A US Air Force Boeing C-17 Globemaster III transport aircraft prepares to land at Nur Khan airbase, ahead of second round of negotiations between the US and Iran, in Rawalpindi, Pakistan, Monday, April 20, 2026. AP PHOTO/EHSAN SHAHZAD
ADB steps up AsPac support amid war impact By Justine Xyrah Garcia
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WORLD » A6
US NAVY SEIZURE OF IRANIAN CARGO SHIP CASTS DOUBT ON FRESH CEASEFIRE TALKS IN PAKISTAN
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ISING oil, freight, and financing costs linked to the Middle East conflict are prompting the Asian Development Bank (ADB) to accelerate financing support for economies in Asia and the Pacific. In a statement last Monday, the ADB said it is preparing quickerdisbursing budget support and expanding trade finance facilities to help countries manage external shocks and sustain economic activity. ADB President Masato Kanda said the region faces heightened
exposure to global disruptions, particularly through higher energy and transport costs. “The Middle East conflict is a hit to the global economic engine, and Asia and the Pacific is the region most severely affected,” Kanda said. “The priority is clear: keep economies running, strengthen domestic economies, and support regional cooperation to build collective resilience. ADB stands ready to support.” The ADB said these risks were discussed during meetings with other multilateral development banks, where officials pushed for closer coordination to sup-
port resilience. Areas identified include private sector development, critical minerals, water security, and streamlined procurement systems to improve project delivery. The bank also flagged vulnerabilities in supply chains, particularly in critical minerals, and the need to mobilize private capital to support production and processing networks. It added that energy security remains a priority, citing ongoing support for regional power connectivity, including financing commitments to the Asean Power Grid. During engagements at the
World Bank–International Monetary Fund meetings and the Council on Foreign Relations, the ADB said geopolitical tensions are feeding into higher input and financing costs, which could weigh on growth across the region. Based on the lender’s latest Asian Development Outlook, growth in developing Asia and the Pacific is expected to slow to 5.1 percent in 2026 and 2027, as the Middle East conflict adds pressure to the global economy. Possible new tariffs and ongoing trade uncertainty may also disrupt supply chains and weaken demand for See “AsPac,” A2
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PRICE SHOCKS WIDEN BOP DEFICIT IN MARCH www.businessmirror.com.ph
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By Andrea E. San Juan @andreasanjuan
LEVATED global oil prices which pushed up the country’s import bill widened the Philippines’s balance of payments (BOP) deficit in March to a level last seen more than a year ago, analysts said. Experts made the pronouncement after data released by the Bangko Sentral ng Pilipinas (BSP) on Monday showed that the country’s BOP, the transactions of the country with the rest of the world, registered a deficit of $2.64 billion in March 2026, the widest in 14 months or since January 2025. The BOP gap in March 2026 was also wider than the $1.97-billion deficit registered in March 2025 and the $2.28-billion deficit in February 2026. This brings the overall deficit in January to March to $5.3 billion. Domini S. Velasquez, China Banking Corp.’s group chief economist, said the Philippines’s BOP deficit in March was driven by a “mix of factors largely linked to the ongoing conflict in the Middle East.” “Elevated global oil prices pushed up the country’s goods import bill, while softer remittance inflows amid the repatriation of some OFWs from the Middle East likely added further downward pressure. Additionally, heightened geopolitical uncertainty fostered risk‑off sentiment, which
may have restrained portfolio and other investment inflows,” Velasquez said. Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., pointed out that the wider balance of payments gap in March “reflects elevated import demand— particularly for energy and capital goods—alongside softer export receipts and portfolio outflows amid volatile global financial conditions.” Ravelas warned that higher uncertainty and risk-off sentiment early in the year continue to weigh on short-term capital flows. Philippine Institute for Development Studies (PIDS) Senior Research Fellow John Paolo Rivera sounded the alarm about the BOP position possibly remaining under pressure in the near term. “The Middle East conflict could further widen the trade deficit through higher energy costs and trigger volatility in capital flows,” Rivera said. Looking ahead, Ruben Carlo O. Asuncion, chief economist of the Union Bank of the Philippines See “BOP,” A7
