News Briefs: Jan. 8, 2019

Oil prices end decline, to rise by 70-80 centavos

Pump prices are now bouncing back up as oil companies raised prices of diesel by 70 centavos per liter and gasoline by 80 centavos.

This ended a 12-week price decline for diesel, which saw a cumulative price reduction of P13.75 per liter.

Among the oil companies that had announced the price increase were Shell, Seaoil, PTT, Phoenix, Unioil, Caltex and Eastern Petroleum.

Shell, Seaoil and Caltex also raised prices of kerosene by 40 centavos per liter.

Energy Secretary Alfonso Cusi said in a statement that while world prices increased, forecasts didn’t see crude oil hitting record levels. —Ronnel W. Domingo

Bam says fuel should not be taxed at all

Sen. Bam Aquino on Monday said oil should not be levied any taxes at all due to the volatility of world crude prices, wreaking havoc on inflation and causing prices of goods to shoot up.

“Petroleum should not be levied taxes because we cannot control its price,” the senator said in a statement.

He reiterated his call for the government to suspend the implementation of the increase in excise on fuel under the Tax Reform for Acceleration and Inclusion Act.

“Prices of goods have not yet gone down, and yet the public will be hit already by rising petroleum prices,” said Aquino. —DJ Yap

Villar rebuffs Piñol, says NFA won’t be abolished

Sen. Cynthia Villar disclosed on Monday that the National Food Authority (NFA) would not be abolished with the implementation of the proposed rice tariffication law, which was approved on third and final reading by both chambers of Congress.

This developed as Villar castigated Agriculture Secretary Emmanuel Piñol for claiming that the NFA would be prevented from selling rice to the public at lower prices under the proposed law.

She said only the regulatory and importation functions of the NFA would be removed, but the agency would remain.

Firm defies order to stop STL operations

A gaming company running small town lottery (STL) in southern Metro Manila has ignored the order of the Philippine Charity Sweepstakes Office (PCSO) to stop operating for failure to remit more than P1 billion in monthly fees to the government.

Happy Cool Games and Amusement Corp. continued to collect bets and hold daily STL draws despite the Dec. 5, 2018, resolution of the PCSO terminating the permit it had granted to the company, according to a senior official of the Department of Justice (DOJ).

“This is open defiance,” said a DOJ official who asked not to be named. —Marlon Ramos