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Saturday, June 14, 2025 Vol. 20 No. 244
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PHL OIL SUPPLY, PRICES STABLE AMID M.E. ATTACK Govt eyes ₧25-B revenue from mining tax reforms E By Lenie Lectura
NERGY Secretary Raphael Lotilla said Friday fuel supply and pump prices in the country remain stable amid the escalating tension between Israel and Iran, with new developments sparking fears of an all-out war that could inflame the Middle East.
“If prices rise significantly, we’ll monitor and assess the actual impact. We should avoid speculation and unnecessary alarm. Current petroleum prices are still far from the peaks we experienced early in this administration,” Lotilla said. He briefed reporters as oil prices jumped by as much as 13 percent and Asian shares trended lower after Israel launched a major attack on Iran, targeting its nuclear facilities, and describing its nuclear ambition as an “existential threat.” Reuters reported that oil prices increased by more than $4 per barrel, the highest in almost five months, after Israel struck Iran. The attacks on Iranian nuclear and military targets raised the risk of an all-out war between them, according to an Associated Press report. “An Israeli attack on Iran poses a top 10 of our global risk, but Asian markets are expected to recover quickly as they have relatively limited exposure to the
By Reine Juvierre S. Alberto
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However, should the tension worsen in the Middle East, Lotilla said the agency will immediately convene stakeholders to address the issue. “Oil companies also face market pressure. When fuel prices
HE Department of Finance (DOF) projects to generate P25.06 billion within the next three years from a bill, ratified by Congress, reforming the outdated tax structure governing the mining sector. In a statement on Friday, the DOF said the Congressional bicameral conference committee signed the bicameral report on the disagreeing provisions of Senate Bill No. 2826 and House Bill No. 8937, or the Enhanced Fiscal Regime for Large-Scale Mining Act, on June 11. The bill is one of the Legislative-Executive Development Advisory Council’s (Ledac) priority measures for the 19th Congress, and was supported by President Ferdinand R. Marcos Jr. “I thank Congress for its swift ratification of this long-overdue reform. With this proposal, we are providing a straightforward and streamlined fiscal policy to encourage more investments in our mining sector,” Finance Secretary Ralph G. Recto was quoted as saying. Recto said the bill will open the country’s rich mineral potential
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Energy Secretary Raphael Lotilla: “If prices rise significantly, we’ll monitor and assess the actual impact. We should avoid speculation and unnecessary alarm.”
conflict and growing ties to unaffected Saudi Arabia and the UAE,” the AP report quoted Xu Tiachen of The Economist Intelligence as saying (See related story in World, A10). As for Lotilla, the outgoing Philippine energy chief said: “Even during past spikes that exceeded $100 per barrel, we managed. Let’s also hope there’s no disruption in the Gulf of Hamas, which remains critical to Saudi
QUIET BEFORE THE STORM A general view shows the mostly empty beachfront in Tel Aviv
on Friday, June 13, 2025, after Israel’s Home Front Command banned public gatherings in the wake of a military strike on Iran. Israel launched a wave of attacks targeting Iran’s nuclear and military facilities, killing at least two top military officials and triggering fears of a wider regional war. In response, Iran launched drone strikes and vowed “severe punishment,” as tensions over its nuclear program reached new heights. AP/LEO CORREA
exports.” Lotilla’s news conference is possibly his last before he formally assumes the post as the new secretary of the Department of Environment and Natural Resources (DENR).