RISING FUEL COSTS, WEAK PESO MAY SLOW OFFICE EXPANSIONS
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ISING energy costs linked to tensions in the Middle East, coupled with a weaker peso, may slow future office supply and affect firms’ expansion plans in the Philippines. Property consultancy firm Colliers Philippines said higher fuel prices are pushing up construction costs, particularly for imported building systems and materials used in office developments, making projects more expensive amid currency depreciation. “Rising input costs and currency depreciation are also expected to push construction
costs higher, particularly for imported building systems and materials. This may affect project feasibility and delay future office developments,” the firm said on Monday. Colliers noted that these cost pressures may influence the pace of new office supply entering the market, as developers assess project feasibility under current conditions. Prior to the Middle East conflict, the firm projected an improvement in office market indicators. Vacancy is expected See “Peso,” A2
PREPPING FOR ASEAN TOUCHDOWN Renovation works at the General Aviation Terminal Building of Mactan-Cebu International Airport remain in full swing, with completion targeted on April 25, 2026, as part of preparations for the arrival of heads of state attending the Asean Summit in Cebu next month. Airport officials said the upgrade—fast-tracked from a 2027 timeline—forms part of broader terminal enhancements as MCIA braces for heightened security, protocol-driven arrivals, and possible flight delays between May 6 and May 8, 2026. Passengers are advised to adjust travel plans as world leaders and delegations are expected to land via both commercial and private flights, with dedicated VIP handling zones being readied across terminals. CARMEL PEDROZA
MCIA rushes preps for Asean leaders’ arrival By Carmel Pedroza
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APU-LAPU CITY, CEBU— Passengers may need to brace for possible flight delays as Mactan-Cebu International Airport (MCIA) prepares for the arrival of heads of state for Cebu Island’s hosting of the Association of Southeast Asian Nations (Asean) Summit next month. Julius Neri Jr., general manager of the Mactan-Cebu International Airport Authority (MCIAA), advised travelers to plan their trips ahead, particularly from May 6 to May 8, 2026, when delegates and world leaders are expected to arrive. Flights will continue to operate, but some delays are anticipated due to heightened security and protocol
requirements. “They are particular about protocols with the arrival of aircraft carrying the different heads of state, so it might cause some delays,” Neri told reporters in a press conference. He urged passengers to adjust their schedules accordingly. “If you have a meeting scheduled on the morning of May 8, do not arrive on the same day. Please consider arriving on May 7 instead. It requires adjustment,” he said. Neri also confirmed that at least three heads of state and their delegations will arrive in Cebu on May 6 via commercial flights.
Still on track with preparations
MCIAA officials said preparations for the summit remain on sched-
ule, with about two weeks left before completion. Among the key developments is the P30-million renovation of the General Aviation Terminal (GenAv) building, a project that has been fast-tracked due to the Asean Summit. Originally set for implementation in 2027, the upgrade began on January 28, 2026, and is targeted for completion by April 25, 2026. Engineer Louel Piel, site engineer, said the ground floor will be converted into a dedicated lounge area, while the second floor will house offices for General Aviation personnel. Airport officials also toured Cebu-based media on Monday to showcase the ongoing improvements. Mary Ann Dimabayao, MCIAA
public affairs division manager, said heads of state arriving on private aircraft will be received at the General Aviation Terminal. Those arriving via commercial flights will be welcomed separately at the VIP lounge of the international passenger terminal (Terminal 2). Edilyth Maribojoc-Caloñge, external affairs manager for corporate affairs and branding at Aboitiz InfraCapital Airport Corporation (AIAC), said upgrades are also under way at the Terminal 2 VIP lounge, including redesigned interiors. All interior elements will follow a unified Filipino design, with furniture for the lounge to be provided by the Tourism Infrastructure and Enterprise Zone Authority (Tieza).
PESO EXCHANGE RATES n US 60.0750 n JAPAN 0.3781 n UK 81.0232 n HK 7.6715 n CHINA 8.8107 n SINGAPORE 47.3181 n AUSTRALIA 42.7313 n EU 70.4920 n KOREA 0.0410 n SAUDI ARABIA 16.0158 Source: BSP (April 20, 2026)