The Philippines is among the economies hardest hit by the prolonged Middle East conflict, but it could emerge as a beneficiary once the Strait of Hormuz reopens and global oil shipments normalize, according to think tank Oxford Economics. In a July 22 report, Oxford Economics senior emerging market...
Consumer price movements may not stabilize soon due to twin threats that could keep inflation elevated, according to New York-based economic think tank GlobalSource Partners Inc. GlobalSource economist Diwa Guinigundo warned that the Philippines is battling two simultaneous price shocks: the...
US Secretary of State Marco Rubio defended Washington 's position on the escalating conflict with Iran, saying the United States remains open to diplomacy but will act to protect its interests and allies if Tehran fails to negotiate in good faith. Speaking at the ASEAN Post-Ministerial...
Foreign ministers of the Association of Southeast Asian Nations (ASEAN) expressed "serious concern" over the evolving situation in the Middle East, following renewed hostilities involving the United States and Iran. In a statement, the ASEAN foreign ministers highlighted the regional bloc’s...
A ₱5,000 cash relief assistance (CRA) distributed by the government to help drivers cope with the fuel price shock has largely succeeded in keeping transport workers on the road, but almost two-thirds of beneficiaries said the amount was insufficient to cover their operating costs, according to...
The Philippines stands as one of the countries most vulnerable to fuel shortages amid reports of Houthi threats to close the Bab el-Mandeb Strait, according to think tank Capital Economics. “The reliance of several Asian economies, especially Pakistan, the Philippines and Japan, on oil exports...
President Marcos announced the expansion of the government 's Unified Package for Livelihood, Industry, Food, and Transport (UPLIFT) Assistance program to provide additional financial aid to 7.5 million households affected by the impact of rising global oil prices. In a video message posted on...
The Marcos administration is studying possible public transport fare adjustments and additional assistance for affected sectors amid rising fuel prices amid renewed tensions in the Middle East, Malacañang said Wednesday, July 15. Presidential Communications Office (PCO) Undersecretary Claire...
The Asian Development Bank (ADB) has revamped its crisis response toolkit to help developing Asia-Pacific economies respond more quickly to energy supply disruptions and food price shocks stemming from the ongoing Middle East conflict, while strengthening resilience against future crises. In a...
Malacañang has attributed the rise in the country 's unemployment rate in May to the global oil crisis stemming from the conflict in the Middle East, saying the government had anticipated the impact and continues to roll out interventions to help affected workers. Presidential Communications...
Inflation, or year-on-year consumer price increases, slowed slightly to 6.4 percent in June as gas prices eased, even as the headline rate continued to be much higher compared with year-ago levels. National Statistician Claire Dennis S. Mapa noted during a press briefing on Tuesday, July 7, that...
The Philippines, through the Department of Foreign Affairs (DFA), has expressed grave concern over escalating tensions in the Middle East, particularly recent developments in the Strait of Hormuz, and urged all parties involved to uphold the initial peace agreement and pursue a negotiated...
