that weren’t included in the system.)

Mendoza explained that anti-money laundering monitoring systems typically flag transactions above P500,000, but smaller or staggered withdrawals can fall outside automatic reporting thresholds.

‘Kung inutay-utay mo iyan… marami pang hindi na-cover sa monitoring,’ she said, noting that balances remaining in accounts may not appear in transaction reports submitted to authorities. (If you do it gradually… there are still many that were not covered by the monitoring.)

Duterte had issued statements following last week’s impeachment hearings of the House Committee on Justice which scrutinized her supposed bank transactions amounting to P6.7 billion. Her camp claimed that the flows tended to be “bloated” as they reflected the aggregate values and not the bank balance.

What AMLC data may miss

Mendoza said the figures seen in congressional hearings are based on transaction reports from the Anti-Money Laundering Council, not full bank records, which remain protected under bank secrecy laws.

‘Yung bank account balance… hindi natin mapapasok iyan… kaya ang pwede lang nating tingnan ay yung AMLC report,’ she said. (The bank acount balance can’t be looked at, so only the AMLC report could be examined.)

She added that once transactions are broken into smaller amounts or mixed with other funds, they become harder to trace through simple one-to-one matching.

‘Hindi iyan one-to-one correspondence… kapag naghalo-halo na iyan, hindi mo puwedeng i-match,’ she said. (That is not a one-to-one correspondence.. if they are mixed, it is not possible to match.)

Mendoza also said individuals handling accounts are often advised on how transactions are monitored, including by bank managers familiar with compliance systems.

‘Usually ang nag-a-advise sa kanila ay taga-banko rin… alam nila kung paano dapat igalaw iyon,’ she said. (Usually they are advised from within the banks… they’d know how to move the funds.)

She, however, stressed that she was explaining possible mechanisms based on audit experience, not making a direct allegation in the current case.

Mendoza also pointed to the use of debit and credit memos within the same bank as a potential area of concern if internal controls are weak, saying such arrangements could allow transfers between accounts if there is ‘connivance’ and delayed oversight.

Call for deeper audit

Given these limitations, Mendoza said a more comprehensive review is needed beyond transaction reports.

‘Kung ako ang auditor, dito dapat papasok ang COA. Dapat joint investigation ito,’ she said. (If I were the auditor in the case, this is where COA enters. This should be a joint investigation.)

She said full tracing would require access to complete bank statements and reconciliation processes, which are not always immediately available to auditors.

Mendoza’s remarks come amid scrutiny of financial disclosures presented during House hearings on the impeachment complaint against Duterte.

Accessibility, infrastructure and everyday convenience drive growing interest in Parañaque’s Sucat district-where developments such as SMDC’s Bloom Residences are responding to evolving residential needs.

As urban living continues to evolve, homebuyers are increasingly prioritizing practicality over prestige-placing greater value on accessibility, proximity to essential services and the ability of a location to support everyday life efficiently.

In South Metro Manila, Sucat in Parañaque is emerging as one of the residential areas benefiting from this shift.

Real estate observers note that locations offering balanced access to business districts, transport infrastructure and daily essentials are becoming more attractive to both end-users and investors.

Sucat’s strategic position-supported by direct access to major road networks such as the South Luzon Expressway and the Skyway-places it within convenient reach of key destinations including Alabang, Makati, Bonifacio Global City and the Mall of Asia complex.

The area is also supported by established institutions, including healthcare facilities such as Medical Center Parañaque and Asian Hospital, as well as educational institutions and commercial centers that contribute to long-term livability.

Infrastructure developments further reinforce the district’s growth trajectory. Ongoing and planned projects, including the Cavite-Laguna Expressway (CALAX), South Luzon Expressway Toll Road 4 (SLEX TR4), and the LRT Line 1 Cavite Extension, are expected to enhance connectivity across the south corridor and support property value appreciation over time.

