BSP tracks oil prices, ‘broader’ price pressures By Andrea E. San Juan @andreasanjuan
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IRAN STRIKES, SAYING US WILL ‘BITTERLY REGRET’ SINKING WARSHIP, DEMANDS TRUMP’S BLOOD
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ITH the impact of the conflict in the Middle East not yet taken into account in the February inflation print, the central bank said it is “closely monitoring” recent developments in the region to watch out if the oil price hikes lead to “broader” price pressures. On Thursday, the Philippine Statistics Authority (PSA) reported that headline inflation accelerated to 2.4 percent in February, driven mainly by faster price increases in food and non-alcoholic beverages.
The latest inflation print is the fastest in 13 months or since January 2025. This is within the Bangko Sentral ng Pilipinas’ (BSP) forecast range of 2.3 to 3.1 percent for the month. Meanwhile, the central bank said average inflation in January to February stood at 2.2 percent, still within the BSP’s target range of 2 to 4 percent. BSP also noted that inflation for households with incomes in the lowest 30 percent of the population also rose from 1.6 percent in January to 2.5 percent in February. “Higher food prices accounted for most of the increase in head-
line inflation. Inflation for vegetables, fish, and seafood rose due to weather-related disruptions and the implementation of the closed fishing season,” the BSP said in a statement on Thursday. Meanwhile, rice inflation continued to decline, although at a slower pace, reflecting “tighter” supply conditions following the import restrictions imposed in late 2025 and the ongoing lean season. Inflation for non-food items also increased, particularly housing, water, electricity, gas and other fuels, as well as restaurants and accommodation services. On a month-on-month season-
ally adjusted basis, headline inflation increased from 0.1 percent in January to 0.4 percent in February. Meanwhile, year-on-year core inflation, which excludes volatile prices of food and energy, also accelerated from 2.8 percent in January to 2.9 percent in February, the BSP also noted. Given these developments in the country’s headline inflation, the Monetary Board, the highest policymaking body of the central bank, said it will remain vigilant and continue to be guided by incoming data. “The BSP is also closely monitoring recent developments in the Middle See “Oil prices,” A2
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EVEN SANS WAR IMPACT, INFLATION AT 13-MO HIGH www.businessmirror.com.ph
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Friday, March 6, 2026 Vol. 21 No. 145
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By Justine Xyrah Garcia
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ASTER price increases in food and nonalcoholic beverages pushed inflation higher to a 13-month high in February, according to the latest inflation data released by the Philippine Statistics Authority (PSA) on Thursday. Headline inflation quickened to 2.4 percent, up from 2 percent in January 2026 and 2.1 percent in February 2026. The latest print comes even before the full impact of geopolitical tensions in the Middle East, particularly higher oil prices, feeds into domestic inflation. Former Socioeconomic Planning Secretary Dante B. Canlas noted that oil importers are still selling supplies purchased before the recent surge in global crude prices, making it too early for the conflict’s impact to fully show up in domestic inflation. “Next week’s oil-price increases may be different as Iran closes navigation in the Strait of Hormuz and pumpprice increases may already be felt. Expect the headline inflation to increase in consequence,” Canlas told the BusinessMirror. See “Inflation,” A2
BSP RAISES THRESHOLD FOR FLAGGED CASH WITHDRAWALS The façade of the Bangko Sentral ng Pilipinas (BSP) in Manila. The central bank has raised the threshold for cash withdrawals that would trigger enhanced due diligence (EDD) to P1 million from the previous P500,000 under Circular No. 1230 issued on February 27, 2026. The move is aimed at allowing banks to focus on higher-risk transactions while streamlining the processing of legitimate and recurring cash withdrawals, the BSP said. NONIE REYES
BARGAIN LUXE, BOOTLEG TECH KEEP GREENHILLS ON U.S. LIST By Bless Aubrey Ogerio
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@blessogerio
OUNTERFEIT fashion pieces and electronic gadgets continue to mostly circulate in Greenhills Shopping Center, keeping the mall on the United States Trade Representative’s (USTR) 2025 Notorious Markets List despite ongoing enforcement efforts. In its 2025 Review of Notorious Markets for Counterfeiting and Piracy released on March 3, the US trade body described Greenhills Shopping Center as a large mall in Metro Manila where “many storefronts continue to sell counterfeit electronics, perfumes, watches, shoes, accessories and
fashion items.” The USTR said in its report: “Law enforcement authorities, in collaboration with right holders, have conducted raids at the mall, and the management at Greenhills Shopping Center has applied a three-strikes rule to take action against counterfeit sellers. According to the USTR, nearly 300 vendor stalls have been removed over the past year for selling counterfeit goods. It noted that the National Committee on Intellectual Property Rights (NCIPR) has been working with brand owners and mall management on a transition program aimed at transforming Greenhills into a high-end shopping center with legitimate sellers. See “Bootleg,” A2
‘Swift action’ to shield Pinoys from price spikes
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HE government is taking “swift action” to roll out measures that will shield Filipinos from sudden price hikes amid rising tensions in the Middle East through gradual fuel price adjustments, subsidies for public transport operators, and support for farmers and fisherfolk, according to the Department of Finance (DOF). “The Department of Finance will continue coordinating with relevant agencies to ensure a measured, responsible, and timely response to evolving global developments,” Finance Secretary Frederick D. Go said in a statement on Thursday. Go said this after the Philippine Statistics Authority (PSA) announced on Thursday that inflation
“The Department of Finance will continue coordinating with relevant agencies to ensure a measured, responsible, and timely response to evolving global developments.” – Finance Secretary Frederick D. Go
quickened to 2.4 percent from 2 percent in January. The latest inflation print is the fastest in 13 months or since January 2025. The Finance department said inflation in February is still within the government’s 2 to 4 percent inflation target. As such, it noted that prices remain “stable and manageable” for Filipino households. However, the DOF said the National Government is working with local oil companies to gradually adjust fuel prices over several weeks
to support everyday transport and logistics needs. “This helps lessen the burden of rising global oil prices on Filipinos’ daily expenses,” DOF said. President Ferdinand R. Marcos Jr. also announced recently that he is considering the temporary reduction or suspension of excise taxes on fuel to cushion the impact of rising fuel prices on goods and services. As a standard practice, DOF said the Philippines maintains enough fuel that could meet around two
months’ worth of national demand, providing a temporary buffer against supply disruptions. In addition, the Department of Transportation (DOTr), together with the Land Transportation Franchising and Regulatory Board (LTFRB), is set to roll out fuel subsidies for public utility vehicle (PUV) operators to ease the impact of rising prices on drivers and keep fares more affordable for commuters. On the other hand, the Department of Agriculture (DA) will also provide fuel subsidies to farmers and fisherfolk to keep food prices stable. Another initiative being considered is free bus rides. The Metropolitan Manila Development Authority (MMDA), in See “Swift action,” A2
PESO EXCHANGE RATES n US 58.5990 n JAPAN 0.3732 n UK 78.4113 n HK 7.4957 n CHINA 8.4987 n SINGAPORE 45.9600 n AUSTRALIA 41.4471 n EU 68.1741 n KOREA 0.0401 n SAUDI ARABIA 15.6118 Source: BSP (March 5, 2026)