Business

Negros Occidental Gov. Eugenio Jose Lacson said on Wednesday, January 25, that the sugar industry is not totally against importation, what is important is the volume and timing of the entry of the sugar into the country.“We’re not against it for as long as we will avoid smuggling and the importation is well studied,” he said.The sugar should be brought in at the end of milling, he said.“We trust our new officers of the Sugar Regulatory Administration (SRA) to study it very well”, Lacson said.The United Sugar Producers Federation earlier said it fully supports the recommendation of the Department of Agriculture and the SRA to import 450,000 metric tons of refined sugar to help arrest retail prices."We are fully supporting the decision of President Ferdinand Marcos Jr. to...

Ferry trips from the Pulupandan Port in Negros Occidental to the Sebaste Port in Guimaras began Saturday, January 21."It’s a positive tourism development for both Guimaras and Negros," Gov. Eugenio Jose Lacson said Sunday, January 22.There will be two trips a day, NaviMar Shipping announced on its Facebook page.*

Kevin Andrew Tan receives a resolution from Mayor Alfredo Abelardo Benitez (3rd and 4th from left) and the Sangguniang Panlungsod members declaring him honorary mayor of Bacolod from January 20 to 22 during the Spring Festival Gala Sunday night, January 22*Ronnie Baldonado photoMegaworld’s chief strategy officer Kevin Andrew Tan reiterated the commitment of his firm to generate around 250,000 direct and indirect jobs once the construction of its two townships in Bacolod City is completed.“Every investment penny is worth pouring in here now. Bacolod is rising and we want to be part of it,” he said, adding that they also have a huge parcel of land in Negros Occidental that they plan on developing.Tan was the guest of honor at the Bacolaodiat Spring Festival Gala at the SMX Conven...

Expect a large increase in fuel prices starting Tuesday, January 24, to January 30, Unioil Petroleum Philippines Inc. said on Saturday.Diesel prices will increase by P2.30 to P2.50 per liter and gasoline by P2.90 to P3.10 per liter, it said.Last week oil companies increased gasoline prices by 95 centavos per liter and diesel by 50 centavos per liter.*

The Social Security System (SSS) said Thursday, January 19, that it has started implementing the provisions of Republic Act of RA 11199 or the Social Security Act of 2018, which mandates a contribution hike to ensure the financial viability of the state pension fund for private sector workers.SSS president and chief executive Officer Rolando Ledesma Macasaet said the law-mandated contribution increase would translate to immediate benefits to the country’s 13 million workers and will ensure the viability of the SSS fund designed to provide them with social security protection.Enacted on Feb. 7, 2019 by Congress, the Social Security Act of 2018 rationalized and expanded the powers and duties of the Social Security Commission (SSC) to ensure the long-term viability of the SSS. Under t...

The “MV Sunward” was loaded with 4,000 metric tons of Thailand white refined sugar, the BOC said.*The Bureau of Customs (BOC) seized a vessel with P261 million worth of smuggled sugar on board at the Port of Batangas on Saturday, January 14.The “MV Sunward” was loaded with 4,000 metric tons of Thailand white refined sugar, the BOC reported Monday.The vessel arrived in the Philippine contiguous zone without a Notice of Arrival as prescribed by existing customs laws, rules, and regulations, it said.Based on the information provided by the Sugar Regulatory Administration, the cargo had no import permit. The sugar was packed in 80,000 bags, the BOC said.District Collector Ma. Rhea M. Gregorio immediately issued a Warrant of Seizure and Detention.*

The power rates of Central Negros Electric Cooperative (CENECO) and the Negros Occidental Electric Cooperative (NOCECO) have dropped this January.The rates of CENECO are down P1.0949/kWh and NOCECO’s dropped by P0.9587/Wh, both cooperatives announced Monday, January 16.The average residential rate of CENECO for January is P15.1057/kwh, a decrease by P1.0949/kWh, from last month’s P16.2006/kWh, its acting general Vic Alvaro said.Alvaro said the total net reduction in generation charges by 9.31 percent is due to the downward adjustment of about P1.2415/kWh in the average Wholesale Electricity Spot Market (WESM) price from P10.1146/kWh to P8.8731, as well as a decrease in fuel cost due to a one-time Palm Concepcion Power Corporation (PCPC) fuel discount of P0.27/kWh for the Decemb...

After a big drop in diesel prices last week, expect a slight increase in fuel prices this week, Unioil Petroleum Philippines Inc. said on Saturday, January 14.Unioil said expect diesel prices to increase by P0.40 to P0.60 per liter and gasoline by P0.50 to P0.60 per liter starting Tuesday, January 17.Gasoline prices had decreased by P0.75 per liter, diesel by P2.80 per liter, and kerosene by P2.10 per liter on January 10.*