How PSEi member stocks performed — April 1, 2026
Here’s a quick glance at how PSEi stocks fared on Wednesday, April 1, 2026.
Regional fertilizer sourcing to cut exposure to volatile Gulf supply
The Department of Agriculture (DA) said nearby countries are viable alternative sources of fuel-derived fertilizer that can reduce dependence on the Middle East.
In a statement Wednesday, the DA said exposure to Middle Eastern fertilizer is at any rate limited to about 20%, with most imports coming from China, Indonesia, Malaysia, and Vietnam.
Iran restricted passage through the Strait of Hormuz, a key chokepoint for oil and inputs such as urea and phosphate, after the US and Israel attacked it in late February.
The DA said ammonium sulfate shipments come entirely from suppliers in Eastern Asia.
“I reviewed all the figures on where our fertilizer comes from. Supply is not the issue — it’s really the price,” Agriculture Secretary Francisco Tiu Laurel, Jr. was quoted as saying in the statement.
The DA said rising global oil prices and freight costs are expected to push fertilizer prices higher, which could in turn drive increases in food prices.
Fitch Solutions unit BMI earlier warned that rising fertilizer prices are leading to reduced fertilizer application across Southeast Asia, with the Philippines particularly vulnerable due to its heavy reliance on imports.
“The Philippines is more fundamentally exposed to an extended disruption to nitrogenous fertilizer supplies given its high reliance on imports,” BMI said.
It added that delays in fertilizer shipments could coincide with key planting periods, posing risks to crop yields.
“With approximately 75% of corn plantings occurring between April and May and around 60% of rice plantings taking place from March to May, delay in fertilizer arrivals past key application windows could pose significant downside risks to the upcoming crop,” it said.
To mitigate the risks, the DA said it is promoting alternative inputs such as biofertilizer, liquid fertilizer, and soil ameliorants, while continuing to diversify import sources.
Among these alternatives are locally-produced biofertilizers developed by researchers from the University of the Philippines Los Baños National Institute of Molecular Biology and Biotechnology and manufactured commercially by Agri Specialists, Inc.
The company estimates that one kilo of the product can replace up to two 50-kilo bags of urea-based fertilizer. The biofertilizer costs about P750 per kilogram, compared with around P2,500 for a single bag of complete fertilizer.
The DA said field trials indicate that farmers can reduce their use of conventional fertilizer without significantly affecting yields when using such alternatives.
“If you used to apply 10 sacks of urea, you might now be able to use only half or even just three (sacks of the alternative fertilizer),” Mr. Laurel said. — Vonn Andrei E. Villamiel
PHL signs LPG deals with US, Canada, Mexico
The Philippines signed supply deals with the US, Canada, and Mexico for 66 million kilograms (kg) of liquefied petroleum gas (LPG), the LPG Marketers Association, Inc. (LPGMA) said.
LPGMA founder Arnel U. Ty said the association was informed by Energy Secretary Sharon S. Garin that the agreements were government-to-government (G2G), with the Department of Energy (DoE) expected to confirm the order publicly soon.
“Secretary Garin informed us that the government is in contact with the three countries — that their ambassadors, through their communication, informed the Philippine government that they have product to be sold to the Philippines,” he told reporters Wednesday.
The government and the private sector are negotiating the arrival of the LPG shipments, with targeted landing dates of between May 15 and June 1.
The LPG products from the three countries are estimated to cost at least P2.5 billion, Mr. Ty said.
He noted that the shipments will be eventually sold to the private sector.
“(The deals) can initiate new sources that we didn’t have before. Our country used to rely almost entirely on the Middle East for supplys,” he said.
Retailers mostly import their supply from elsewhere in Asia, apart from the Middle East.
Mr. Ty said maintaining a 60-day inventory is “expensive” for the private sector, with suppliers only willing to commit to as much as 40 days, making the G2G arrangement advantageous.
Once the orders arrive, they will add 30 days’ worth of supply, bringing the country’s total inventory to around 60 days.
In a recent briefing, Ms. Garin said the inventory of LPG has increased to an equivalent of 34 days from 23 previously.
“What to expect though in LPG is the increase in price. The price jump is really significant because international logistics have been somewhat disrupted,” Ms. Garin said.
“But what we’re doing now is just to make sure that we have supply. Because this is not only for beverages and restaurants, but also for households,” she added.
