Marcos: Govt may review growth goals on Mideast crisis
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IRAN TARGETS ISRAEL AND GULF ARAB STATES EVEN AS TRUMP SAYS US IS IN TALKS TO END THE WAR
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S the armed conflict in the Middle East takes its toll on the country’s fuel supply and exchange rate, President Ferdinand Marcos Jr. said Tuesday the government must review its gross domestic product (GDP) targets. In an exclusive interview with Bloomberg Television released on Tuesday, the chief executive admitted the country’s vulnerabilities to the said regional conflict and its possible long-term impact on the economy. “With the war in the Middle East, those [targets] have to be redrawn—everything has to be
redrawn,” Marcos said when asked if he was still confident if the Philippines can still achieve an 8 percent growth rate by the end of his administration. Prior to the tensions in the Middle East, the Marcos administration has already lowered its projected GDP target to 5 to 6 percent this year from 6 to 7 percent. He hopes the country can still reach the higher of its GDP target this year due to the increasing value of its semiconductor exports. The Marcos administration is now forming a crisis committee to mitigate the long-term effects of the Middle East tension particularly
when it comes to oil prices. On Tuesday, President Donald Trump announced a five-day pause on strikes on Iran’s power plants due to alleged breakthrough in his negotiations with Tehran. Iran denied there were such talks. However, Trump’s announcement has resulted in a decrease in oil prices. Marcos said even if the conflict in the Middle East is settled this week, its impact will persist in the coming weeks. The conflict in the Middle East, which started after the United States and Israel attacked Iran, has disrupted oil supply chains re-
sulting in a surge in global pump prices to over US$110.
Economic impact
MARCOS said the disruption is now affecting the operation of local airlines. “When our airlines fly out, several countries have said we cannot refuel your aircraft so you would have to carry fuel there and back. And that is around here. And on the long haul that is going to be a serious problem,” he said. If the country’s supply of jet fuel will be depleted from a prolonged conflict in the Middle East, the See “Crisis,” A2
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By Samuel P. Medenilla
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ITING the imminent threat of the armed conflict in the Middle East to the country’s oil supply, President Ferdinand Marcos declared a state of national energy emergency on Tuesday. Marcos issued Executive Order (EO) 110 which will allow the Department of Energy (DOE) and other government agencies to implement the necessary measures to mitigate the economic impact of the global energy supply disruption caused by the war in the Middle East, which has entered its third week. The state of national emergency will remain in force and in effect for one year from the effectivity of EO 110 unless otherwise extended or lifted by the President. The President said in the EO that he made the declaration upon the recommendation of the Energy Secretary who called for urgent measures to ensure the stability and adequacy of the country’s energy supply to prevent a “critical low energy supply.” It also created the Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) Committee to “ensure the stability of domestic energy supply, the uninterrupted delivery of essential services, the continuity of economic activity, and the welfare of the citizens” amid the ongoing Middle East crisis. See “Emergency,” A2
HARVEST SEASON IN FULL SWING A farmer in Barangay Putlod, Jaen, Nueva Ecija, manually dries freshly harvested palay along a roadside, taking advantage of the dry weather during peak season. With limited access to mechanized drying facilities, farmers continue to rely on traditional sun-drying methods to preserve grain quality and prevent spoilage. This time of year marks a critical period for rice producers, as communities across Nueva Ecija—often regarded as the country’s “rice granary”—work to secure their yeild and sustain local supply. NONIE REYES
Oil prices will remain elevated in Q2–report B.O.C. AIMS TO RAISE P200M By Justine Xyrah Garcia
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LOBAL oil prices are expected to remain elevated in the second quarter, with Brent crude projected to average around $113 per barrel amid prolonged tensions in the Middle East, according to Oxford Economics. The economic advisory firm said the revised outlook reflects expectations of a more prolonged conflict that could delay the normalization of energy production and shipping flows in the region. “Our revised oil price forecasts now assume that the oil price averages around $113 [per barrel] in [the second quarter] – with an even higher overall peak before gradually falling back. In addition to a
higher spike, prolonged disruption widens the gap between our new oil price forecast and the February forecast, which preceded the conflict,” the report stated. In an earlier brief this month, Oxford Economics projected Brent to average $79 per barrel in Q2, about $15 above its February baseline, “before easing as supply resumes toward the end of the quarter.” It said its earlier assumptions were “too sanguine,” as the conflict is now seen causing a more drawnout disruption to energy production and shipping traffic through key routes such as the Strait of Hormuz. The Strait of Hormuz, a critical chokepoint for global oil trade, re-
mains largely shut, constraining supply flows across key markets, including Southeast Asia. A significant share of the world’s oil passes through the waterway, and the disruption has tightened availability as shipments from major producers in the Gulf are delayed or rerouted. US President Donald Trump earlier issued an ultimatum to Iran to reopen the strait, initially set at 48 hours and later extended to five days. However, Oxford Economics said disruptions may persist longer, noting that the strait could remain effectively closed until the end of April. It added that shipping activity may only partially recover to
around 50 percent in May and June before gradually returning to normal levels over the following six months. Amid higher energy costs, Oxford Economics said it has raised its global inflation forecast for 2026 to 4 percent from 3.3 percent previously, reflecting the impact of higher oil, gas, and food prices. Despite the upward revision, the projected inflation rate remains significantly lower than the 8.1 percent recorded in 2022, when global prices surged following Russia’s invasion of Ukraine. Oxford Economics said it also now expects world GDP growth to settle at 2.6 percent this year, down from its previous forecast of 3 percent.
FROM SALE OF LUXURY CARS
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HE Bureau of Customs (BOC) is targeting more than P200 million in revenues from the disposal of the remaining seized luxury vehicles linked to contractors Sarah C. Discaya and Pacifico “Curlee” F. Discaya, through two separate modes this week as it steps up efforts to generate income from non-traditional sources. BOC Deputy Chief of Staff Chris Noel Bendijo said the bulk of the expected revenues will come from the public auction of 11 luxury vehicles on March 27. The 11 luxury vehicles lined
up for auction carry a combined floor value exceeding P200 million, led by a 2022 MercedesBenz G650 V12 Biturbo priced at P79.20 million and a Ferrari SF90 Stradale (Ansory 2024) at P54.30 million. Also included are a 2021 RollsRoyce Cullinan with a floor price of P33.75 million, a 2023 RollsRoyce Phantom at P31.93 million, and a 2022 Bentley Continental valued at P27.12 million. Other units in the lineup include a Mercedes-Benz S680 (P12.12 million), BMW XM See “P200M,” A2
PESO EXCHANGE RATES n US 60.2610 n JAPAN 0.3805 n UK 80.9968 n HK 7.6931 n CHINA 8.7595 n SINGAPORE 47.3006 n AUSTRALIA 42.2068 n EU 69.9992 n KOREA 0.0406 n SAUDI ARABIA 16.0546 Source: BSP (March 24, 2026)