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PESO DOWN TO RECORD LOW AS OIL PRICES SOAR www.businessmirror.com.ph
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Tuesday, March 10, 2026 Vol. 21 No. 149
P25.00 nationwide | 2 sections 22 pages | 7 DAYS A WEEK
Oil price hike hits transport, electricity, food worst
By Andrea E. San Juan @andreasanjuan
HE Philippine peso has plunged to a new record low of P59.50 against the dollar on Monday, after global crude oil prices surged past the $100 per barrel level amid the ongoing conflict in the Middle East. Data from the Bankers’ Association of the Philippines (BAP) showed the peso closed at P59.50 per $1 on Monday. The local currency weakened by 50 centavos from its previous finish of P59 on Friday, March
By Lenie Lectura and Andrea E. San Juan
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6, 2026. Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said this level matched the previous P59.50 level on January 20, 2026. See “Peso,” A9
WITH WAR GOUGING BUSINESS, ANALYSTS PROJECT JOBS IN PERIL By Justine Xyrah Garcia
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EYOND the expected impact of Middle East tensions on domestic prices, several economists said the conflict could also push more Filipinos out of work as rising oil prices ripple through the economy. Economist Calixto V. Chikiamco said a prolonged crisis in the Middle East could slow Philippine economic growth and eventually lead to higher unemployment. He explained that higher global oil prices—already beginning to climb—would raise costs for both businesses and households. As fuel becomes more expensive, companies may scale back operations and delay investment plans, while consumers reduce spending.
RUSH BEFORE THE RISE Motorists inch through heavy traffic along Philcoa in Quezon City on Monday, March 9, 2026, as rising fuel prices add pressure on commuters and businesses. The congestion comes as lawmakers urged private companies to consider adopting a four-day onsite work week to cushion the impact of oil price hikes triggered by escalating military tensions in the Middle East, which have pushed global crude prices higher and raised concerns over another round of big-time fuel adjustments in the Philippines. The proposal followed an order from Ferdinand Marcos Jr. placing some executive branch offices under a four-day workweek scheme starting March 9 in a bid to help reduce commuting costs and ease traffic in Metro Manila. The Supreme Court issued a similar order for courts. At a nearby gasoline station, an attendant wipes the pump price display clean in preparation for an expected big-time oil price hike, as motorists rush to fill their tanks before the new prices take effect. NONOY LACZA & NONIE REYES
“Lower spending will cause businesses to lay off employees and hold back on hiring,” Chikiamco told the BusinessMirror. The potential impact on employment comes as the country’s job generation has already slowed in recent years. Data from the Philippine Statistics Authority (PSA) showed the economy generated just 172,000 additional jobs last year—the lowest annual net employment gain in recent years. This marked a sharp drop from 664,000 new jobs in 2024 and 1.29 million in 2023. As a result, total employment stood at 49.01 million Filipinos in 2025, equivalent to 95.8 percent employment rate, down from 96.17 percent in 2024. See “Jobs,” A9
MASSIVE, historic fuel price hike hits the country this week, and analysts said households should brace for the impact of expensive fuel on transport, food and electricity. However, the double-digit pump price hike will be implemented on a staggered basis, with most oil firms adjusting their pump prices from three days to seven days, to temper the impact. Still, it is expected to hit hard. With global crude oil prices surging past the $100 per barrel level, Filipino consumers and households should cut “non-urgent spending,” manage electricity use, plan transport carefully, avoid new high-interest debt, and keep a “modest” stock of basic goods as higher fuel costs are now expected to spill over into transport, food, and electricity, according to analysts. Ruben Carlo Asuncion, Chief Economist at UnionBank of the Philippines, told the BusinessMirror that households should expect higher transport fares, rising food costs, and more expensive electricity. Based on an initial list released by the Department of Energy (DOE) on Monday, diesel price See “Price hike,” A2
Excise tax cut may spur BOC target revision By Reine Juvierre S. Alberto @reine_alberto
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BAMBOO TAKES CENTER STAGE IN ABRA A bamboo-themed float rolls through the poblacion of Bangued during the province-wide Kawayan Festival of Abra on Monday, March 9, 2026. The parade featured 15 entries celebrating Abra’s reputation as a major source of bamboo, showcasing the plant’s many uses—from construction and crafts to decorative art. To allow more residents and visitors to watch the festivities, local officials suspended classes for two days as crowds lined the streets to witness the bamboo-themed spectacle. MAU VICTA
ITH petroleum products contributing to about one-sixth of the Bureau of Customs’ (BOC) revenues, the agency may have to seek clearance to revise its collection target if excise taxes are reduced. On the sidelines of the electronic certificate of payment launch on Monday, Customs Commissioner Ariel F. Nepomuceno told the BusinessMirror that the BOC will “not yet” ask economic managers to adjust its P1.003-trillion collection goal for this year.
This comes as economic managers move to ask Congress to grant the President “special powers” to temporarily reduce fuel excise taxes as the war between Iran, Israel and United States escalates and makes oil more expensive. Oil prices have surged to around $100 per barrel as of writing, as the Strait of Hormuz—where one-fifth of global oil passes through—remains closed on heightened geopolitical tensions in the Middle East. “Eventually, we will have to adjust,” Nepomuceno told this newspaper when asked how will the BOC achieve its revenue target. He noted that such developments were
not foreseen by the Development Budget Coordination Committee (DBCC), which sets revenue and macroeconomic targets. Petroleum imports are the second-largest contributor to BOC’s revenues, accounting for about 15 to 16 percent of total collections, Nepomuceno said, next to imports of machinery and electronics. “If excise taxes are reduced and the volume of imports will lessen, then our revenues will decline as well,” Nepomuceno said. Higher oil prices, however, could also lift customs revenues if import volumes remain steady and fuel excise taxes are not reduced, Nepo-
muceno noted. Still, the BOC chief said the decision to reduce fuel excise taxes ultimately rests with Congress. Finance Secretary Frederick D. Go, who said that economic managers are moving to work with Congress to give the President the authority to reduce fuel excise taxes if global oil prices continue to rise, earlier expressed confidence that the BOC will hit the “elusive” P1trillion target this year. “[That] was before the war,” Nepomuceno said. “They would have to balance somewhere… Meanwhile, we’ll just follow.” See “BOC,” A9
PESO EXCHANGE RATES n US 58.9070 n JAPAN 0.3727 n UK 78.6291 n HK 7.5308 n CHINA 8.5299 n SINGAPORE 46.0679 n AUSTRALIA 41.1289 n EU 68.0376 n KOREA 0.0397 n SAUDI ARABIA 15.6960 Source: BSP (March 9, 2026)