Philippines is one of the worst hit by the oil supply chain disruption.
Part of it is because Asia Pacific relies heavily on Middle East oil. So Asia Pacific suffered more than other regions.
But why is it, within the region, that Philippines is still worse off than others?
Sub-90 IQ detractors are quick to politicise it. The underlying reason is structural: the Philippines is a laggard in oil refining. It only has ONE oil refinery. Not a particularly large one at that.
Others have larger and more numerous refineries. Thus, they can import crude oil and refine it for local consumption. Many export the refined products, like South Korea does.
How did that happen? It’s interesting, actually.
Once upon a time, we had two refineries. Shell’s closed down during covid times, in 2020. Why did the government at the time not have the foresight to understand that this might become a big problem later on? I mean, this is basic risk management. They could have subsidised it so it can keep operating. The government subsidises all kinds of dubious things. If there is anything worth propping up, it is this.
‘s TRAIN law. A double whammy of incompetence.
couldn’t make it work.
and 
lead to .