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Rapid inflation, rising poverty: What a ‘worst-case’ fuel scenario looks like in the Philippines

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Rapid inflation, rising poverty: What a ‘worst-case’ fuel scenario looks like in the Philippines MANILA, Philippines — The Department of Economy, Planning, and Development (DEPDev) on Tuesday, March 24, outlined several scenarios in the Philippines if fuel prices remain on an uptrend, with the worst-case scenario predicting heightened inflation that could drive up unemployment and poverty incidenc...
The DEPDev's presentation outlines potential economic impacts in the Philippines due to escalating fuel prices, with a worst-case scenario of oil prices reaching $200 per barrel for 180 days. This scenario suggests a surge in inflation, potentially returning to last year's high rates, which could negatively impact the country's GDP, remittances from overseas Filipino workers, unemployment, and poverty incidence. The DEPDev emphasizes that government interventions can mitigate these potential imp...