Escalating tensions in the Middle East and the resulting spike in global oil prices could trigger broader economic disruptions in the Philippines, worsening inflation, weakening the peso, and raising costs across transportation, food, tourism, and other energy-intensive industries, according to...
The Insurance Commission (IC) has ordered a set of relief measures for consumers, including a three-month grace period for premium payments and loan repayments, as the country grapples with an energy emergency triggered by geopolitical tensions. Under Circular Letter No. 2026-11, issued May 13,...
Senator Joel Villanueva has filed a bill seeking to guarantee financial relief for borrowers, depositors, and digital payment users during national emergencies by giving the Bangko Sentral ng Pilipinas (BSP) authority to compel banks and other financial institutions to comply with emergency...
The European Union (EU) and the Association of Southeast Asian Nations (ASEAN) must become a reliable and long-term partners, especially at a time when Southeast Asia faces mounting economic strain caused by disruptions in energy supply chains, rising production costs, and broader geopolitical...
The Philippines rolled out one of the most extensive policy responses in Asia-Pacific to cushion the impact of global oil price and supply shocks, even as the country recorded among the steepest increases in fuel prices in the region, according to the Manila-based Asian Development Bank (ADB). An...
The country 's buffer stock in fuel has increased, Malacañang reported. According to the Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) Committee, the country 's fuel buffer stock is now up to 54 days, from 52. “Sa ngayon ang buffer stock ng supply ng langis ay...
Senate President Pro Tempore Panfilo “Ping” Lacson on Tuesday, April 21 expressed support to the Department of Energy’s (DOE) move to mandate fuel price adjustments, calling it a far better move than leaving the price modifications to the oil firms. Lacson pointed this out saying such...
The Bureau of Customs (BOC) is fast-tracking shipments of essential goods to prevent additional costs under a state of national energy emergency. Responding to an April 8 Presidential directive from the Office of the Executive Secretary (ES), Customs Commissioner Ariel F. Nepomuceno mobilized all...
Noting that time is of the essence, senators on Monday, April 13, questioned why the Department of Foreign Affairs (DFA) has to seek the United States’ permission to import oil from Russia and delay the delivery of oil supply in the country. Sen. Sherwin Gatchalian, chairman of the Senate...
Any potential resumption of discussion on oil agreement with China or other countries will be firmly anchored on Philippine sovereignty and in full compliance with the Constitution and existing laws, the Department of Foreign Affairs (DFA) said. In a statement on Sunday, April 12, the DFA said that...
The Philippine economy is facing its most severe test from the ongoing oil crisis, with economists warning that surging fuel costs and supply disruptions are exposing deep structural vulnerabilities and could derail growth prospects this year. In separate reports released on Friday, April 10,...
The interagency Fiscal Incentives Review Board (FIRB) has allowed registered business enterprises (RBEs) in economic zones and freeports to temporarily adopt work-from-home (WFH) arrangements of up to 90 percent of their workforce, following the declaration of a national energy emergency. In a...
