Asean hosting austere but agenda substantive By Carmel Pedroza
servation and prudent resource use across government agencies. The directive comes amid geopolitical tensions, including the Middle East conflict and its ripple effects on global energy supply. President Ferdinand Marcos Jr. ordered organizers to ensure that the summit remains focused on substantive outcomes rather than ceremonial excess. “The priority is to address pressing regional concerns such as energy security, food security, and the safe mobility of Asean nationals,” De La Vega said at the press conference following the opening of the Asean International Media
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ALL EYES ON CEBU Presidential Communications Office (PCO) Secretary Dave Gomez and Ma.
Hellen De La Vega, Director-General of the Asean National Organizing Council (NOC), brief members of the media on the 48th Asean Summit and Related Meetings set for May 6 to 8, 2026 in Cebu during the opening of the International Media Center in Lapu-Lapu City on Tuesday, May 5, 2026. The summit will be conducted under a scaled-down, “bare-bones and business-like” approach in line with government austerity and energy conservation measures, with discussions to focus on key regional priorities such as energy security, food security, and mobility across Asean. CARMEL PEDROZA
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APU-LAPU CITY—The Philippine government is implementing strict austerity measures as it prepares to host the 48th Asean Summit and related meetings, emphasizing a “barebones and business-like” approach in response to ongoing global uncertainties and a declared national energy emergency. Ma. Hellen De La Vega, Director-General of the Asean National Organizing Council (NOC), said the scaled-down preparations align with Executive Order No. 110, which mandates energy con-
Center located at Mactan World Museum, Mactan Newtown in this city. Despite the streamlined approach, De La Vega emphasized that Asean member states agreed on the importance of holding faceto-face discussions, citing the urgency of current regional and global challenges. Certain preparatory meetings were done virtually. NOC, stationed at the Philippine International Convention Center (PICC), set-up a virtual meeting room system. “To make sure all those preparatory meetings—the issues that
they have discussed will continue to develop the themes that will be discussed by the leaders in support by those three agenda items,” De La Vega said. More than 50 meetings were done virtually, De La Vega added, disclosing that there are still 174 meetings on deck using the system that they have at PICC.
Packed May 6–8 schedule
A SERIES of high-level meetings will take place across key venues in Mactan, Cebu this week. For May 6–7, 2026, senior officials and ministerial preparatory See “Asean,” A2
BusinessMirror A broader look at today’s business
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‘OIL SHOCK WILL LEAD TO DOUBLE-DIGIT INFLATION’ www.businessmirror.com.ph
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Wednesday, May 6, 2026 Vol. 21 No. 204
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BSP to take ‘necessary’ action to rein in inflation
By Justine Xyrah Garcia
HE country’s inflation may reach double digits in the coming months, economists said, after the rate surged to 7.2 percent in April—the fastest in over three years. On Tuesday, the Philippine Statistics Authority (PSA) reported that inflation was the highest since March 2023, when it reached 7.6 percent. The latest print was also a sharp jump from 4.1 percent in March and 1.4 percent a year earlier. Ateneo de Manila University (ADMU) economist Luis F. Dumlao said inflation could climb further, citing differences between the current Middle East conflict and the Russia-Ukraine war in 2022. He explained that while the earlier conflict also disrupted oil supply, the Philippines was less
By Andrea E. San Juan
exposed at the time, which helped cap inflation at a peak of 8.3 percent. “Given that the Philippine economy is more interdependent on the Middle East, it is not farfetched for inflation to reach double digits,” Dumlao told the BusinessMirror. Another Ateneo economist, Alvin P. Ang, shared the same view. He noted that global oil prices had already started to ease toward the end of April, which led to domestic fuel price rollbacks, yet inflation remained elevated. “It is possible considering that
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See “Inflation,” A2
ADB-JAPAN FUND TO AID FIRMS IN ASPAC FACE COSTLY ENERGY By Justine Xyrah Garcia
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HE Asian Development Bank (ADB) has teamed up with the government of Japan to roll out a new initiative aimed at cushioning firms across Asia and the Pacific, including the Philippines, from surging energy costs amid tensions in the Middle East. In a statement released late Monday, ADB said the Action for Creating Energy Security for Long-term Resilience (ACCEL) will mobilize financing and investments to help economies absorb near-term shocks while strengthening their energy systems over time. The bank noted that rising fuel costs and supply constraints are weighing on business operations across developing member coun-
tries, with firms facing higher production and transport expenses alongside tighter financing conditions. Smaller enterprises, in particular, are under increased pressure as cost escalation and limited access to credit squeeze working capital. ADB President Masato Kanda said governments require immediate support as energy markets remain volatile. “We are grateful for Japan’s partnership in advancing this initiative, which will help businesses in our region stay afloat today while supporting the transition to stronger and more sustainable energy systems,” Kanda said during the ADB’s 59th annual meeting in Samarkand. The lender said support will be rolled out See “Energy,” A2
DEEPWATER MOVE FOR ENERGY SECURITY A J-lay Flowline End Terminal (FLET) is lowered from the Audacia pipelay vessel and
installed on the seabed at a depth of 690 meters offshore Palawan, serving as a critical connection point between subsea flowlines and production infrastructure. The milestone forms part of the ongoing Malampaya Phase 4 (MP4) offshore construction campaign, which integrates newly drilled wells into the existing gas production system. The activity follows the successful drilling of the Malampaya East-1 and Camago-3 wells under Service Contract No. 38, confirming new gas resources to support the Philippines’s energy security. With subsea pipelaying now advancing offshore Palawan—the first deepwater pipeline installation in the country since 2000—the project moves closer to full system integration and the safe, efficient transport of indigenous natural gas. PHOTO COURTESY OF PRIME ENERGY
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HE Bangko Sentral ng Piliipinas (BSP) said it will take “necessary actions” to ensure inflation returns to its 3-percent target within a reasonable time. In a statement on Tuesday afternoon, BSP Governor Eli M. Remolona Jr. said the central bank is committed to fulfilling its “primary mandate” of slow inflation. As such, Remolona assured the public that the central bank will “remain vigilant for spillover effects, data-driven, and ready to act as needed.” The BSP said this after inflation in April quickened to 7.2 percent, surpassing the central bank’s forecast range of 5.6 to 6.4 percent for the month. The central bank also noted that average inflation from January to April settled at 3.9 percent, exceeding the BSP’s target of 3 percent for the full year. Meanwhile, core inflation, which excludes volatile food and energy items, also rose from 3.2 percent in March to 3.9 percent in April. Historical data from the Philippine Statistics Authority (PSA) showed that the 3.9 percent core inflation in April is the highest since December 2023. Remolona emphasized at the Monetary Board’s policy meeting last April 23 that core inflation is rising, which highlights “the risk of demand-driven inflation.” According to the BSP, the headline inflation in April which rose to 7.2 percent from 4.1 percent in March reflects the impact of “higher international fuel prices on food and energy cost.” See “BSP,” A2
PESO EXCHANGE RATES n US 61.4500 n JAPAN 0.3910 n UK 83.2217 n HK 7.8459 n CHINA 8.9800 n SINGAPORE 48.1470 n AUSTRALIA 44.0412 n EU 71.8596 n KOREA 0.0417 n SAUDI ARABIA 16.3836 Source: BSP (May 5, 2026) TEAM GENERAL CLASSIFICATION TOP 3
STAGE 7 May 5, 2026 (Tuesday)
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