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PHL BRACES FOR SPIKE IN GLOBAL OIL PRICES www.businessmirror.com.ph
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Wednesday, June 18, 2025 Vol. 20 No. 248
P25.00 nationwide | 2 sections 26 pages | 7 DAYS A WEEK
PHL will implement CARF by 2028—DOF By Cai U. Ordinario
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RISING TO THE CHALLENGE A flood control project is seen along the banks of the Marikina River on Tuesday, June 17, 2025, as part of preparations for the rainy season. Marikina City—long known as a flood-prone area—acts as a catch basin for water runoff from neighboring upland areas including Antipolo, San Mateo, and Montalban. The city government continues to implement mitigation measures to protect residents and infrastructure from recurring flood threats. NONOY LACZA
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By Lenie Lectura and Samuel P. Medenilla
SAN MIGUEL ONE OF SE ASIA’S TOP 10 EARNERS
HE government is closely monitoring the country’s fuel supply while it prepares for “targeted interventions” to help cushion a possible surge in global oil prices due to the conflict between Israel and Iran.
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PHL BRACES FOR SPIKE IN GLOBAL OIL PRICES PRICE HIKE SNAPSHOT (AS OF JUNE 16)
n Gasoline: +P1.80/liter n Diesel: +P1.80/liter
n Kerosene: +P1.50/liter
WHY THE SURGE?
n Middle East Tensions: Conflict between Israel and Iran may disrupt oil tankers passing through the Strait of Hormuz, a critical chokepoint for global oil shipments. n Impact on PH: Fuel and fertilizer prices may spike.
SUBSIDY ALLOCATIONS UNDER 2025 GAA
Public Transport Sector: DOTR: P2.5B fuel subsidy PUVs, taxis, ride-hailing, delivery platforms DA: P585M support fund Farmers and fisherfolk
See “PHL,” A2
LONG-TERM SOLUTIONS
Promote hybrid/electric vehicles n Boost energy efficiency n Reduce oil dependency n
FERTILIZER SUPPLY AT RISK n 66% of PH nitrogenbased fertilizer is imported n Main suppliers: Qatar, others in Middle East
DA Sec. Tiu Laurel: Explore alternative sources like Brunei
BM Graphics: Ed Davad
n Fuel: +P2.00/liter
By VG Cabuag
ONGLOMERATE San Miguel Corp. (SMC) has again landed on the top 10 of Fortune Southeast Asia 500’s list of the region’s top revenue earners for the second consecutive year. “The seven countries in last year’s inaugural Southeast Asia 500 list—Indonesia, Thailand, Malaysia, Singapore, Vietnam, the Philippines and Cambodia— return in 2025 and continue to make their mark on the region’s economy,” the publication said. “Together, the Southeast Asia 500 companies are playing an increasingly important role in global supply chains—capturing manufacturing capacity shifting from China, which is drawing signifi-
REUTERS FILE PHOTO
cant capital flows and reshaping global trade dynamics,” it added. Ranked 9th the region overall, San Miguel, which has diversified into airport and toll road operation, recorded revenues of $27.49 billion last year. “The second annual Fortune Southeast Asia 500 provides a snapshot of a region ready to take advantage of global supply chain shifts and booming industries
like mining, EVs, [electric vehicle] and AI [artificial intelligence],” the publication said. SM Investments Corp., the holding firm of the Sy family, was the Philippines’s second-largest company on the list at 25th with $11.43 billion in revenues, while power distributor Manila Electric Co. ranked 35th with $8.21 billion in revenues. Ayala Corp., Asia’s oldest conglomerate, was ranked 47th on the list with $6.45 billion, jumping by 23 spots from 70th last year, when the list first came out. “This leap mirrors the dynamism in the region’s business environment and reflects the conglomerate’s momentum, having logged its strongest year yet in 2024,” it said. See “San Miguel,” A2
@caiordinario
HE Philippines has committed to adhere to the Crypto-Asset Reporting Framework (CARF) to fight cross-border tax evasion and illicit financial flows, according to the Department of Finance (DOF). The commitment to execute the CARF by 2028 was signified during the 8th Asia Initiative Meeting in Malé, Maldives. The CARF institutionalizes the framework for the reporting and automatic exchange of information in relation to crypto-assets between tax authorities for tax compliance purposes. “We need faster and stronger systems for collaboration if we are to beat tax evasion and illicit transactions,” Finance Secretary Ralph G. Recto said. “This is a timely commitment as digital currency becomes one of the preferred means for transactions. The government must ensure that crypto-asset users are paying their fair share of taxes and that no illicit financial activity goes unpunished,” he added. The Philippines now joins 67 other jurisdictions already committed to implementing the CARF by 2027 or 2028, including 10 in Asia. The meeting was hosted and co-chaired by Commissioner General of the Maldives Inland Revenue Authority Hassan Zareer, together with Chairman of the State Revenue Committee of Armenia Eduard Hakobyan. Adhering to these tax transparency standards is crucial given that at least EUR 24 billion in additional revenue from 2009 to 2024 has been identified through EOI requests, offshore investigations, Automatic Exchange of Financial Account Information (AEOI), and related voluntary disclosure programs. In 2024 alone, at least EUR 1.9 billion has been identified through EOI requests at EUR 1.7 billion and AEOI which is around EUR 200 million.
PESO EXCHANGE RATES n US 56.4390 n JAPAN 0.3900 n UK 76.6498 n HK 7.1902 n CHINA 7.8586 n SINGAPORE 44.0895 n AUSTRALIA 36.8321 n EU 65.2717 n KOREA 0.0416 n SAUDI ARABIA 15.0440 Source: BSP (June 17, 2025)