Developments respond to changing lifestylesDevelopments within the area are responding to these evolving preferences, SM Development Corporation (SMDC) continues to develop residential communities that prioritize both accessibility and quality of life.

Among these is Bloom Residences by SMDC Nature, a residential community designed to provide open spaces, lifestyle amenities and a setting that balances urban convenience with a more relaxed environment.

The development incorporates amenities such as swimming pools, multi-purpose courts, jogging paths and landscaped open spaces, reflecting a broader trend toward wellness-oriented living environments.

Positioned for the next phase of growth

Industry analysts point out that as Metro Manila expands, areas like Sucat-where infrastructure, accessibility, and community features converge-are likely to play a more significant role in shaping the next phase of residential growth.

As demand continues to shift, practicality is emerging not just as a preference, but as a defining factor in how Filipinos choose where to live.

Calm before the storm.

A total of 91 cyclists from seven local teams and six foreign squads will have one day to get everything in order before wading into battle against each other and everything nature has to offer in the MPTC Tour of Luzon 2026, which unfurls Wednesday, April 29, in Calatagan, Batangas, and ends in Baguio on May 13.

A simple but meaningful opening ceremony and a traditional team presentation have been set Tuesday at CaSoBe fronting the shore of Balayan Bay, where Philippine Sports Commission chair Patrick Gregorio – the father of the Tour’s revival last year – chief organizer and CEO Arrey Perez and Mediaquest CEO and Tour board member Ricky Vargas are expected to attend.

Also gracing the festivities unfurling at 5 p.m. are NLEX President and General Manager Luis Reñon, Games and Amusements Board Chair Francisco Rivera, Calatagan Mayor Rico Puno, and Cardinal Santos Medical Center President and CEO Raul Pagdanganan, with Philippine Olympic Committee President Abraham Tolentino is expected to deliver a message.

And then it will be off to the races.

Joo Dae Yeong will be back to replicate his feat of ruling the individual race of last year’s eight-stage edition as skipper of Gapyeong Cycling Team of South Korea.

Interestingly, there would be two Korean squads with the other one being Seoul Cycling Team.

But compared to last year, this one should be tougher as it is now a 1,821.1-kilometer,14-stage race that would traverse Tagaytay; Clark in Pampanga; New Clark City in Capas, Tarlac; Palayan in Nueva Ecija; Bayombong in Nueva Vizcaya; Santiago in Tuguegarao; Pagudpud, Paoay and Laoag in Ilocos Norte; Candon in Ilocos Sur; San Juan and Agoo in La Union; Mangatarem and Lingayen in Pangasinan; and, finally, at Camp John Hay in City of Pines.

Other foreign teams joining are LCW UAE Cycle, Malaysian national team, CCN Factory Racing of Hong Kong, and Ponti Wijaya Racing Team of Indonesia while the host country will have defending team champion MPTC DriveHub, 7-Eleven Cliqq Roadbike Philippines, Standard Insurance, Go for Gold and DReyna Orion Cement.

The House justice committee expects to vote on whether to impeach Vice President Sara Duterte by the end of its hearing on Wednesday, April 29, panel chairperson Rep. Jinky Luistro (Batangas, 2nd District) said on Monday, April 27.

The possible this week will come after the committee wraps up discussions on two remaining agenda items: a deferred decision on whether to unseal a box of tax records submitted by the Bureau of Internal Revenue, and the National Bureau of Investigation (NBI)’s testimony on Duterte’s remarks in 2024 of having contracted a hitman to kill the president, the first lady and the House speaker should she herself die.

Duterte’s alleged threats against President Ferdinand Marcos Jr. and his family make up the last of the charges the panel needs to examine in its ongoing impeachment proceedings. If the committee finds probable cause, the case moves to the House plenary for a vote before any potential transmission to the Senate for trial.

The proceedings are the second attempt to impeach Duterte in two years and have triggered a legal battle between the Duterte camp and the House over what evidence lawmakers can compel and disclose in an impeachment process that has no modern precedent at this stage.

