Financial Wire

Market Chatter: Oil Price Surge May Drive 3.5 Million Filipinos into Poverty

-- Rising global oil prices could push about 3.5 million Filipinos into poverty if the Middle East crisis continues, BusinessMirror reported Thursday, citing a policy note by the Philippine Institute for Development Studies (PIDS).

The think tank said the impact depends on how much higher fuel costs are passed through to transport, food, and utility prices. In a worst-case scenario, where oil reaches $145 per barrel and pass-through is high, the poverty rate could climb to 16.3%, reportedly.

PIDS said low-income households would be hit the hardest as they spend a larger share of their income on essentials like food. It added that targeted cash transfers would be more effective than fuel tax cuts in shielding vulnerable groups, the news outlet said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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