Consumers using LPG may have to face higher costs this month, as some retailers raised prices by as much as P402.93 per 11-kilogram (kg) cylinder.
Seaoil Philippines, Inc. said unit Seagas increased its LPG price by P36.63 per kg.
Petron Corp. imposed a P20-per kg hike in LPG prices after factoring in changes to international contract prices.
Solane, meanwhile, announced a hike of P17 per kg for the cooking gas.
The latest price adjustments bring the prevailing LPG price in the National Capital Region above P1,500 per 11-kg cylinder. – Sheldeen Joy Talavera
Manufacturers push for ‘buy local’ campaign
THE Federation of Philippine Industries (FPI) said supply chain disruptions and the weak peso make it necessary to pursue a “buy-local”approach to boost domestic industrial production.
In a statement late Tuesday, FPI Chairperson Elizabeth H. Lee said domestic production and procurement will ‘better position” the economy by building “capacity…to withstand external pressures.”
Foreign exchange volatility and supply-chain disruptions caused by the fighting in Iran cuts across industries and the overall economy, Ms. Lee said.
The peso first weakened past the P60-to-the-dollar level on March 19, about three weeks after the outbreak of fighting in the Persian Gulf.
Ms. Lee cited Republic Act (RA) No. 11981 or the Tatak Pinoy Act, which provides a clear framework for upgrading domestic industries and moving up the value chain.
“Persistent global uncertainty reinforces the economic case for domestic production, with local spending generating broader multiplier effects across employment and supply chains,” Ms. Lee said.
She also noted that RA 9184 or the Government Procurement Reform Act provides a guide for domestic industry preference.
“Its current framework — still largely anchored on price-based evaluation — presents an opportunity for further alignment with industrial development goals,” she said.
Margins of preference for domestically-produced goods may be more strategically utilized to support local industries within established rules,” she said. — Beatriz Marie D. Cruz
Exporters welcome E-TRACC exemption
The Philippine Exporters Confederation, Inc. (PHILEXPORT) said it welcomed the exemption of exporters from the Bureau of Customs (BoC) Electronic Tracking of Containerized Cargo (E-TRACC) System.
In a social media post Wednesday, the group said Customs Commissioner Ariel F. Nepomuceno has said that the exemption covers exporters accredited as Authorized Economic Operators and registered with Investment Promotion Agencies.
The announcement was made during the Export Development Council Executive Committee meeting on April 1.
PHILEXPORT said the exemption eases the burden on exporters, who already face high fuel prices, supply chain disruptions, and increased compliance requirements.
“The exemption from ETRACC allows exporters to focus on fulfilling orders efficiently without the added layer of cost and administrative complexity that could hamper our delivery timelines,” PHILEXPORT President Sergio R. Ortiz-Luis, Jr. said in a statement.
Launched in 2020 on the strength of a memorandum circular, E-TRACC is a web-based, real-time monitoring system that uses GPS (global positioning system)-enabled locks to track container movement from port to destination.
The system is designed to ensure that goods reach their intended destination. It features an alarm in case a cargo is diverted.
PHILEXPORT said it supports policies on transparency and trade facilitation, while ensuring that these avoid “unintended consequences on key economic drivers.”
Philippine exports rose 8% year-on-year in February to $7.33 billion, against the 12.8% expansion a year earlier. It was the weakest reading since the 5.5% expansion recorded in August. — Beatriz Marie D. Cruz
BoC exceeds March collection target
The Bureau of Customs said Wednesday that it collected P84.43 billion in March, exceeding the P83.24-billion collection target set for it by 1.4% during the month.
Citing preliminary data, the BoC said collections last month were also 5.1% higher year-on-year.
Commissioner Ariel F. Nepomuceno said that the increase in collections will directly translate into better public services, funding for infrastructure, and support for social programs.
To further improve services, the BoC said it will continue advancing reforms anchored on digitalization, transparency, and ease of doing business.
Quoting Finance Secretary Frederick D. Go, the BoC said that efficient revenue collection and institutional integrity play an important role in sustaining economic growth and ensuring that government resources are maximized. — Justine Irish DP Tabile
New offshore Bicol exploration area to be offered to bidders
The Department of Energy (DoE) is sounding out potential bidders for a service contract allowing to explore for potential offshore petroleum resources in the Bicol shelf.
