Decades of reliance on oil imports has left the country’s economy vulnerable to global market shock
[MANILA] The Philippines faces a fresh economic hit from the Middle East crisis, with officials warning that surging oil prices could drive inflation as high as 8.6 per cent, drag growth down to 3.5 per cent and squeeze households already reeling from steep fuel cost increases.
The warning comes after President Ferdinand Marcos Jr declared a state of national energy emergency, making the Philippines the first country to take such a step in response to the Middle East conflict, as the oil-importing nation scrambles to contain the fallout from soaring global fuel prices.
The executive order (EO), issued on Tuesday (Mar 24), also makes it the Philippines’ first national crisis declaration since the 2020 pandemic.
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