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Metro Manila, Philippines – The peso fell to a fresh historic low on Monday, March 23, closing at ₱60.30 against the greenback, battered by global uncertainty from the escalating Middle East conflict. Data from the Bankers Association of the Philippines showed the local ubit weakening past its previous low of ₱60.10 per dollar on March 19. Trading was suspended on March 20 in observance of the Muslim celebration of Eid al-Fitr. The Bangko Sentral ng Pilipinas (BSP) earlier said it does not target a fixed exchange rate, but may intervene in the market to prevent excessive volatility. The central bank also said it is closely monitoring the potential economic impact of rising global oil prices, which could put more pressure on the peso. Last week, President Ferdinand Marcos Jr. met with BSP Governor Eli Remolona to assess the currency situation, including interest rates. Earlier this year, Malacañang warned that a…

Metro Manila, Philippines – A newly formed Senate ad hoc committee is developing a comprehensive contingency framework for the Middle East crisis, including measures for a possible worst-case scenario in which the conflict lasts up to six months. The projection was mentioned in a press release from the office of Senator Win Gatchalian on Monday, March 23. The Department of Foreign Affairs earlier mentioned a projection of up to eight weeks for the conflict which began on Feb. 28.  Gatchalian is chairman of the Proactive Response and Oversight for Timely and Effective Crisis Strategy (PROTECT) committee which the Senate formed on its last session day to ensure a coordinated response to the Middle East crisis.  “[T]he panel is already undertaking scenario-building, including a worst-case projection where the conflict extends for up to six months and oil prices surge to $200 per barrel,” a news release from Gatchalian’s office read.  “In…

Metro Manila, Philippines – The northeast monsoon ended on Monday, March 23, marking the beginning of the warm and dry season, the state weather bureau said. “Ito ang hudyat na mag-umpisa na ang tag-init at maalinsangan na panahon. [This marks the beginning of the dry season and humid weather] In the coming weeks, we will experience higher temperatures and more humid weather condition,” Nathaniel Servando, administrator of the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA), said in a press briefing.  Servando said warmer days would peak from April until the first half of May. Joseph Basconcillo, PAGASA senior weather specialist, said a number of provinces in Northern and Central Luzon may experience “dry days” for up to 20 days.  He added that Ilocos Norte and Apayao may even register up to 31 dry days, equivalent to an entire month come April. At least 21 to 25 dry days may…

Metro Manila, Philippines –  Malacañang said the Philippines is not facing an oil supply crisis despite rising pump prices linked to the conflict in the Middle East.  It said the country still has enough fuel stock while the government rolls out subsidies and other relief measures to soften the blow on workers, commuters, and consumers. Communications Undersecretary Claire Castro said in a Monday press briefing that the government is focused on preventing any disruption in fuel supply as global markets react to the worsening crisis overseas.  “Sa ngayon ay hindi pa kinukonsidera na mayroon tayong oil crisis dahil kumpleto po tayo at enough po ang supply ng langis,” Castro told reporters at Villamor Air Base in Pasay City.  [Translation: As of now, we do not consider that we have an oil crisis because our oil supply is complete and sufficient.] Castro said the Department of Energy has been negotiating a…

The Department of Energy (DOE) has authorized the temporary and controlled introduction of lower-grade Euro 2 petroleum products for select transport and industrial uses amid rising pump prices.