In a notice posted on its website, the DoE said interested parties can challenge for a nominated area spanning 1.5 million hectares within the Bicol Shelf Basin, which lies north of Camarines Norte, encompassing Polillo Island, with an upper bound somewhere north of Casiguran, Aurora.
Challengers may submit documents to participate in the bidding until May 18, with bids to be opened the same day.
The Philippine Conventional Energy Contracting Program allows applicants for a petroleum service contract to nominate areas of interest. Alternatively, the DoE may also offer pre-determined areas not covered by any application.
Edgar Benedict C. Cutiongco, president of the Philippine Petroleum Association, said the Bicol Shelf Basin is considered gas-prone and can serve the country’s long-term need for reliable transition fuels.
“The Bicol Shelf spans about 32,500 square kilometers of offshore acreage, with six historical wildcat wells and an estimated 44 million barrels of oil equivalent in undiscovered resources,” he told BusinessWorld.
Mr. Cutiongco said the basin’s location in uncontested waters and proximity to major demand centers “further strengthens its commercial attractiveness.”
“Every effort to explore our own sedimentary basins reinforces the national goal of responsibly developing hydrocarbon resources from within,” he said.
Last year, the government awarded petroleum and hydrogen service contracts for exploration in the Sulu Sea, Cagayan, Cebu, Northwestern Palawan, Eastern Palawan, and Central Luzon.
The awarded contracts represent a potential investment of around $207 million over seven years of exploration. — Sheldeen Joy Talavera
PHL wholesale price growth accelerates to 1.7% in Feb.
Price growth in wholesale goods accelerated to a two-month high in February, driven by stronger growth in the index of chemicals including animal and vegetable oils and fats, the Philippine Statistics Authority (PSA) reported Wednesday.
Citing preliminary data, the PSA said the general wholesale price index (GWPI) rose 1.7% year-on-year in February.
This was weaker than the 2.9% posted a year earlier, though it accelerated from the 1.6% logged in January.
The February reading was the strongest in two months, or since December’s 1.9%.
In the year to date, the GWPI averaged 1.7%, easing from the 2.9% posted in the first two months of 2025.
Ateneo Center for Economic Research and Development Senior Research Fellow Ser Percival K. Peña-Reyes said the modest increase in GWPI growth was driven by easing inflation pressures combined with short-term supply and demand factors.
“That it is lower than last year indicates easing inflationary pressure overall. That it has slightly increased from January 2026 is likely due to short-term factors like fuel, food prices, or exchange rate changes,” he said via Viber.
John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said the increase likely reflects early spillovers from rising global commodity prices, particularly fuel and raw materials, even as growth remains lower year-on-year due to base effects and moderate demand.
“In short, prices are picking up again but not yet accelerating sharply,” he said via Viber.
Inflation rose to 2.4% in February, from 2% in January and 2.1% a year earlier. It was the strongest reading since the 2.9% posted in January 2025.
The PSA noted the increase in the index of chemicals including animal and vegetable oils and fats to 3.6% from 2.5% in January.
The chemicals including animal and vegetable oils and fats index accounts for 10.1% of the wholesale basket of goods.
“In addition, faster annual increments were recorded in the indices of beverages and tobacco at 2.6% during the month from 2.1% in January 2026, and crude materials, inedible except fuels at 6.5% in February 2026 from 3.1% in the previous month,” the PSA said.
Also accelerating were the index of mineral fuels, lubricants and related materials, to 0.5% in February, a turnaround from the 0.4% drop in January.
The category posting weaker price growth was food, with a reading of 2.5% in February from 2.7% in January, the PSA said.
Manufactured goods classified chiefly by materials also eased to 0.1% from 0.3% in January.
“The February uptick in these components reflects renewed cost pressures coming from upstream sectors, especially raw materials, fuel, and imported inputs, rather than a surge in consumer demand,” Mr. Peña-Reyes said.
He warned that these are “early signals that could later influence retail inflation if sustained.”
“The turnaround in fuel-related items is consistent with the recent rebound in oil prices, which is beginning to feed into wholesale costs,” Mr. Rivera said.
He added that the rise in crude materials points to higher prices for agricultural and industrial raw inputs.
By major island group, bulk prices in the wholesale level were mixed.
Luzon wholesale price growth was steady at 1.5%.
