Sustained high oil prices are expected to trigger “second-round” effects, driving up costs for transport, electricity and logistics, which broadens inflationary pressure beyond just fuel. The impact of higher fuel and rice prices is like a “tax” on consumers, reducing disposable income and slowing household spending. That makes us more vulnerable to external shocks like the current oil crisis. If this happens, we could face a liquidity crisis like we did in the first Marcos era. So, how can BBM choose to attend useless UN meetings in New York rather than be here to manage the unfolding crisis?

Source: Philippine Star March 10, 2026 16:42 UTC