‘Energy, fertilizer cost spikes imperil food systems’ By Justine Xyrah Garcia
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HE Asian Development Bank (ADB) on Tuesday warned that the ongoing conflict in the Middle East could raise energy and fertilizer costs, adding pressure on food systems across Asia and the Pacific. ADB President Masato Kanda said the region is already facing mounting challenges from climate change and natural disasters, with geopolitical tensions adding another layer of uncertainty to food production and distribution. “We are facing a perfect storm of climate shocks, water stress,
WORLD » A10
HUNDREDS OF MIGRANTS VANISH IN MEDITERRANEAN AS GOVERNMENTS WITHHOLD RESCUE INFORMATION
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land degradation, biodiversity loss, and volatile food prices. Indeed, this could be exacerbated by the conflict in the Middle East, which drives up energy costs, fertilizers, shortages. It is a really difficult time,” Kanda said during the 2026 Asia and Pacific Food Systems Forum held at the ADB Headquarters in Mandaluyong. The warning comes as the region continues to grapple with structural weaknesses in its food systems, which are estimated to cost the global economy about $12 trillion annually. From 2022 to 2025, ADB deployed over $14 billion to cushion
the impact of food price volatility and climate-related risks, reaching more than 63 million farmers and generating over 500,000 jobs across Asia and the Pacific. However, Kanda said these efforts remain insufficient to address deeper, interconnected challenges affecting food production, supply chains, and access to nutrition. He noted that gaps across water management, land use, financing and market access continue to limit the effectiveness of interventions, underscoring the need for more coordinated approaches. Kanda also stressed that public financing alone will not be enough
to transform food systems at scale, calling for stronger private sector participation. “We need the scale, the innovation, and the speed of the private sector. The private sector must be part of the solution,” he said. ADB has been ramping up the use of blended finance and risksharing mechanisms to attract private capital into agriculture, food logistics and rural enterprises, particularly in climate-resilient investments and value chains. The bank said it will provide an additional $26 billion in food security financing from 2026 to 2030, See “Spikes,” A2
BusinessMirror A broader look at today’s business
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BSP EYES ‘PERSISTENCE, SEVERITY’ OF PRICE JOLTS www.businessmirror.com.ph
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Wednesday, March 18, 2026 Vol. 21 No. 157
P25.00 nationwide | 2 sections 24 pages | 7 DAYS A WEEK
By Andrea E. San Juan @andreasanjuan
HE “severity” and “persistence” of oil price shocks will shape the central bank’s monetary policy decisions in the next few quarters, according to an official of the Bangko Sentral ng Pilipinas (BSP). Zeno Ronald R. Abenoja, BSP Deputy Governor for Monetary and Economics Sector, said on Tuesday that the central bank recognizes that “things are very fluid right now.” As such, he said the BSP is generating a lot of scenarios that could impact inflation prospects moving forward. “And we will be agile in terms
of our implementation or adoption of monetary policy,” added Abenoja. In particular, he said the BSP is zooming in on two keywords that may guide the decision-making body of the central bank in setting interest rates amid the fluidity of recent geopolitical and economic developments. See “BSP,” A2
DO CURRENT SUBSIDIES REACH ALL PEOPLE WHO NEED THEM?
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OVERNMENT interventions to cushion the impact of oil price hikes may be falling short for consumers, raising questions about whether current subsidies are effectively reaching the broader public. Amid rising global oil prices driven by tensions in the Middle East, President Ferdinand Marcos Jr. reiterated earlier this week a set of interventions aimed at easing the burden on vulnerable sectors. These include a P5,000 cash aid package for transport drivers, P3,000 fuel subsidies for farmers and fisherfolk, and expanded free ride programs across Metro Manila, Metro Cebu, and Metro Davao. However, questions remain on whether these measures are translating into mean-
ingful relief for the broader public. De La Salle University (DLSU) economist Ma. Ella C. Oplas said the current approach may be missing its intended outcome, as there is no guarantee that subsidies given to transport operators will benefit end users. “In principle, providing subsidies and cash aid should temper the impact on consumers,” Oplas told the BusinessMirror. Recent fare adjustments, however, suggest otherwise. On Tuesday, the Land Transportation Franchising and Regulatory Board (LTFRB) approved fare increases across most modes of public transport starting March 19, signaling that higher fuel costs continue to feed into commuter expenses despite government support. See “Subsidies,” A13
PREMIUM MILESTONE Finance Secretary Frederick D. Go and Insurance Commissioner Reynaldo Averilla Regalado lead the 77th anniversary celebration of the Insurance Commission at the PICC Plenary Hall in Pasay City on Monday, March 16, 2026. Go lauded the agency’s strong 2025 performance, with total insurance premiums surpassing P500 billion for the first time, signaling that more Filipino families and businesses are securing protection against life’s uncertainties. The commission, an attached agency of the Department of Finance, regulates and supervises the country’s insurance, pre-need, and health maintenance organization (HMO) industries. NONIE REYES
Fare hike for all land public transport cleared By Lorenz S. Marasigan
RUNRIO, SM SUPERMALLS, SAMSUNG FOR FIRST EDSA MARATHON SM
Supermalls President Steven Tan, Runrio CEO Rio dela Cruz, MMDA Chairman Atty. Romando Artes, officials from the Department of Tourism and Pasay City LGU and partners formalize the partnership for the Galaxy Manila Marathon 2026 at SM Mall of Asia. The landmark race will run along the historic Edsa route from SM Mall of Asia to SM North Edsa and back, marking one of the country’s most ambitious marathon courses. SM SUPERMALLS
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HE Land Transportation Franchising and Regulatory Board (LTFRB) on Tuesday approved fare increases across all modes of land public transportation, citing soaring fuel costs driven by the ongoing conflict in the Middle East as a key factor behind
the long-overdue adjustment. LTFRB Chairman Vigor D. Mendoza II said the decision was backed by data and analysis from multiple agencies including the Department of Economy, Planning, and Development (DEPDev). “This decision that covers all modes of land public transportation is proof of the national gov-
ernment’s genuine concern on the welfare of those in the transport sector too while protecting the interest of the general commuting public,” Mendoza said. “This is timely because the transport sector is currently facing a serious challenge on the prices of petroleum products as a result of the Middle East tensions,” he added.
The Department of Energy (DOE) on Monday warned that diesel prices could range from P95 to P114 per liter starting Tuesday, with Energy Secretary Sharon Garin attributing the surge to reduced petroleum shipments through the Strait of Hormuz and curtailed Middle East oil production. See “Fare,” A2
PESO EXCHANGE RATES n US 59.8710 n JAPAN 0.3765 n UK 79.7781 n HK 7.6465 n CHINA 8.6885 n SINGAPORE 46.8474 n AUSTRALIA 42.3288 n EU 68.9055 n KOREA 0.0402 n SAUDI ARABIA 15.9554 Source: BSP (March 17, 2026)