ADB cites PH among nations with most comprehensive response amid Middle East crisis —PCO

The Asian Development Bank (ADB) has cited the Philippines as one of the countries with the most extensive and comprehensive responses to the global economic shocks brought by the crisis in the Middle East.

The Presidential Communications Office (PCO), citing the April 2026 report ''The Impact of the Middle East Conflict on Asia and the Pacific,'' said the ADB has lowered regional growth expectation to 4.7% and projected inflation at 5.2% due to disruptions in global energy supply.

The study indicated that the Philippines implemented policy responses across seven of eight categories, reflecting a broad and coordinated approach in addressing the impact of the global crisis, according to the PCO.

The categories include fuel subsidies, targeted assistance, staggered oil price increases, demand reduction, supply-side actions, and energy diversification measures.

Further, the study emphasized that the Philippines was one of only two countries, alongside India, that adopted measures to diversify fuel sources.

The response was carried out by the administration under a strategic whole-of-government framework that was anchored on the United Package for Livelihoods, Industry, Food, and Transport (UPLIFT), established under Executive Order No. 110.

To recall, President Ferdinand ''Bongbong'' Marcos Jr. issued an executive order in March declaring a state of national energy emergency so that the government can carry out a mix of fiscal, social protection, and energy-related measures to mitigate the impact of the oil price shocks.

Among the measures implemented were fuel subsidies benefiting nearly one million public utility vehicle drivers, assistance for farmers and fisherfolk, as well as the expanded cash transfer programs, reaching over four million low-income households affected by rising prices.

These measures were complemented by monetary actions from the Bangko Sentral ng Pilipinas to help manage inflation and stabilize the economy.

The ADB, meanwhile, noted that while risks remain due to continued global uncertainty, the Philippines’ policy mix helped cushion the impact of the shock. —KG, GMA News