Duterte’s camp has challenged this second impeachment attempt before the Supreme Court. She filed a petition for certiorari and prohibition before the High Court in March seeking to halt the renewed impeachment proceedings at the House.

Luistro shrugs off Carpio criminal complaint

The vice president’s husband, lawyer Manases Carpio, is set to file today a criminal complaint before the Quezon City Prosecutor’s Office accusing the justice committee of violating the Bank Secrecy Law, the Anti-Money Laundering Act, and the Data Privacy Act.

Carpio will name six respondents: Luistro, Reps. Leila de Lima, Chel Diokno, and Percival Cendaña from the justice committee, along with BSP Governor Eli Remolona Jr. and Anti-Money Laundering Council Executive Director Ronel Buenaventura. His lawyer, Peter Paul Danao, said the respondents “criminally and feloniously” disclosed confidential transaction records without consent.

But the chairperson of the committee said she had already foreseen the filing of this particular complaint.

“We acknowledge that this is one of the options of the defense,” she told DZBB in an interview Monday, April 27. “These are all attempts to suppress the disclosure of this information.”

She maintained that her committee broke no law when it had subpoenaed the AMLC’s reports on Duterte and her husband’s covered and suspicious transactions.

These, she said, are not actual bank accounts or bank records, which are what the country’s bank secrecy law specifically protects.

“We opted not to subpoena the bank, including the bank records,” she said. “Instead, we opted to subpoena the AMLC with its report of covered and suspicious transactions.”

She went further and argued the Bank Secrecy Law itself lists impeachment as an exception to its confidentiality provisions, and that this exception should apply equally to the AMLC’s own secrecy rules. Without that interpretation, she said, there would be no way to build a case for unexplained wealth.

“Baka walang matuloy na impeachment on the ground of unexplained wealth,” she said.

Carpio has rejected this reasoning. In a statement over the weekend, he said the AMLA’s prohibition on disclosure has “no exception” and accused the committee of weaponizing the law “for pure black propaganda with a view to the 2028 national election.”

Duterte declared her presidential candidacy in February.

How the record of P6.7 billion transactions was shared

Carpio’s planned legal action follows the committee’s third hearing on April 22, when the proceedings zeroed in on the unexplained wealth allegation against Duterte.

AMLC Executive Director Buenaventura, appearing under subpoena, told the panel that bank accounts linked to Duterte and Carpio had been flagged for P6.77 billion in covered and suspicious transactions from 2006 to 2025. This includes amounts going into and out of their bank accounts.

Of the total, P3.7 billion was attributed to accounts in Duterte’s name and P2.998 billion to Carpio’s.

Total inflows reached P4.43 billion; outflows were P1.58 billion.

Luistro, in summarizing the committee’s line of discussion last week, said what raised their suspicions were not the large transactions themselves, but that it did not “tally” when compared to her SALN.

For example, during the hearings, lawmakers noted that in 2009, the AMLC reported P704.93 million in flagged transactions while Duterte’s SALN declared a net worth of only P18.28 million. Her filings from 2019 to 2024 declared zero cash on hand and zero bank deposits even as her net worth rose to P88.5 million.

The Duterte camp has called the P6.77 billion figure misleading, saying it is an aggregate of both inflows and outflows over nearly 20 years. Luistro acknowledged this on DZBB but said the AMLC report itself provided that breakdown transparently, specifically inflows and outflows listed separately for Duterte and her husband. “How will they say that this is bloated?” she said. “Very transparent yung naging report.”

The committee had approached the hearing with deliberate caution, Luistro noted. Members debated at length whether to disclose the AMLC report at all, and the panel also chose not to subpoena the banks directly – a step Luistro said it had the authority to take and partly to avoid provoking a legal challenge.

That caution was visible in how the committee handled a second piece of evidence that day: a sealed BIR box containing the tax returns of Duterte, Carpio, and their firms from 2007 to 2025.

