Philippine central bank Governor Eli Remolona said monetary authorities will have to react aggressively to avoid falling behind the curve in taming price pressures spurred by the Iran war.

Money sent home by Filipinos working overseas grew at the slowest pace in nearly three years in March, reflecting the impact of the global energy crisis sparked by the Iran war and signaling more weakness in the Philippine economy.

Two days after he dramatically re-emerged into public view, a Philippine politician with an outstanding arrest warrant is holed up in the Senate with police massed outside, one of the more bizarre episodes in the country’s politics in recent years.

Jollibee Foods Corp.’s profit fell 39% in the first quarter as costs surged, prompting the Philippines’ largest fastfood chain operator to review its targets and spending plan. Shares fell to the lowest in five years.

Allies of Philippines’ Vice President Sara Duterte took control of the Senate on Monday, potentially giving them sway over her upcoming impeachment trial and heightening political uncertainty in the country.

Philippine President Ferdinand Marcos Jr. is facing the country’s worst economic crisis since the pandemic as the energy shock unleashed by the Iran war hollows out consumer spending and fans inflation in a major Southeast Asian economy.

The Philippine central bank will likely need to take more aggressive interest-rate hikes to tame the faster-than-expected inflation spurred by the Middle East war, according to analysts.

The Philippine Coast Guard said four Chinese vessels were conducting illegal marine scientific research in its waters and threatened to deploy aircraft and boats to repel them.

The Philippines said on Sunday that thousands of people have evacuated the area south of Manila after Mayon Volcano erupted, and authorities advised the public to stay out of the six-kilometer radius danger zone.

Ayala Land Inc.’s first-quarter profit dropped by a fifth from a year ago on lower home sales, with the Middle East war seen hurting consumption and economic growth.

The Philippine central bank forecasts April inflation rate could surge to between 5.6% and 6.4%, breaching its target range, amid conflict in the Middle East.

The Philippine central bank will likely deliver a series of modest increases in its benchmark interest rate to rein in inflation spurred by the global oil shock, according to Governor Eli Remolona.

The Philippine central bank will likely deliver a series of modest increases in its benchmark interest rate to rein in inflation spurred by the global oil shock, according to Governor Eli Remolona.

The Philippine central bank increased its benchmark interest rate and signaled it was ready to deliver more hikes, with the Iran war likely to spur inflation beyond the official target through next year.

JPMorgan Chase & Co. said it will add Philippine local-currency bonds to its widely tracked emerging-market index early next year, a move expected to draw billions of dollars in foreign investment and help spur the nation’s economy.

Philippine banks may have to push harder to convince companies to hedge their foreign exchange exposure as the war in Iran underscores the country’s vulnerability to geopolitical shocks, according to a central banker.

The Philippine government has asked Meta Platforms Inc., the parent company of Facebook, to implement measures to curb the spread of “false and panic-inducing content” on its platforms, warning of possible legal action if the company fails to act swiftly.

The Philippines said Chinese forces fired flares directly at its coast guard aircraft over the Spratly Islands in the disputed South China Sea, calling the incident “a clear and deliberate act of bullying.”

The Philippine government will provide fuel subsidies to public transport drivers from next week as part of measures to address the continued fallout from the Iran war, according to President Ferdinand Marcos Jr.

S&P Global Ratings lowered its outlook on the Philippines to stable from positive, saying the war in the Middle East has raised risks for the country’s balance of payments and fiscal position.