Businesses have turned more pessimistic about the global economic outlook amid the ongoing United States (US)/Israel war with Iran, according to think tank Oxford Economics. In an April 30 report, Oxford Economics head of macro scenarios Jamie Thompson said the conflict in the Middle East is...
Malacañang said the Philippine peso breaching another record low value against US dollar was due to "unusually strong" dollar and the ongoing Middle East crisis. In a Palace briefing on Thursday, April 30, Palace Press Officer and Communications Undersecretary said that the weakening of the peso...
The Philippines and its neighbors in the Association of Southeast Asian Nations (ASEAN) are moving to fortify regional trade pacts and energy security frameworks as escalating Middle East tensions threaten to destabilize global supply chains. Trade Secretary Cristina Roque said the economic...
United Kingdom (UK)-based think tank Pantheon Macroeconomics said the Philippine economy remains too fragile to quickly pass through surging energy prices into demand-side pressures, suggesting that the latest interest rate hike is likely a one-off move. As such, the benchmark rate at 4.5 percent...
The World Bank Group (WBG) has warned that the war in the Middle East is set to trigger the biggest energy price surge in four years, fueling inflation, slowing economic growth, and worsening food insecurity across developing economies. In an April 28 statement, the Washington-based multilateral...
Until a clearer signal emerges from the temporary military truce between the United States (US) and Iran, the Philippine peso stands to sustain additional bruises from the geopolitical tensions that have already battered it, according to Singapore-based Oversea-Chinese Banking Corp. Ltd. (OCBC)....
The Philippine economy faces a potential “second wave” of inflation and a sharp slowdown in growth if geopolitical volatility in the Middle East persists, according to HSBC. In a briefing on Tuesday, April 28, Aris Dacanay, HSBC senior Asean economist, warned that a prolonged blockade of the...
Senator Risa Hontiveros on Monday, April 27 warned that the government may need an emergency supplemental budget higher than the P52.8-billion she earlier proposed if the Middle East conflict and the subsequent oil crisis extends to May and beyond. In a radio interview, Hontiveros said the...
Philippine business sentiment collapsed into pessimistic territory in the first quarter as escalating Middle East tensions fueled fears of an energy price shock, according to the latest central bank data. According to the latest Business Expectations Survey (BES) released by the Bangko Sentral ng...
The Maritime Industry Authority (Marina) granted on Saturday, April 25, a three-month extension on key identification documents for Filipino seafarers stranded onboard ships due to the worsening security situation in the Middle East. Marina Administrator Sonia Malaluan said the extension covers...
Israeli Ambassador to the Philippines, Dana Kursh, renewed calls for peace and de-escalation in the Middle East, warning that escalating tensions involving Iran are already impacting global stability and economies, including the Philippines. During a media brunch she hosted on April 23, Kursh said...
The Governance Commission for Government-Owned or Controlled Corporations (GCG) has directed all state-run firms to implement necessary response measures to help mitigate the impact of the ongoing crisis. GCG “directs all concerned departments, agencies, offices and instrumentalities, including...
