Oil Price Doubling Impacts Livelihoods; ADB Downgrades Philippines Growth Forecast

AI Summary (NQ-processed)

The Asian Development Bank (ADB) has downgraded the Philippines' 2026 GDP growth forecast to 4.4% due to the impact of soaring oil prices on livelihoods. The transportation, agriculture, and fishing sectors are particularly hard hit, with diesel prices more than doubling. While the government provides subsidies to vulnerable groups, businesses and the middle class are absorbing increased costs. The ADB warns that worsening Middle East tensions could affect remittances and further slow private consumption.