Meanwhile, bulk price growth in the Visayas accelerated to 3.3% from the 1% a year earlier and the 3.2% registered in January 2026. It was the strongest reading since the 5% posted in June 2024.
It also exceeded the 1.7% national average.
On the other hand, GWPI in Mindanao came in at 2%, against 0.7% in February 2025 and 2.3% in January.
Despite surpassing the national average, it was the weakest reading since the 1.6% posted in July 2025.
Analysts expect the upward trend to persist in the near term.
Mr. Rivera noted that wholesale prices are likely to trend “slightly higher, driven mainly by elevated oil prices and transport costs,” though he expects the increase to remain gradual unless global energy prices surge further.
Mr. Peña-Reyes projected that March figures may possibly exceed 1.7%, fueled by exchange rate fluctuations and raw material costs. — Heather Caitlin P. Mañago
Peso up sharply as Trump signals possible end to Iran war
THE PESO rebounded sharply against the dollar on Wednesday, snapping a five-day slump that saw it close at new record lows in the past three sessions, after US President Donald J. Trump said they could end their military campaign in Iran soon.
The local unit jumped by 58.8 centavos to end at P60.16 against the greenback from its all-time-low P60.748 finish on Tuesday, data from the Bankers Association of the Philippines showed.
This marked the peso’s biggest one-day gain since March 10, when it strengthened by 60.4 centavos to close at P58.896.
The currency opened Wednesday’s trading session stronger at P60.50 per dollar, which was already its worst showing. Its intraday best was at P60.10 against the greenback.
Dollars traded ballooned to $2.732 billion from $1.587 billion on Tuesday.
“The dollar-peso ended lower on improving risk sentiment as Trump signaled openness to ending the war in Iran,” a trader said in a phone interview.
Mr. Trump’s remarks caused the US dollar and global crude oil prices to go down, boosting the peso, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
Inflows ahead of the long weekend also supported the currency, he added.
Philippine financial markets are closed on April 2 and 3 in observance of Holy Week.
The dollar fell for a second day on Wednesday as expectations of a ceasefire in the Middle East conflict grew after the US signaled that an end to the war could be near, even though markets remained on edge on fears of escalation, Reuters reported.
The White House said US President Donald Trump would address the nation “to provide an important update on Iran” at 9 p.m. EDT on Wednesday (0100 GMT on Thursday).
Mr. Trump said on Tuesday the US could end its military campaign against Iran within two to three weeks, while Secretary of State Marco Rubio told Fox News Washington could see the “finish line” in the Iran war.
The dollar index, which measures the currency against a basket of currencies including the yen and the euro, was last down 0.1% at 99.60, slipping to a one-week low after a 0.65% fall on Tuesday.
The US dollar has benefited from a safe-haven bid since the conflict began in late February, and the US, a net energy exporter, is also relatively better positioned to handle oil disruptions than other nations.
Brent crude futures fell below $100 per barrel on Wednesday, although they were last trading at about $100.40. — Aaron Michael C. Sy with Reuters
Court affirms bail denial for ex‑DPWH officials
By Erika Mae P. Sinaking and Chloe Mari A. Hufana
The anti‑graft court has upheld its earlier decision denying bail to former officials of the Department of Public Works and Highways (DPWH) and their co‑accused in a malversation case linked to the flood-control scam.
In a 27‑page resolution dated March 31, the Sandiganbayan Sixth Division said prosecutors presented strong evidence of guilt against the accused.
The case involves a P289‑million flood control project in Naujan, Oriental Mindoro. Charges were filed by the Office of the Ombudsman in November last year following an audit and fact‑finding report by the Independent Commission for Infrastructure (ICI).
Among those charged were nine former DPWH officials and ex-Party-list Rep. Elizaldy S. Co. Prosecutors allege that he conspired with government personnel and representatives of a private contractor to facilitate the release of public funds despite deficiencies in the project.
In their bid for bail, the accused argued that their roles in the project were merely ministerial and that they acted in good faith. The court rejected the claim, ruling that their signatures on disbursement vouchers and certification documents were essential to the release of funds.
The court said approving officers are duty‑bound to verify the legality, authenticity and regularity of transactions before endorsing disbursements.
“The rest of the accused’s arguments are merely a substantial reiteration or rehash of their previous arguments,” the court said in the resolution written by Associate Justice Sarah Jane T. Fernandez.
