Since the outbreak of conflict between the United States, Israel, and Iran in late February, diesel prices in the Philippines have more than doubled, from less than 60 pesos (about NT$32) per liter to approximately 153 pesos currently; gasoline prices have also risen from about 55 pesos to around 101 pesos.

According to the latest data from the Philippine Statistics Authority (PSA), the inflation rate in March rose to 4.2%, higher than 2.5% in February and 1.1% in the same period last year, also exceeding the Philippine Central Bank (BSP)'s target range of 2% to 4%.

Jayson Cainglet, Secretary-General of the Philippine "Agriculture Association" (SINAG), said at a Senate hearing today that fuel costs now account for about 80% of fishermen's expenses for going out to sea. In coastal areas of Luzon, about 30% of fishermen had stopped fishing last week, and after oil prices rose again yesterday, the proportion of fishermen stopping fishing is now close to 50%.

Cainglet said that some fishermen are forced to switch to inshore fishing, but their catch per trip is only 5 to 10 kilograms, making it difficult to make a living.

The Philippine Department of Agriculture announced that it has begun distributing 3,000 pesos in fuel subsidies to over 46,000 small-scale fishermen, but Cainglet believes this amount is a drop in the bucket, and many fishermen cannot benefit because they do not meet the eligibility requirements.

In addition to the fishing industry, the transportation industry is also under heavy pressure. Jose Ramirez, a "Jeepney" driver in Manila, told CNA that he is still using the fuel he filled last week and will temporarily stop working once it runs out, as high oil prices have made driving unprofitable.

Ramirez's statement echoes Orlando Marquez, chairman of the "Philippine Transport Operators' Alliance" (LTOP); Marquez said in an interview with DZMM radio on April 6th that some drivers are considering changing careers, including becoming artisans, to support their families, as driving has become unprofitable.

Philippine Energy Secretary Sharon Garin stated at an online press conference on April 7th that domestic fuel reserves can still support 50.42 days, and short-term supply is not an issue. Since Iran has pledged to allow Philippine vessels safe passage through the Strait of Hormuz, the government will have time to replenish reserves.

However, as living costs soar, public safety issues are gradually emerging. According to Philippine news reports, street robberies, siphoning oil from car fuel tanks, and driving away without paying for gas have been frequent recently, causing public concern. (Editor: Hsieh Yi-hsuan) 1150408

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  • Source: CNA (Central News Agency)
  • Category: financial