Amending the creditable withholding rates of income payments to Meralco

The Bureau of Internal Revenue (BIR) has issued Revenue Regulation (RR) 15-2022 to inform all concerned regarding the amendment of the creditable withholding rates of income payments to Meralco. These are the creditable withholding tax rates for the following income payments: I. Meralco payments on the following: a. Meralco Refund arising from ERC Case Nos. […]

Peso extends climb vs dollar as Bangko Sentral hikes benchmark interest rates

THE PESO strengthened against the dollar on Thursday after the Bangko Sentral ng Pilipinas (BSP) raised borrowing costs anew at its policy meeting in its fight against inflation. The local currency ended at P55.685 against the greenback, up by six centavos from Wednesday’s P55.745 close, data from the Bankers Association of the Philippines’ website showed. […]

ERC exploring ways to lower power rates via review of co-ops’ supply agreements

THE Energy Regulatory Commission (ERC) said it is reviewing power supply agreements (PSAs) entered into by electric cooperatives to see whether there is leeway to reduce power rates. “We can look at PSAs (to) find immediate and long-term solutions for the DUs (distribution utilities) to sustain themselves and for the consumers also to enjoy lower […]

Senator floats proposal to refund power bill cost-of-capital charge

THE Energy Regulatory Commission (ERC) has been asked to consider ordering a refund of a cost-of-capital charge on electricity as a means of offsetting the impact of rising power bills. Senator Ana Theresia N. Hontiveros-Baraquel said in a statement that the weighted average cost of capital (WACC) charge, which compensates power companies for the interest […]

DoE’s Lotilla says gov’t involvement in power will not bring rates down

ENERGY Secretary Raphael P.M. Lotilla told legislators that electricity rates will not fall if the government re-enters the power business. “If Congress brings back the state into the power sector… (the government) will have to fund the maintenance of the power sector,” he said at the House committee on energy on Thursday. At the hearing, […]

Treasury fully awards reissued bonds

THE GOVERNMENT fully awarded the reissued 10-year Treasury bonds (T-bonds) it auctioned off on Tuesday at a lower average rate amid robust demand, which led it to open its tap facility. The Bureau of the Treasury (BTr) raised P35 billion as planned from its offer of reissued 10-year securities that have a remaining life of […]