The Philippines Department of Finance is preparing to access up to $1.5 billion from the Asian Development Bank’s crisis-response facility to mitigate the economic impact of rising oil prices.
The move signals the severity of the domestic cost-of-living pressure as global energy markets remain volatile.
Brent crude has traded higher in recent sessions, buoyed by persistent geopolitical risks in the Middle East.
Market participants are closely monitoring developments regarding the Strait of Hormuz, where shipping disruptions and U.S. policy shifts continue to weigh on supply expectations.
The resulting price spikes are being passed through to consumers, prompting urgent government intervention.
The ADB facility is designed to provide rapid financing to member countries facing external shocks, including sudden increases in energy import bills.