Tag: Oil Shock

President Ferdinand Marcos Jr. on Tuesday declared a state of national energy emergency through Executive Order No. 110, citing the growing economic risks posed by escalating geopolitical tensions in the Middle East.

Economic Planning Secretary Arsenio Balisacan cautioned lawmakers that a prolonged Middle East conflict could trigger a severe economic shock in the Philippines, with surging oil prices threatening to reverse gains in poverty reduction.

The peso is likely to stay under pressure after breaking the 60:$1 mark, with volatility risks skewed to the upside, according to analyst Michael Ricafort. The currency closed at a record P60.10 on March 19 as renewed Middle East tensions drove oil prices higher—fueling inflation concerns and widening the country’s trade gap.

Businesses are reviving pandemic-era playbooks—testing hybrid work and tightening planning—as global uncertainty drives up costs and clouds operations.

The Philippine peso is back under pressure as surging oil prices and geopolitical strains jolt global markets, sharpening the policy dilemma for the Bangko Sentral ng Pilipinas (BSP).