‘ME war-induced crisis to make 3-M Pinoys poor’ By Justine Xyrah Garcia
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WORLD » A7
RUSSIAN MISSILES AND DRONES BOMBARD UKRAINE IN HOURSLONG ATTACK, KILLING AT LEAST 16 PEOPLE
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P to 3 million more Filipinos could be pushed into poverty if global oil prices continue to climb amid the Middle East crisis, as rising fuel costs cascade through the economy and drive up the prices of basic goods. In a new policy note, state think tank Philippine Institute for Development Studies (PIDS) said the impact depends not only on global oil prices but also on the “passthrough” rate—or how much of the increase in fuel costs is transmitted to domestic prices such as
transport, food, and utilities. Under the first scenario, where oil prices average $105 per barrel and about 35 percent of the increase is passed on to consumers, around 1.34 million Filipinos are projected to fall into poverty, raising the poverty rate to 14.4 percent. If oil prices rise further to $125 per barrel and the pass-through increases to 60 percent, the number of newly poor could reach 2.35 million, pushing poverty to 15.3 percent. In a worst case scenario, where oil hits $145 per barrel and as much as 85 percent of the cost
increase is passed on, up to 3.5 million Filipinos could be added to the poverty count, driving the rate up to 16.3 percent. The estimates use a baseline poverty rate of 13.2 percent for 2025, derived from microsimulation and income projections, as official data for that year are not yet available. The latest data from the Philippine Statistics Authority (PSA) showed that poverty incidence stood at 15.5 percent in 2023, equivalent to about 17.54 million Filipinos. PIDS explained that higher pass-through rates amplify the
burden on households, as increases in fuel costs feed into the prices of food and other essentials. “Because poor households allocate over 57 percent of their spending to food, and food supply chains are highly energy intensive, the transmission of cost increases through food prices disproportionately affects low-income households,” the study noted. Most of the “new poor,” it added, are expected to come from households just above the poverty line—those highly vulnerable to price shocks but not previously classified as poor. See “Poor,” A2
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Friday, April 17, 2026 Vol. 21 No. 185
P25.00 nationwide | 2 sections 24 pages | 7 DAYS A WEEK
By Samuel P. Medenilla @sam_medenilla
OREIGNERS are allowed to own telecommunications firms as well as retail trade enterprises with paid-up capital of less than P25 million after President Ferdinand Marcos Jr. approved the 13th Regular Foreign Investment Negative List (RFINL). On Monday, the chief executive issued Executive Order (EO) 113 promulgating the 13th RFINL to reflect changes in existing laws and “consistent with the policy to ease restrictions on foreign participation in certain investment areas or activities.” Under the Negative List A of the 13th RFINL, retail trade enterprises with paid-up capital of less than P25 million can now have up to 40 percent foreign equity under Republic Act 11595. In the previous RFINL, foreigners were pro-
hibited from having any equity in the said establishments. It also allowed full foreign ownership for firms involving the operation and management of telecommunications in case the country of the foreign national accords reciprocity to Philippine nationals. In the absence of such reciprocity, only 50 percent foreign equity for such firms is allowed under RA 11659 and Section 45, Rule IX of the Implementing See “RFINL,” A2
MORE YOUNG ADULTS OWNING FINANCIAL ACCOUNTS–BSP
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ORE Filipino young adults are entering the formal financial system, while women now outpace men in bank account ownership, according to the 2025 Consumer Finance and Inclusion Survey (CFIS) by the Bangko Sentral ng Pilipinas (BSP). Young adults aged 15 to 19 owning financial accounts, such as in banks, ewallets and other transaction accounts, increased to 34 percent in 2025 from 27 percent in 2021. Account ownership among women also rose to 25 percent in 2025 from 20 percent in 2021. This share is higher than men, whose share is at 22 percent, and the BSP described this as a “notable shift” toward greater gender parity. Zooming out, formal financial account ownership among Filipino adults slipped to 50 percent in 2025 from 56 percent in 2021. Despite account ownership in e-money and bank accounts remaining steady, a decline was observed in loan-anchored accounts held with microfinance nongovernment organizations and cooperatives due to lower loan incidence.