BIR Commissioner Charlito Mendoza argued the tax code only allows disclosure of returns during legislative inquiries conducted in executive session and that impeachment hearings do not qualify.

The panel voted 21-4 to defer opening the box, though it kept the box in its custody and had Mendoza sign the sealed tape to preserve its integrity.

Luistro said Wednesday’s hearing must resolve whether to open or transmit the box. If the committee votes to keep it sealed, she said she would recommend sending it as-is to the Senate, leaving it to the upper chamber to decide as an impeachment court.

A legal battle on multiple fronts

Carpio’s criminal complaint is the latest in a sustained effort by the Duterte camp to challenge the proceedings through the courts.

Duterte filed a petition before the Supreme Court on March 30 seeking to halt the hearings entirely. Her camp argued the committee was overstepping its constitutional role by issuing subpoenas and compelling testimony, powers they said belong only to a trial court.

The Supreme Court consolidated the cases and ordered the committee to respond but has not issued a temporary restraining order, which allowed the three hearings so far to proceed.

The House first impeached Duterte in February 2025 with the backing of 215 members. The Senate convened as an impeachment court in June 2025 but voted to remand the complaint back to the House. The Supreme Court then struck down the impeachment entirely in July 2025, ruling it violated the constitutional one-year bar on successive complaints.

New complaints were filed in February, shortly after the one-year bar lapsed and days before Duterte announced her 2028 presidential bid.

Despite calls for former House Speaker Martin Romualdez to testify in the Senate’s flood control investigation, blue ribbon committee chair Sen. Ping Lacson says it is unlikely the president’s cousin will do so after already ignoring two invitations to appear before the panel.

Lacson said the committee cannot force Romualdez to show up, in a direct response to Sen. Rodante Marcoleta, who claimed Romualdez was ready to spill what he knows of those who made a killing from flood control funds.

Romualdez was invited by the Senate blue ribbon committee in November 2025 and January this year. He did not attend either hearing.

Lacson pointed to the familiar “inter-parliamentary courtesy” that generally bars one chamber of Congress from summoning members of the others.

“Kaya nga time-honored tradition ang tawag. Hindi pa rin ba pumapasok sa bumbunan niya yun?” Lacson said of Marcoleta.

His remarks speak to the limits of a whirlwind Senate probe that has so far heard eight hearings’ worth of testimony about ghost projects and rigged contracts, but cannot compel the former House speaker to show up.

Lacson said Sunday he still wants a confrontation between Romualdez, fugitive former lawmaker Zaldy Co, and the ex-soldiers who claimed they delivered kickback money on Co’s orders.

Whether Romualdez accepts a third invitation is up to him, Lacson added.

Privilege speech amid deadlock

Lacson announced Monday that he will present the committee’s findings through a privilege speech when the Senate resumes in May.

The panel’s partial report has been stuck since February with only six of the nine signatures required to reach the Senate floor.

Lacson alleged some majority senators were asked to withhold their signatures. Sen. Imee Marcos has said she will not sign until there is a “full investigation.”

Hearings have been suspended since April 15.

Lacson said the privilege speech would make the findings a public record, allowing the committee to share its evidence with the Office of the Ombudsman, which has informally requested a copy. “Sayang kasi – para mapakinabangan ang evidence kaysa mapanis lang,” Lacson said.

On April 21, Romualdez broke months of silence with an 11-minute video denying he masterminded the alleged P56-billion kickback scheme. “I will not go quietly, and I will not go alone. I will not be the fall guy for other people’s corruption,” he said.

A large, exquisite black and white butterfly with a long tail greeted me and two companions as we entered Funeraria Paz at the Manila Memorial Park in Sucat last Saturday afternoon.

As we emerged from the administration office, the butterfly followed us into the restroom.

I’ve long associated butterflies with departing souls. I told my two companions that the butterfly was my mom, greeting us and bidding goodbye.

