Ebidensiya na hindi babalik si GMA ipakita!

Multilateral lenders International Monetary Fund and the Asian Development Bank  slashed their growth forecasts for the Philippines for the next two years, citing the weaker-than-expected first-quarter performance and the larger impact of the Middle East conflict on domestic prices and economic activity.

MANILA, Philippines — Just as the country’s offshore wind industry seemed poised for takeoff, its inaugural auction has been suspended indefinitely amid current market challenges, including disruptions caused by the Middle East war. Energy Undersecretary Felix William Fuentebella said the fifth green energy auction (GEA-5) round was placed “on hold until further notice” to give the government time to recalibrate the bidding process. The recalibration will cover key issues such as port readiness, permitting requirements and the environmental and cost implications of port development. The Department of Energy (DOE) is also assessing the potential impact of ongoing geopolitical tensions in the Middle East on global supply chains. “This measure is intended to ensure a more transparent, orderly and implementation-ready auction process,” Fuentebella said in an advisory to all concerned renewable energy stakeholders. He noted that the suspension would also allow the DOE to further align GEA-5 requirements, timelines and implementation parameters with actual infrastructure readiness, regulations and project development conditions. “The DOE shall issue the necessary guidelines, supplemental issuances and revised timelines in due course,” added Fuentebella, who chairs the agency’s GEA-Bids Evaluation and Awards Committee. The indefinite suspension came just weeks after a senior energy official confirmed that nine companies had advanced to the next stage of the evaluation process for the offshore wind auction. Under the original timetable, the GEA-5 auction proper was supposed to take place on Aug. 27, with notices of award to winning bidders scheduled for Sept. 23. This landmark auction exclusively covers fixed-bottom offshore wind projects, with original delivery timelines spanning 2028 to 2030. GEA-5 supports the government’s target of generating the first kilowatt-hours of offshore wind power before the end of President Marcos’ term in 2028. It is also expected to provide a significant boost to the country’s broader goal of increasing the share of renewables in the energy mix to 35 percent by 2030 and 50 percent by 2040.    

The government has lifted the suspension of excise taxes on kerosene and liquefied petroleum gas (LPG) after global crude prices eased, a move that previously sought to cushion households from surging costs amid the Middle East war.

The Philippine economy likely grew at a slower pace in the second quarter due to the impact of high inflation and recent headwinds, including the Middle East conflict, on economic activity, according to the University of Asia and the Pacific.

Hong Kong's flagship airline Cathay Pacific announced Thursday that it will resume flights to the Middle East, as the United States and Iran signal that efforts to end the war remain viable.