But he did not convene a crisis committee to map out a plan to deal with all the fallout from from the oil price spike induced by the war in the Middle East. We hope this time his “monitoring” helps cushion the severe impact of the oil price increase – which could be first in a series. The scale of the fuel price surge is pretty unnerving. We know from experience that an oil price spike quickly reflects in transport costs and then in food costs. We also know from experience that the usual suspects will try and provoke a riot over rising fuel costs.

Source: Philippine Star March 09, 2026 16:41 UTC