My mother Otilia breathed her last on April 25, so I’m writing about Mother’s Day two weeks early. She was 90; among our Chinese relatives, reaching that age is associated with a good life. We had checked out her remains at Manila Memorial when we saw the long-tailed butterfly.

I mourned my loss, but I was also relieved to see her resting in peace, her suffering from Alzheimer’s finally over. People who have dealt with the various forms of dementia in their loved ones call it the long goodbye. It’s a cruel disease, turning the afflicted into a different person, and in the final stage at the complete mercy of others.

Humans have gone to the far side of the moon and developed artificial intelligence, but have yet to find a cure for Alzheimer’s and the other forms of dementia.

Even as my mother progressively lost her memories, her ebullience and many physical abilities, and began calling me by what I called her – ‘mommy’ – she never forgot one thing: the ability to love.

She would whisper into my ear, as I massaged her hands that swelled from constricted circulation, ‘I love you so much. Do you love me?’ I am so glad that I was able to tell her many times, as she clutched and kissed my hand, how much I loved her.

In her final days she would raise her arms to the heavens as if in supplication, mouthing words without sound. Sometimes she called out names, including that of my late father Oscar, or those of her departed siblings, and we knew that she was preparing to join them soon.

My cousin – her favorite niece – called from the US last week, worried about my mom. My cousin said she had dreamed that she and my mom had gone on a trip together with me and my brothers; she said my mom was so happy.

Stories of similar dreams before someone’s death are common in many funerals I have attended. As are stories of lovely butterflies fluttering around the bereaved, even in Metro Manila where butterflies are a rare sight.

Who can explain such phenomena? There are so many things in this world with no scientific explanation. In a way, the unexplainable brings me comfort, allowing me to accept matters beyond the physical realm, and to believe we live on, even when our body gives up on us. Believing in life everlasting brings solace in grief.

My mom expired less than a day after we brought her back from the hospital, where we were taught home palliative care. An oxygen tank, an oxygen concentrator, a blood pressure gauge, pulse oximeter – all brand-new – plus many other elderly care paraphernalia are in her room.

The prospect of seeing her in the coming days with an oxygen mask perpetually attached to her face, unable to even sit in her wheelchair to join me for lunch, pained me. In her passing, I console myself that she has been spared from further suffering.

Like most bonds between parents and children, we had our difficult moments. But with her suffering over, and in my grief, all the good memories are the ones that flood in.

Someone I know sighed to me recently that she was having an unusually difficult time with her mother, whose personality had changed dramatically and who kept picking on her. I saw it as a classic early symptom of some form of dementia, so I told her not to take it personally, and to just love her mother.

Mommy gave me many gifts, but one of my favorites is a small decorative item featuring the popular poem, ‘Footprints in the Sand.’

One night I had a dream…

I dreamed I was walking along the beach with the Lord, and across the sky flashed scenes from my life. For each scene I noticed two sets of footprints in the sand; one belonged to me, and the other to the Lord. When the last scene of my life flashed before us, I looked back at the footprints in the sand. I noticed that many times along the path of my life, there was only one set of footprints.

I also noticed that it happened at the very lowest

and saddest times in my life. This really bothered

me, and I questioned the Lord about it.

‘Lord, you said that once I decided to follow you,

you would walk with me all the way;

But I have noticed that during the

most troublesome times in my life,

there is only one set of footprints.

I don’t understand why in times when I

needed you the most, you should leave me.’

The Lord replied, ‘My precious, precious

child. I love you, and I would never,

never leave you during your times of

trial and suffering.

When you saw only one set of footprints,

it was then that I carried you.’

My mother also carried me, for much of her life.

Farewell for now, mommy. One day soon, we will be together again, in a place where memories are vivid and sorrow has given way to joy.

A ‘Heritage Ride’ among racing executives and a jersey honoring cycling legend Paquito Rivas marked the countdown to the MPTC Tour of Luzon 2026 that hits the road on Wednesday in Calatagan, Batangas.