WHAT THE LAW COVERS (Enhanced Fiscal Regime for Large-Scale Mining Act) Replaces outdated tax structure Removes tax distinctions on mining agreements n Implements: Margin-based royalty tax (for mines outside mineral reservations) Windfall profits tax (on all mining operations) n Introduces ring-fencing: prevents offsetting losses from unprofitable sites n Promotes transparency & accountability through payment monitoring n n
“It ensures a just return for our non-renewable resources… and strengthens our position as a key player in the global minerals supply chain.”— Finance Secretary Ralph G. Recto
‘Mangrove belt to shield PHL from climate risks’ By Samuel P. Medenilla & Jonathan L. Mayuga
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HE rising threat of extreme weather on coastal areas due to global warming has prompted almost 50 fisher, youth, scientists, civil society organizations, environmental advocates, and local government units to call on President Ferdinand Marcos to push for the passage of the National Coastal Greenbelt (NCG) bill. On Thursday, these groups, which include the international ocean advocacy group Oceana, submitted their letters to the Office of the President with the hope it will persuade the chief executive to include the bill in his priority legislation for the upcoming 20th Congress. Mangrove Matters Philippines (MMPh) Executive Director Leo Anthony Castro said the legislation is a “potent weapon against global warming” since mangroves can store up to five times more carbon than rain forests. Oceana Acting Vice President Rose-Liza Eisma-Osorio said the NCG will help in the preservation of the country’s existing mangrove forests. “The passage of the National Coastal Greenbelt bill will stop arbitrary cutting of mangroves along coastal areas to pave the way for infrastructure and so-called coastal development that will lead to more disaster than benefits to the people,” Eisma-Osorio said. Under Oceana’s proposed draft of the bill, a National Coastal Greenbelt Action Plan will be established to include an inventory on the status of coastlines
and foreshores, including the status of mangroves, beach forests, settlements, structures and fishponds within 100 meters from coastal areas. It also contains an operational plan for the rehabilitation, reforestation or afforestation of designated priority coastal greenbelts with ecologically appropriate mangrove and beach forest species, not less than one
hundred 100 meters in width.
Science-based preservation
IN a press conference in Quezon City, Wetlands International Policy and Advocacy Officer Kisha Muaña explained that 100 meters is the minimum area needed for a mangrove area to absorb 60 percent of wave energy to protect coastal communities from the effects of storm surges.
WHY MANGROVES MATTER
Absorb up to 60% of wave energy – natural storm surge barriers
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Store 5x more carbon than rainforests – vital in climate change fight
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Biodiversity hotspots – nurseries for fish and marine life
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Lifeline for coastal livelihoods and communities
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A LIFELINE FROM ABOVE
An aerial view of a coastal village in Siargao shows a highway cutting through a dense mangrove forest— natural shields against storm surges and climate threats. Environmental advocates are urging President Ferdinand Marcos Jr. to prioritize the National Coastal Greenbelt bill to protect and rehabilitate such vital ecosystems. ALEXEY KORNYLYEV | DREAMSTIME.COM
She stressed the importance of institutionalizing the sciencebased preservation of existing mangrove forests since 80 percent of the replanting efforts in such areas usually fail. “It failed because the wrong species was planted in the wrong [coastal] zone. Or it was planted in a different ecosystem like in seagrass or in deep water. That’s right, we have sea level rise that we have to consider. There are areas where the water is really rising,” she explained. Oceana noted that over 50 percent of the country’s 500,000 hectares of mangrove forests in the 1990s were lost due to rapid coastal development and resource exploitation. Oceana Campaign Specialist Mae Chatto said they hope President Marcos will back NCG so it can be finally passed into law. During the 19th Congress, she said the House of Representatives passed its version of the bill, but only as part of the Integrated Coastal Management bill. However, it was stalled at the committee level in the Senate. Besides the President, the groups are trying to secure the support of House Speaker Ferdinand Martin G. Romualdez and returning Senator Paolo “Bam” Benigno Aquino IV. “We are refiling it in the 20th Congress and doubling our efforts so it can get passed,” Chatto said.
Mangrove Matters
THE letters were collected after the youth from Mangrove Matters Philippines (MMPh) and Oceana Continued on A2
PESO EXCHANGE RATES n US 55.8550 n JAPAN 0.3893 n UK 76.0857 n HK 7.1162 n CHINA 7.7885 n SINGAPORE 43.6879 n AUSTRALIA 36.4733 n EU 64.7304 n KOREA 0.0412 n SAUDI ARABIA 14.8891 Source: BSP (June 13, 2025)