11 articles
The Bangko Sentral ng Pilipinas raised its key policy rate by 25 basis points to 4.75% on June 18, citing "strong inflationary pressures" from high global oil and fertilizer prices tied to the Middle East conflict — and raised its 2026 inflation forecast to 6.4% — as the benchmark PSEi slipped to 6,135.35 the next day on expectations of higher yields.
The Philippine Statistics Authority reported that 2.41 million Filipinos were jobless in April 2026 — a 4.7% unemployment rate and the highest for any April since 2022 — while underemployment rose to 15.2%, its highest since July 2023, with the national statistician attributing the deterioration partly to the Middle East war's effect on fuel prices and retail trade.
The Philippine Stock Exchange index closed at 5,941.36 on June 10 and the peso weakened anew as the United States and Iran traded their heaviest blows since an April ceasefire, sending crude near $90 a barrel and pushing the mining and oil sub-index down almost 6% in a single session.
The Philippine Statistics Authority reported on June 5 that headline inflation slowed to 6.8% in May 2026 — lower than the BSP's forecast range of 7.1% to 7.9% and down from April's 7.2% — driven by a sharp deceleration in transport and fuel prices, though the five-month average of 4.5% remains above the government's 2–4% target band and food inflation persists at 5.8%.
Even after headline inflation cooled to 6.8% in May, banks including Deutsche Bank, HSBC, Maybank and Nomura expect the Bangko Sentral ng Pilipinas to keep tightening at its June 18 meeting — because core inflation hit 4.1%, its fastest since December 2023, signaling that the oil-shock price surge is broadening into the rest of the economy.
BSP Governor Eli Remolona said on May 22 that the Monetary Board is "considering" a second straight rate hike before its scheduled June 18 meeting, as April inflation surged to a three-year high of 7.2% — well above target. The same day, the Asian Development Bank signaled it will likely cut the Philippines' already-reduced growth forecast when it next publishes projections in July.
On March 23, Palace spokesperson Claire Castro told the public the Philippines was facing only a "price disruption," not a crisis. Twenty-four hours later, President Marcos signed Executive Order 110 declaring a State of National Energy Emergency. No correction was issued.
The Philippine Department of Energy held a meeting with the Chinese Embassy in Manila amid the ongoing national energy crisis, as the Philippines and China signal openness to resuming joint oil and gas exploration talks in the South China Sea. Critics raise concerns over sovereignty and constitutional limits on any potential deal.
Hundreds of motorcycle riders lined up at a Shell gas station in Barangay San Miguel, Cordova, Cebu on March 28 for free gasoline offered by the local government under Mayor Cesar Suan, as rising fuel prices continue to burden ordinary Filipinos amid the national energy crisis.
Two separate fuel shipments have arrived in the Philippines amid the national energy emergency — one privately procured by Petron Corp. (700,000 barrels of Russian crude oil), and another government-procured diesel shipment of 142,000 barrels facilitated by PNOC. The declaration of emergency through EO 110 came only after fuel prices had already surpassed ₱90 per liter.