The court said it had already addressed those issues in an earlier ruling and found them to be without merit. The division stressed that its ruling should not be construed as a finding of guilt.
“The court reiterates that the ruling is not a prejudgment of the guilt of the accused,” it said. “The court merely determined the weight of evidence for purposes of bail.”
Meanwhile, Malacañang said an executive order might no longer be necessary to dissolve President Ferdinand R. Marcos, Jr.’s task force probing infrastructure anomalies, as its work ended on March 31.
Palace Press Officer Clarissa A. Castro said the ICI has effectively been dissolved after completing its mandate.
“It no longer has a mandate or any functions to perform,” she told DZMM radio in Filipino. She added that the matter would still be referred to the Office of the Executive Secretary to determine whether further action is needed.
Mr. Marcos created the ICI through Executive Order No. 94 in September 2025 months after he exposed flood-control scams in his annual address to Congress.
The body served as a fact‑finding commission tasked with gathering documents, testimonies and other evidence related to infrastructure projects, including flood-control works.
It had no prosecutorial powers and instead referred its findings to agencies such as the Department of Justice and the Office of the Ombudsman.
In February, the commission submitted an accomplishment report to Malacañang. From Sept. 15, 2025 to Jan. 18, 2026, it made nine referrals to the Ombudsman, conducted 32 hearings and 16 site inspections, reviewed 1,173 documents and issued 160 investigative communications.
Over the same period, authorities froze 6,692 bank accounts and secured about P24.7 billion in assets through preservation, seizure or voluntary surrender.
Despite the scale of the investigation, no senior officials implicated in the scandal have been jailed.
Mr. Co who used to head the committee on appropriations, is a fugitive following the issuance of arrest warrants by the Sandiganbayan. He has denied wrongdoing.
Former Speaker Ferdinand Martin G. Romualdez, President Marcos’ cousin, was also implicated in the controversy but remains a sitting district representative. He has likewise denied the allegations.
The flood-control scandal dominated the latter half of 2025, dampening economic activity as tighter government spending and waning public confidence weighed on growth.
Analysts said the absence of high‑level convictions has reinforced concerns over accountability in a system dominated by political dynasties. Authorities, however, maintain that cases are still being built and prosecutions continue.
US begins recovery of WWII POWs from sunken Japanese ship
By Kaela Patricia B. Gabriel
US Begins WWII POW Recovery From Sunken Japanese Ship
The US has begun an underwater excavation in Subic Bay to recover the remains of more than 250 American prisoners of war (POW) who died aboard a sunken Japanese transport ship during World War II, US defense officials said.
The operation focuses on the Oryoku Maru, a Japanese vessel carrying about 2,500 Allied POWs when it was mistakenly attacked by US aircraft in December 1944 and later sank in Philippine waters.
The ship became known as one of Japan’s so‑called “hell ships” due to the high number of prisoner deaths.
The operation, described as the biggest of its kind by the US Defense Prisoners of War Missing in Action Accounting Agency (DPAA), began in February after three years of site research and preparation.
“We estimate there might be over 250 missing Americans in the hold of the ship,” DPAA Director Kelly McKeague told a virtual news briefing from Washington DC on Wednesday. “They might be limited to one of two holds and that’s where the divers are currently operating on.”
“This mission is rooted in a sacred promise that the United States will search for, recover and identify the remains of Americans missing from past wars,” Mr. McKeague said.
The DPAA first deployed underwater vehicles to Subic Bay three years ago to survey the wreck and generate a three‑dimensional image of the site, which paved the way for the excavation.
Mr. McKeague said the agency has received strong support from both the national and local governments, including the Armed Forces of the Philippines, to help manage the complex recovery work.
The DPAA is also working closely with the National Museum of the Philippines, which has studied wrecks in Subic Bay since the 1990s and previously surveyed the Oryoku Maru site.
While the POW recovery effort is the DPAA’s primary mission in the country, Mr. McKeague said the agency operates year‑round in the Philippines, with teams also deployed in Leyte and Mindoro. He said the sustained presence has helped deepen cooperation between the two countries.
Beyond POW recovery, the DPAA is also involved in clearing unexploded ordnance across the Indo‑Pacific region, including in Vietnam, Laos and Cambodia.
