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Philippines’ businesses hoped to turn the corner in 2026 – then oil prices spiked overnight

Dire straits beckon as central bank holds unscheduled policy rate meeting amid fuel emergency

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Evan See

Evan See

Published Mon, Mar 30, 2026 · 06:14 PM
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    • A survey by the Philippines' central bank shows the country's economy was on the verge of a potential economic turnaround before the Iran conflict.
    • A survey by the Philippines' central bank shows the country's economy was on the verge of a potential economic turnaround before the Iran conflict. PHOTO: BT FILE

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    [SINGAPORE] A national energy emergency was likely the last thing on the minds of Filipino corporates just days before strikes on Iran by the US and Israel caused global energy prices to skyrocket overnight.

    According to a survey released by the Philippines’ central bank Bangko Sentral ng Pilipinas (BSP) on Friday (Mar 27), businesses in February raised their expectations for the country’s growth outlook substantially from the month before.

    The results offer a glimpse into an economy that saw itself on the verge of a turnaround in February, before the US and Israel struck Iran on the final day of the month, crushing hopes.

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    AseanAsean BusinessPhilippinesoilenergy pricesAsia-PacificBangko Sentral ng PilipinasCentral banksInterest ratesOil prices

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