Diesel through the roof
Diesel prices are taking the blow from the Middle East conflict as they are poised to rise by nearly P4 per liter. Sport utility vehicle (SUV) owners using the fuel should prepare for the worst.
Extrapolating the Mean of Platts Singapore (MOPS), the regional benchmark, diesel prices would be higher by around P3.40 to P3.60 per liter, while gasoline will go up by P2.30 to P2.50 per liter, both exceeding the price adjustments implemented earlier this week.
Jetti Petroleum president Leo Bellas blamed the escalated geopolitical risks in the Middle East for the price spike.
“Growing uncertainty around the Iran-Israel hostilities and concerns that the conflict may intensify and disrupt supply, particularly in the Strait of Hormuz, have further pushed up the prices of crude oil and refined fuel products,” Bellas said.
The Strait of Hormuz is a vital passageway for about one-fifth of the global oil supply. Any disruption in the area could send international fuel prices even higher, with immediate effects on local pump prices. Maria Romero
Euro digital bank coming
A European firm may soon join the digital bank roster, Bangko Sentral ng Pilipinas Deputy Governor of Financial Supervision Chuchi Fonacier said.
The applicant has been operating as a digital bank outside the Philippines and aims to provide underbanked Filipinos with loans using non-traditional data as their proof of financial capacity to repay, Fonacier said.
“Artificial intelligence also has a role. But they have this solution where you can easily gather information like credit data and financial transactions,” she added.
“The source may not be necessarily a bank but others that provide information on your online purchases or other personal transactions,” she said.
Fonacier refused to disclose further details about the European firm as it is still undergoing the initial phase of the application process.
The BSP opened the application period for up to four more digital banks on 1 January 2025.
The central bank wants new digital banks to present unique business models, resources, and products that will be accessible to underserved Filipinos, including small enterprises.
The BSP temporarily closed the application process to digital banks on 31 August 2021 after authorizing six digital banks to operate.
They included Singapore-based Tonik Digital Bank Inc., UnionDigital Bank Inc. of Union Bank of the Philippines, and GoTyme Bank Corporation of the Gokongwei Group of Companies. The others were Maya Bank Inc. of the Manny Pangilinan Group of Companies, UNO Digital Bank Inc., and Overseas Filipino Bank which is a subsidiary of government-owned Land Bank of the Philippines.