Singapore-based United Overseas Bank Ltd. (UOB) expects the Bangko Sentral ng Pilipinas (BSP) to keep key interest rates unchanged this year, despite rising risks to growth and inflation from the ongoing war in the Middle East. “Amid persistent uncertainty over the Middle East conflict, we expect...
Philippine manufacturing growth slowed in March as input prices spiked amid rising energy costs tied to the war in the Middle East. In a report on Wednesday, April 1, S&P Global said the Philippines ’ purchasing managers’ index (PMI) eased to 51.3 last month from 54.6 in February, signaling a...
Amid the ongoing conflict in the Middle East that had pushed fuel prices, including liquified petroleum gas (LPG), to record highs, small eateries in Manila continue to grapple with the volatile economic situation, forcing them to turn to traditional and often cheaper alternatives just to keep...
A total of 23,630 beneficiaries belonging to various transport groups and sectors in Manila have received the P5,000 fuel subsidy courtesy of the national government as aid amid the skyrocketing of fuel prices caused by the Middle East war, Manila Mayor Francisco "Isko Moreno" Domagoso said on...
The Manila City government recorded over 28,000 commuters who benefitted from the first day of its "Libreng Sakay" program on Monday, March 30, aimed at providing the public with free rides while the city government subsidizes the daily earnings of participating jeepney drivers. First announced by...
Despite the scorching heat, several groups trooped to Mendiola in Manila on Friday, March 27, to call on the national government to immediately act on various social and economic issues arising from the Middle East war. Around 800 protesters belonging to Pagkakaisa ng mga Samahan ng Tsuper at...
The global oil shock triggered by escalating conflict in the Middle East is hitting the Philippines’ poorest households the hardest, as surging fuel costs spill over into food prices and erode purchasing power. A March 26 position paper by state-run policy think tank Philippine Institute for...
The Manila City government and jeepney drivers operating in the city have agreed to provide free rides to commuters, with the city shouldering the earnings of participating jeepney drivers, Manila Mayor Francisco "Isko Moreno" Domagoso announced on Friday, March 27. Following his meeting with the...
The World Bank Group (WBG) said it is stepping up support for emerging market (EM) economies like the Philippines, as the ongoing Middle East conflict drives up commodity prices and disrupts global logistics, posing new risks to growth and food security. In a statement on Thursday, March 26, the...
The Manila City local government slammed posts on social media saying that dump trucks or garbage trucks were used in its "Libreng Sakay" program to transport commuters for free as several public utility vehicle (PUV) drivers and operators, particularly jeepney drivers, refrained from plying their...
The Philippines’ goods trade with the rest of the world grew faster in February, ahead of the conflict in the Middle East posing a threat to the country’s exports. The latest preliminary Philippine Statistics Authority (PSA) data on Friday, March 27, showed that total external trade rose 10.7...
Asia-Pacific economies, including the Philippines, are highly vulnerable to a protracted conflict in the Middle East, as sustained spikes in energy prices and broader disruptions threaten to slow growth and accelerate inflation, according to the Asian Development Bank (ADB). In a brief titled...