Borrowing among adults dips
FILIPINO adults borrowed less in 2025, as 25 percent had outstanding loans, down from the 45 percent recorded in 2021, the survey revealed.
“Filipinos generally exhibit an aversion to borrowing, as seven in 10 adults perceived that availing any type of loan is not a good idea,” the CFIS read. The source of borrowing also shifted from informal lending sources to safer and more regulated formal loans, with microfinance institutions remaining the primary source of loans. In 2025, at least 16 percent of the total adult population borrowed from formal channels such as banks, while only 10 percent relied on informal lenders. Personal loans are the most common to meet basic needs such as food, education and health expenses, followed by salary loans, multipurpose loans and business loans.
Insurance, pension and investment
IN terms of insurance, 87 percent of adults with insurance have PhilHealth, while those with life insurance and micro insurance are at 10 percent and 9 percent, respectively. “Voluntary insurance uptake remains limited, especially among lowerincome and less-educated groups,” the survey read. “Ownership of private insurance products such as life insurance, microinsurance, and HMOs remains modest, though some incremental See “Accounts,” A2
STORM OVER SAIPAN Many Filipino workers and residents in the Commonwealth of Northern Marianas Islands (CNMI) are reporting widespread devastation after Super Typhoon Sinlaku tore
through Saipan and Tinian on Tuesday night, flattening homes and crippling power lines. The storm, the strongest tropical cyclone of the year, packed sustained winds of 185 mph (298 km/h) with gusts reaching 220 mph (354 km/h). For hours, fierce winds and relentless rains battered the islands, leaving communities in disarray. The Associated Press reported that cars were overturned, power poles toppled, and tin roofs ripped away. Story on page A2. PHOTO BY OFFICE OF THE MAYOR, MUNICIPALITY OF SAIPAN VIA AP
All systems go for nationwide PUV subsidy rollout By Samuel P. Medenilla
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@sam_medenilla
T’S all systems go for the nationwide rollout of the transport assistance package for public utility vehicles (PUV) after local government units (LGU) committed to support concerned government agencies in its implementation, according to Malacañang. Executive Secretary Ralph G. Recto said they were able to iron out—in an interagency meeting Wednesday—the details for the implementation of the fuel subsidies for jeepneys and UV Express operators and drivers through the Pantawid Pasada Fuel Subsidy program and the Service Contracting Program (SCP) for buses and jeepneys program.
Representatives from the Department of Energy (DOE), Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB ) and other agencies attended the meeting. “In keeping with the whole-ofgovernment approach as set by the President, the DOTr and LTFRB need to work closely with the DILG, LGUs and DOE to make sure that all target beneficiaries, namely, bus and jeepney operators and drivers on select routes in NCR [National Capital Region], are able to avail of the financial support under the SCP, and that these recipients provide the 20 percent fare discount to all of their passengers,” Recto said. LTFRB will release this week a fare matrix for those applying for the im-
EXECUTIVE Secretary Ralph G. Recto
plementation of the discount. SCP beneficiaries will also get a subsidy of P40 to P100 per kilometer to offset the operating losses after the price of diesel and gasoline more than doubled when the Middle East conflict broke out last
February 28. The SCP and fuel subsidy programs were launched this week in NCR to help cushion the PUV drivers and operators as well as commuters from the high pump prices triggered by the Middle East crisis. Petroleum prices rose from US$66 to US$71 per barrel (Brent Crude and West Texas Intermediate or WTI) by end-February to US$110 to US$120, and peaking at US$128, before the United States and Iran agreed to a ceasefire last April 8. Marcos and other government officials gave assurances that both programs will be expanded outside of Metro Manila in the coming days. The transport aid program is expected to benefit 50,000 drivers, 1,000 operators and an estimated 15 million commuters.
PESO EXCHANGE RATES n US 59.9570 n JAPAN 0.3773 n UK 81.3437 n HK 7.6535 n CHINA 8.7929 n SINGAPORE 47.1954 n AUSTRALIA 42.9832 n EU 70.7493 n KOREA 0.0407 n SAUDI ARABIA 15.9821 Source: BSP (April 16, 2026)