Fitch Ratings revised its outlook on the Philippines’ credit rating to negative from stable, saying a decline in public investment and rising energy costs have created risks to the Southeast Asian nation’s economic growth.

Philippine President Ferdinand Marcos Jr. said a resigned lawmaker at the center of a corruption scandal involving flood infrastructure has been arrested.

Malaysia’s Prime Minister Anwar Ibrahim sought to defuse a controversy over diesel shipments to the Philippines, underscoring how sensitive such trades have become as countries grapple with rising energy costs.

Philippine Vice President Sara Duterte has asked the nation’s top court to stop the impeachment proceedings against her by the House of Representatives, saying the process is unconstitutional and “marred by grave abuse of discretion.”

Four years after Philippine President Ferdinand Marcos Jr. won a landslide victory alongside now arch-rival Sara Duterte, the landscape looks a lot different. Their alliance that propelled him to power lies in ruins and he’s grappling with an energy crisis triggered by the Iran war plus fresh political strain from a widening corruption scandal over flood-control spending.

Philippine public transport drivers began a two-day strike on Thursday, stranding hundreds of commuters, as soaring fuel prices led to losses.

Following are the edited highlights of Philippine President Ferdinand Marcos Jr.’s interview on Tuesday at the presidential palace in Manila with Bloomberg Television’s Haslinda Amin.

Following are the edited highlights of Philippine President Ferdinand Marcos Jr.’s interview on Tuesday at the presidential palace in Manila with Bloomberg Television’s Haslinda Amin.

The Philippines’ sovereign wealth fund says investing in physical assets like metals makes increasing sense against the backdrop of a war in Iran that’s playing havoc with the nation’s fuel market.

The Philippines is in discussions with major fertilizer producers including China and Russia to safeguard supply on fears exporters won’t deliver on contracts as the Middle East war keeps prices high.

The Philippine peso weakened toward the key psychological level of 60 pesos per dollar, prompting the central bank to intervene to support the currency.

Food crops are becoming increasingly vulnerable to the energy supply crunch caused by war in the Middle East, with farmers across Asia and Europe facing a scarcity of fuel needed to operate essential machinery.

Philippine President Ferdinand Marcos Jr. said government offices will be on a four-day work week starting on Monday in the Southeast Asian nation’s bid to save on energy as tensions in the Middle East push global fuel costs higher.

The Philippine government has apprehended Filipino nationals found to be allegedly engaged in espionage activities on behalf of China, according to the state’s security agency.

The selloff in stocks fueled by the Middle East conflict provides a buying opportunity for the Philippines’ top pension fund as it weighs expanding its equities portfolio.

The Philippines may see inflows of about $3 billion if the nation’s government bonds are added to JPMorgan Chase & Co.’s benchmark emerging-market index this year, according to National Treasurer Sharon Almanza.

Companies in the Philippines are stepping up efforts to limit foreign exchange risks as global uncertainty fuels sharp swings in the peso, according to Bank of America Corp.

The US will deploy more missile systems to the Philippines, a move that will potentially anger China, as the two allies boost their defense ties.

Shipments of nickel ore from the Philippines to Indonesia could as much as double to hit 30 million tons this year, a leading miner said, after Jakarta introduced drastic production curbs in an effort to revive the price of the metal.

Many prospective investors who won contracts for renewable energy projects in the Philippines had no plans of building them. They were only waiting to sell those rights to someone else for the right price.