MANILA -- Lower oil prices made Philippine monetary officials consider further slowdown of rate of domestic price increases with the June 2015 level seen between 1.1-2.0 percent.

In a text message to reporters, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said the forecast range for the sixth month this year was made after noting lower prices of diesel, kerosene, and liquified petroleum gas (LPG).

He said the drop in power rates of the Manila Electric Company (Meralco) is another factor in the low inflation forecast.

Puregold opens in Escalante

Puregold Price Club Inc., a leader in the hypermarket industry will open its 239 th  store in Barangay Balintawak, Escalante City, today.

Puregold Operations head Antonio Delos Santos will lead the opening the rites that will start with a mass and a blessing of the store, a press release from the firm said.

At the grand opening, Puregold Escalante will offer buy-one take-one promos and a lot more.

No hike in SSS contributions

The Social Security System yesterday clarified that it has no plan to increase the current contribution rate in the immediate future, contrary to recent reports.

SSS President and Chief Executive Officer Emilio De Quiros Jr., in a press release, said that currently circulating stories of a planned increase could have stemmed from the results of an SSS study, which looked into the impact of a P2,000 across-the-board pension increase as provided in House Bill 5842.

The SSS study revealed that adding P2,000 to existing pension payments would require corresponding adjustments in the contribution rate or a government subsidy, otherwise it will shorten the SSS' fund life by 13 years or until 2029. The SSS fund life today is projected to last for 27 years or until 2042, the press release said.

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