The Philippines is facing an inflationary shock that could spill over to slower economic growth, potential job losses, and more capital market outflows amid a prolonged Middle East conflict, according to the World Bank. The global oil price and supply shock wrought by the war in Iran would “raise...
Multilateral lenders including the Asian Development Bank (ADB), the International Monetary Fund (IMF), and the World Bank Group (WBG) are moving to provide immediate financing and coordinated support to countries reeling from the economic fallout of the Middle East war. In a statement on...
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...
President Marcos’ declaration of a state of national energy emergency is a calculated move. Clearly, the government intends to stay ahead of a brewing storm. And in an era where geopolitical tensions can send crude prices soaring overnight, timing is everything—and by most expert accounts, the...
The declaration of a state of national energy emergency, precipitated by the escalating conflict in the Middle East, underscores the Philippines’ vulnerability to external shocks. As a nation heavily dependent on imported fuel, geopolitical instability in a region central to global energy supply...
Negros Occidental Gov. Eugenio Jose Lacson backed President Ferdinand R. Marcos Jr. 's national energy emergency declaration, saying it would give the national government more flexibility to respond effectively. “We support that and we will see what the result of this declaration is,”...
Declaring a state of national energy emergency should not be a cause of alarm as it does not place the country in a general emergency. President Marcos said this as he justified his move to declare an energy emergency. In his public address on Wednesday, March 25, a day after signing Executive...
There will be a sufficient supply of oil even after the 45-day worth of fuel supply in the country is used up, President Marcos said. Marcos made the assurance during a public address on Wednesday, March 25, a day after declaring a state of national energy emergency. He confidently stated that the...
The Armed Forces of the Philippines (AFP) said Wednesday, March 25, that it placed troops on standby for possible deployment to protect key facilities and assist in logistics after President Marcos Jr. declared a State of National Energy Emergency. While the military holds no seat on the primary...
President Marcos said ferry and bus operators have committed not to increase fares this Holy Week despite rising fuel prices. In an interview with Bloomberg aired on Tuesday, March 24, the President said the commitment is part of the government’s efforts to ease the burden on commuters and the...
Muntinlupa Mayor Ruffy Biazon advised the public to stay calm after President Ferdinand Marcos Jr. declared a state of national energy emergency in the country. Executive Order No. 110 states that “the declaration of a state of national energy emergency will enable the government, through the...
Private companies were strongly urged to adopt flexible work arrangements to lessen transportation demand and costs as the country was placed under a state of national energy emergency. President Marcos made the call on Tuesday, March 24, through Executive Order (EO) No. 110 which declared a state...
