Tolentino cites Mindanao’s key role to nation’s progress

By Butch Fernandez @butchfBM

SENATOR Francis N. Tolen - tino affirmed over the weekend Mindanao region’s vital role in boosting the current and future economic progress of the country.

In his keynote address before the convention of the League of Municipalities of the Philippines (LMP)-Mindanao chapter in Davao City on Sunday, the senator stressed Mindanao’s “big role” in the economy. Some 500 local chief executives were in attendance in the 3-day gathering.

“Ang Mindanao ay may napaka - laking papel sa paglago ng ating ekonomiya at mahalagang bahagi ng pag-unlad sa iba’t ibang sektor tulad ng agrikultura, pangingisda, imprastraktura at turismo, ” Tolentino said.

Citing latest figures from the Philippine Statistics Authority (PSA), Tolentino noted that Mindanao’s overall Gross Regional Domestic Product (GRDP) soared to 7.2 percent in 2022—with Davao region leading the charge (8.15 percent), followed by the Caraga region (5.9 percent).

The Bangsamoro Autonomous Region in Muslim Mindanao ( BARMM ) was also given a special mention by Tolentino as the former conflict-torn region was able to register a 6.6 percent growth on its gross domestic product (GDP) last year.

Tolentino, a former president of the League of Cities of the Philippines (LCP), also lauded and gave credit to all the Mindanao local chief executives “for making the latest feat possible due to their overwhelming commitment in promoting stability and harmony as well as maintaining peace and order in the southern part of the country.”

During the 18th Congress, Tolentino sponsored major legislations—as former chair of the Senate Committees on

Oil firms said Monday that they will increase gasoline prices by P1.20 per liter, diesel by P1.40 per liter, and kerosene by P1.30 per liter.

The price adjustment takes effect Tuesday ay 6 a.m.

This was announced by Seaoil, PTT, Phoenix, Petron, Shell, Caltex, Unioil, and Total.

Cleanfuel, for its part, said it will separately implement its price hike at 4:01p.m.

Oil firms adjust their pump prices every week to reflect movements in the world oil market.

Last week, oil companies implemented a per liter decrease of P0.60 for gasoline and kerosene, while diesel has decreased by P0.30 per liter. These price adjustments resulted in a year-to-date net decrease for diesel at P5.35/liter and kerosene at P7.35/liter. Gasoline, on the other hand, has a net increase of P5.50/liter.

Director Rodela Romero of the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), said the deep cuts on OPEC’s production output as well as a similar announcement from Saudi Arabia largely contributed to this.

“The OPEC meeting happened last June 4 in which the members agreed on production cuts. Also, Saudi Arabia declared a separate production cut. That’s when the markets reacted,” Rodela said.

Saudi Arabia said it would cut output in July by 1 million barrels per day (bpd) to 9 million bpd.

OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, agreed to extend cuts into 2024. OPEC+ pumps around 40 percent of the world’s crude.

“We have no control on prices because we are a net importer of crude and finished products. We only have one refinery. We are just a price taker,” added Rodela. Lenie Lectura

How does corruption hurt us?

Integrity for Jobs project has created integrity circles which will see to it that infrastructure projects are benefiting less spectacular sectors like schools, hospital and farm-to-market road also. Corruption also hinders the development of fair market structures and distorts competition.

In this context we are happy to see that the Philippine Competition Commission is doing its best in achieving their mandate in creating fair market conditions that will provide Juan de la Cruz with better products and services at better prices.

By Henry J. Schumacher

FOR years the Integrity Ini -

Local Government and on Urban Planning, Housing, Development—that were later enacted into laws in helping boost the current economic status of Mindanao region. These include the creation of the Metropolitan Davao Development Authority (MDDA) under Republic Act (RA) 11708 and RA 11696 or the Marawi Siege Victims Compensation Act of 2022.

The lawmaker reminded that Mindanao has a wealth of natural resources, endowed with lush forests, metallic deposits of lead, zinc, ore, copper, magnetite and gold, and is also the country’s food basket.