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Former Foreign Secretary Albert del Rosario said the administration should pursue a foreign policy that was “principled, independent, and in accordance with the rule of law.” In the forum organized by the Stratbase-ADR Institute for Strategic and International Studies, ADR Institute president Dindo Manhit cautioned the Duterte administration against the “risks [of] alienating established economic and security partners… and creating an unwelcoming environment for foreign investors.” The Philippines “should maintain its good relations with trusted friends and pursue constructive relations with all its neighbors, in both word and deed,” Mr. Manhit said, referring to President Rodrigo Duterte’s recent friendly moves towards China and Russia while publicly calling out the United States and the European Union, which are among the country’s top trading partners.
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Consumers may start feeling soon the pinch of a weakening peso in the form of a higher generation charge that is the biggest component of their electricity bills, Manila Electric Co. (Meralco) warned yesterday. Meralco flagged a possible increase in generation charge in the months ahead because of the depreciation of the peso against the dollar and an increase in the price of imported coal. That, in turn, could put upward pressure on electricity bills since the generation charge makes up more than half of monthly overall cost on which tariffs are based. “We are seeing that there are certain factors that appear to put pressure on the generation cost. One is depreciation of the peso,” Head of Meralco’s utility economics Larry Fernandez said. The possible increase follows 2 successive monthly reductions in electricity tariff to record lows.
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