LIVE UPDATES: Conflict in the Middle East (March 19, 2026)

The administration must ensure that ordinary Filipinos do not end up bearing the brunt of the economic burden from the oil crisis, experts said Thursday.

“There's no way around it. We do need substantial subsidies for fuel-intensive sectors but also substantial subsidies for the poorest Filipinos,” IBON Foundation executive director Sonny Africa said at the Pandesal Forum. 

He added that the administration is downplaying the issue, pointing to President Ferdinand "Bongbong" Marcos Jr.'s insistence that everything is “normal.” 

CenPEG chairperson Professor Roland Simbulan, for his part, said that any interventions made by the government going forward must be anchored on the welfare of the most vulnerable sectors of the society.

US President Donald Trump said an angry Israel had "violently lashed out" and attacked Iran's major gas field, a significant escalation in the US-Israeli war, but said Israel would not make further such attacks unless Iran retaliated.

Wednesday's attack on the huge South Pars gas field drove oil prices higher and prompted a threat by Iran to attack oil and gas targets across the Gulf, while it fired missiles at Qatar and Saudi Arabia.

The escalation heightens the unprecedented disruption of global energy supplies that has raised the political stakes for Trump, who joined Israel in attacking Iran nearly three weeks ago.

Another batch of Filipinos returned to the Philippines on Thursday amid the ongoing armed conflict in the Middle East.

The Department of Migrant Workers (DMW) said a total of 317 individuals, including 153 OFWs, their 114 dependents, and 50 stranded Filipinos, from the United Arab Emirates landed safely at the Villamor Airbase in Pasay City. 

This is the third batch of repatriation via charter flights. 

Pump prices could post a significant decline should President Ferdinand “Bongbong” Marcos Jr. secure emergency powers to suspend excise taxes on fuel, but any price drop will depend on whether he opts to exercise such authority moving forward.

The magnitude of any price drop would largely depend on how much of the excise tax Marcos opts to suspend, whether fully or partially, should he decide to exercise the emergency powers.

Marcos, who earlier certified as urgent the bill granting him emergency powers to suspend or cut excise taxes on fuel, on Wednesday said exercising such authority is yet to determined.

The Land Transportation Franchising and Regulatory Board (LTFRB) has directed all its regional directors (RDs) to facilitate the updating and submission of the data relative to the distribution of the fuel subsidy of drivers and operators in their respective areas.

In a news release, the LTFRB said it is currently undertaking preparatory activities for the implementation of the fuel subsidy program intended to provide financial assistance to qualified public transport operators and drivers nationwide amid the serious effects of the Middle East tensions.

Hong Kong aviation giant Cathay Pacific has suspended flights to and from Dubai and Riyadh until the end of April over the war in the Middle East.

"In view of the developing situation in the Middle East," all Cathay Pacific flights to and from Dubai and Riyadh will be suspended "up to and including 30 April 2026," the company said in separate statements on Wednesday.

"Further changes to our flight schedule may be needed in the coming days," it added.

Thousands of people have been killed across the Middle East since the US and Israel attacked Iran on February 28 and Iran launched strikes in response.

Agriculture Secretary Francisco Tiu Laurel Jr. assured the public Thursday that prices in the country will remain stable for the time being amid tensions in the Middle East as supplies of agricultural products are expected to last until June or July.  

“I can safely say na hanggang June or even July walang issue sa supply of almost everything,” Tiu Laurel said in an ambush interview when asked if he can assure stable supply and prices.

(I can safely say that up until June or even July, there won’t be an issue of supply in almost everything.)

“In general, prices should remain stable at this time. Of course, may kaunting taas ding nakikita. At least P2 per kilo dahil sa freight, dahil ‘yung transport cost ng lahat ay tumaas din,” he added.

(In general, prices should remain stable at this time. Of course, we are also seeing a slight increase. At least P2 per kilo because of freight, because the transport cost of everything has increased.)

President Ferdinand ''Bongbong'' Marcos Jr. on Thursday ensured that there's still normalcy in the country despite the skyrocketing fuel price hikes in recent weeks brought by the prevailing tension in the Middle East.

''Sana matapos na ang giyera, at habang may giyera pa rin, eh normal pa rin ang buhay ng ating... lalo na 'yung mga manggagawa,'' Marcos said in an interview in Mariveles, Bataan. 

(I hope the war ends, and even if there is a war, the lives, particularly of our workers, are still normal.) 

The Philippine peso plummeted to P60:$1 level for the first time on Thursday morning as global oil prices shot up amid the escalation of the conflict in the Middle East, with Iran threatening to attack oil and gas targets throughout the Gulf after a hit on one of its gas deposits.

The peso hit P60.4:$1 on Thursday morning, after opening the session at P59.9:$1. This is the weakest showing of the local currency after hitting an intraday low of P59.95:$1 on March 16, 2026. It closed Wednesday, March 18, at P59.52:$1.