The prices we consumers have to deal with is a by product of government policy on the oil industry. However, prices for all petroleum products rose by 535% since 1996.
Thus, it has been proven that oil companies change their prices along with the changes of the world market, even if the government deregulated the market. Given the unpredictable behavior of the world market, would oil prices in the Philippines ever be stabilized and reasonable?
The market is likely to keep an eye on the Monetary Board policy meeting this week to look for clues on when the Philippine central bank will raise interest rates.
The policy meeting on June 22, Thursday, will be the final meeting chaired by Amando Tetangco Jr., who retires on July 2 after serving two consecutive six-year terms as Bangko Sentral ng Pilipinas (BSP) governor.
On October 23, 1417, the "king of the eastern country," Paduka Batara was buried in Dezhou, Shandong Province, China. Paduka Batara, along with two other kings, Maharajah Kolamating of the "west country" and Paduka Prabhu, the "Cave King", registered in Ming China as a tribute mission from Sulu in 1417.
This year (2017) will be the 600th year since the mission of Paduka Batara to China. To commemorate, three balangay boats were built and launched from Sulu to go to China, tracing the same route once taken by Paduka Batara. While it can be seen as friendly reminder of Filipino-Chinese relations, one may wonder why a Philippine "king" like him would bother going to a tribute mission to China? It is known that the Chinese tributary system involved China being the "Middle Kingdom" or the center of the world, with the rest of the states as subordinates. While the Chinese did not regard them as colonies, and did not administer them directly, they have become planets which gravitated and began revolving around the Chinese sun. In a way, however, is it perhaps symbolic of the Filipino kowtow (bowing down) to Chinese supremacy?