The agency conducts humanitarian activities such as forensic training, recovery missions and ordnance removal in partnership with 54 host nations.
Later this year, the DPAA plans to host a regional summit on forensic archaeological sciences, bringing together countries including the Philippines, Papua New Guinea, the Solomon Islands, Malaysia and Indonesia.
Senator calls for oil price cap, rationing
By Adrian H. Halili and Sheldeen Joy Talavera
A Philippine senator on Wednesday urged the government to consider imposing a temporary price cap and fuel rationing as uncertainty over oil supply grows amid the escalating war involving Iran.
Senator Sherwin T. Gatchalian said soaring pump prices should prompt the Department of Energy (DoE) to study the possible imposition of a fuel price ceiling to shield consumers from further shocks.
“While a price cap would provide definite relief to consumers, the price level set should still allow for a reasonable rate of return for oil companies to ensure continuing supply,” he said in a 76‑page preliminary report by the Senate Committee on Proactive Response and Oversight for Timely and Effective Crisis Strategy (PROTECT), which he heads.
The report also called on the DoE to assess the feasibility of placing price ceilings on liquefied petroleum gas (LPG) and kerosene, which are classified as basic necessities under Philippine law.
The recommendations come as the Marcos administration placed the country under a state of national energy emergency through Executive Order No. 110, citing risks to fuel supply and economic stability from global oil disruptions.
Mr. Gatchalian said the DoE should also evaluate whether a subsidy mechanism is needed to cushion the impact of any price cap on oil companies, warning that poorly designed controls could discourage imports and worsen shortages if not paired with support measures.
Beyond price controls, the committee report recommended fuel rationing as a contingency measure to extend existing supply and deter hoarding.
“The DoE may want to consider implementing a fuel rationing plan to extend the country’s existing supply and prevent hoarding,” Mr. Gatchalian said, adding that rationing should be deployed only when supply availability has been carefully assessed.
The DoE earlier said the Philippines has enough fuel inventory to last about 51 days, or until May 27, based on existing stock levels.
A 75.3% reduction in average daily demand for petroleum products would allow existing supplies to last until the end of the year, according to the Senate report.
In a worst‑case scenario where oil shipments stop, an 81.7% reduction in daily demand could stretch supplies until the end of 2026.
“While it may not yet be necessary to impose such severe rationing under present circumstances, the DOE may consider a more modest rationing regime depending on the country’s ability to secure future shipments of petroleum products,” Mr. Gatchalian said.
He also urged the Marcos administration to intensify government‑to‑government negotiations with alternative oil‑producing countries to secure fuel supply.
“The government should flex its diplomatic might and play a more active role in securing the country’s oil supply during this time of crisis,” the senator added.
Domestic fuel prices have surged amid global oil volatility driven by tensions in the Middle East. The Philippines imports about 98% of its oil requirements, underscoring its vulnerability to external supply shocks.
ANTI‑HOARDING MEASURES
Separately, the DOE said it has issued guidelines to strengthen anti‑hoarding measures as rising fuel costs heighten risks of panic-buying and supply manipulation.
In a statement, the agency said the rules cover both commercial hoarding by industry players and consumer hoarding, including excessive fuel purchases beyond normal consumption.
The guidelines set out stricter monitoring, prevention and enforcement mechanisms, including clearer definitions of prohibited acts and indicators of hoarding. Preventive measures include possible temporary purchase limits and tighter regulation of container‑based fuel transactions.
The DoE said show‑cause orders would be issued to parties suspected of violating the rules.
“These guidelines are meant to ensure that petroleum products continue to move where they are needed, when they are needed,” Energy Secretary Sharon S. Garin said, adding that the measures aim to protect consumers and maintain public order amid global oil market disruptions.
In a related move, the Energy Regulatory Commission (ERC) said it has revised rules governing how power distributors recover local taxes, aiming to prevent excessive charges being passed on to consumers.
The revised rules clarify that distribution utilities may only recover taxes that have been actually paid, properly documented and incurred within a defined period. Utilities must submit full supporting documents and regular reports, with all recoveries subject to post‑validation by the ERC.
Any over‑collection must be refunded, while under‑collection may be adjusted in future billings, subject to approval, the regulator said.
“These revised rules ensure that consumers are charged only for taxes that are valid, reasonable and properly verified,” ERC Chairman Francisco Saturnino C. Juan said.