No less than Nicolas Torre III, Metro Manila Development Authority general manager and former Philippine National Police chief, led the executive race held three days ahead of the 14-stage Tour of Luzon that offers the richest prize pot in Tour history at P12 million.

‘We’re honored to have cycled alongside General Torre in the Heritage Ride, who himself is an advocate of cycling,’ said Tour chief organizer and CEO Arrey Perez after the 60-km event that preceded the Tour co-presented by the Philippine Sports Commission and MPTC and sanctioned by the PhilCycling.

The polka dot jersey awarded to the King of the Mountain, meanwhile, will be named after the late legendary champion Paquito Rivas, who owns the title as Eagle of the Mountain for having won for three consecutive years – 1973, 1974 and 1979 – the individual time trial race that finished in Baguio City.

‘His legacy will be immortalized through the King of the Mountain Polka Dot Jersey,’ Perez said. ‘This symbolic gesture celebrates his unmatched feats.’

The Tour starts with a Grand Depart in CaSoBe in Calatagan and ends with a Grand Finish in Tagaytay City on Wednesday and culminates with a climb on Kennon Road from Lingayen to Scout Hill inside John Hay Hotels on May 13.

Supported by the MVP Group, the MPTC Tour of Luzon rewards the individual champion P1 million and the team titlist P2 million.

The Office of the Ombudsman is preparing to file five to six more charges against former speaker and Leyte Rep. Martin Romualdez within the next two weeks in connection with the flood control scandal, according to Ombudsman Jesus Crispin Remulla.

Remulla made the remark as he confirmed that Romualdez was among the personalities covered by the freeze order recently issued by the Court of Appeals, which included 25 bank accounts and 10 insurance policies linked to him.

‘That’s on only one case. But we have around five to six cases lined up. It will be filed consecutively within the next two weeks,’ he said during his radio program ‘Executive Session’ on dzRH over the weekend.

He explained that the cases, which are still undergoing preliminary investigation, are based on the same evidentiary foundation established by the Anti-Money Laundering Council (AMLC).

Remulla had insisted he should not inhibit in the case of Romualdez, saying it was his duty as ombudsman ‘to side with the victims… to prevent corruption and abuse of power and punish offenders’ as mandated by the Constitution.

Romualdez earlier sought the inhibition of Remulla, citing his supposed prejudgment of the lawmaker.

Remulla announced that his office is preparing plunder cases against Romualdez and former Senate president Francis Escudero in relation to issues in the national budget tied to the flood control controversy.

Remulla said his office is eyeing to file the charges, which have the element of conspiracy, in May.

The ombudsman also sought a precautionary hold departure order against the lawmaker, which the Sandiganbayan granted.

y 4, Energy Secretary Janet Garin said Monday, April 27.

Garin said the Department of Energy expects a minimum reduction of P12.94 per liter for diesel and P15.71 per liter for kerosene.

Gasoline prices, however, are projected to increase by P0.53 per liter.

The adjustments mark the third straight week of rollbacks following a run of oil price hikes that began on February 28 amid tensions in the Middle East.

The first rollback took effect on April 14, with diesel prices cut by P20.89 per liter, followed by a P24.94 per liter reduction on April 21.

Supply outlook

Garin said the country has about 54 days of oil supply as of April 24.

She provided the following inventory estimates by product:

Gasoline: 24,631.55 thousand liters (53.91 days)

Diesel: 34,654.20 thousand liters (54.61 days)

Kerosene: 112.19 thousand liters (168.74 days)

Jet fuel: 5,650.63 thousand liters (70.83 days)

Fuel oil: 2,606.38 thousand liters (67.55 days)

LPG: 10,425.18 thousand liters (38.44 days)

The Department of Energy said it is constantly monitoring global oil movements and local supply conditions as price adjustments take effect.