We have seen this pattern before. A crisis hits, and at first, people freeze. Then slowly, almost quietly, behavior starts to shift. What feels temporary begins to leave permanent marks. We saw it during the pandemic; we are seeing it again now with rising oil prices. The current oil shock is about...
The Marcos administration has secured commitments from five nations to bolster its fuel inventory, with the Department of Energy (DOE) preparing to import more than one million barrels of diesel this April to shield the economy from global market volatility. In a briefing late Monday, March 30,...
The Bangko Sentral ng Pilipinas (BSP) is facing mounting pressure to abandon its steady policy stance as domestic and foreign lenders warn that persistent supply shocks are beginning to seep into the broader economy. A growing chorus of economists expects the BSP to raise its benchmark interest...
The Department of Social Welfare and Development (DSWD) said it is working to plug gaps in its public utility vehicle (PUV) cash aid list, with more than 170,000 unlisted drivers being validated for possible inclusion in a special payout after Holy Week. DSWD Secretary Rex Gatchalian said on...
Philippines’ most influential business coalitions pledged on Monday, March 30, to ramp up investments in renewable energy and implement aggressive conservation measures as the government scrambles to insulate the economy from the global oil shock triggered by escalating Middle East hostilities....
Petron Corp., the Philippines’ sole oil refiner, has procured 2.48 million barrels of Russian crude oil to shore up the country’s fuel stocks following the closure of the Strait of Hormuz and the declaration of a state of national energy emergency. In a disclosure to the Philippine Stock...
State-run Social Security System (SSS) is considering temporarily suspending loan payments and waiving or reducing penalties on unpaid contributions to provide relief to its members facing financial challenges amid the Philippine energy crisis. SSS said in a statement released over the weekend that...
Singapore-based DBS Bank Ltd stated that the Philippine peso is emerging as one of Asia’s most vulnerable currencies as deepening global oil crisis exposes the nation’s heavy reliance on imported energy and the lack of government subsidies. DBS wrote in a commentary published last Friday that...
The Philippines’ energy security is strengthening despite global oil volatility, as government and private sector efforts begin to stabilize supply, Executive Secretary Ralph Recto said. In a statement, Recto said a “synergy of public-private efforts” ordered by President Marcos is now...
The Department of Trade and Industry (DTI) secured a commitment from the country’s largest manufacturers and retailers to freeze prices on essential goods through mid-April to insulate households from the inflationary fallout of escalating tensions in the Middle East. In a statement late...
Senator Sherwin Gatchalian said on Saturday, March 28, that the upper chamber’s Proactive Response and Oversight for Timely and Effective Crisis Strategy (PROTECT) Committee was preparing its interim report--including initial recommendations--to address the country’s fuel supply concerns amid...
Two government assistance programs are being implemented in the Philippines to help public utility drivers cope with rising fuel prices triggered by the ongoing conflict in the Middle East. Although both programs aim to support the country’s transport sector, they differ in design and...
