News

The impact of the oil crisis may be a factor in discussions at the regional wage boards, a labor official said Wednesday, April 1.

Metro Manila, Philippines – Supermarkets have committed to keeping prices of basic goods unchanged until mid-April, the Department of Trade and Industry said, amid rising global oil prices. In a joint statement released on Wednesday, April 1, Trade Secretary Cristina Roque and Philippine Amalgamated Supermarkets Association (PAGASA) president Steven Cua confirmed that member-supermarkets will not increase prices of basic necessities and prime commodities (BNPCs) until April 16. Covered items include canned sardines, canned meat, coffee, processed milk, instant noodles, condiments, soap, candles, salt, bottled water, and bread. The agreement aims to make sure prices of essential goods are stable and supply is sufficient as households face rising costs driven by the global oil crisis. The DTI said the move is part of efforts to protect consumers from sudden price spikes, adding that retail price (SRP) lists be made available in stores and online. In a previous interview, Cua said price…

Metro Manila, Philippines – The government should begin rationing fuel – last seen more than five decades ago in a similar fuel security crisis – to extend supply that has been tight because of the Middle East conflict, Senator Sherwin Gatchalian said on Wednesday, April 1. Gatchalian, chairman of the ad hoc committee on the government’s crisis response, said fuel rationing – by limiting the amount that can be purchased for non-essential or leisure use – must be done “as early as now” or “as soon as possible” unless the government secures assurances of future supply.  “I’m advising the DOE [Department of Energy] to already start putting in place a framework for rationing fuel,” Gatchalian said in an online media interview on Wednesday, April 1.  He noted that the country has around 50 days of fuel, while incoming deliveries may only extend this by about 10 days. “Hindi tayo pwedeng…

Metro Manila, Philippines – The country’s outstanding debt rose to ₱18.16 trillion in February 2026 with higher domestic borrowing, the Bureau of the Treasury reported on Wednesday, April 1. In a press statement, the agency said the debt is up by 0.14 percent or ₱25.74 billion from January. The Treasury said local debt was at ₱12.48 trillion, or 68.7 percent of total obligations.  “The modest uptick underscores the government’s stable and well-managed debt position amid evolving global financial conditions. This was largely driven by the continued prioritization of domestic financing to protect the government’s debt position from unfavorable external developments,” it said.  Meanwhile, external debt was down to ₱5.68 trillion, more than 2 percent lower from January. “This is primarily driven by favorable foreign exchange rate movements, which decreased the peso value of US dollar- and third currency – denominated obligations by a combined ₱136.43 billion,” the treasury said, noting…

Metro Manila, Philippines – The government is preparing to impose a ₱50 per kilo price cap on imported rice as it moves to cushion the impact of rising fuel costs on food prices. President Ferdinand Marcos Jr. said the proposed cap was recommended by the National Price Coordinating Council and will be implemented through an executive order once finalized. “Kapag tumaas kasi ang presyo ng langis, sumusunod ang presyo ng pagkain. Iyon ang ayaw naming mangyari,” Marcos said in a video statement on Tuesday. [Translation: When oil prices rise, food prices follow. That is what we want to prevent.] The move comes as the government steps up its response to the economic impact of the Middle East conflict, which has driven up global oil prices and raised concerns over rising costs of basic goods. Alongside the proposed price cap, the administration is expanding access to subsidized rice, with the number…