The Bangko Sentral ng Pilipinas (BSP) expressed concern that with the country’s energy sector’s dependence on imported refined oil, the Philippines is more vulnerable to refining margins in China, South Korea and Singapore than rising crude prices.
THE Bangko Sentral ng Pilipinas expressed concern that with the country’s energy sector’s dependence on imported refined oil, the Philippines is more vulnerable to refining margins in China, South Korea and Singapore than rising crude prices.
“We can see the relevance of refining margins by looking at Mean of Platts Singapore prices, which has increased more than the benchmark WTI prices,” the BSP said. The BSP added that 94 percent of the monetary investments in the industry are driven by 1.5 percent of the total market players. This means, only 337 players invested out of 21,786.
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