Philippine Firms Brace for Rising Costs as Oil Surge Drags Peso

Philippine companies are bracing for higher costs as oil’s spike above $100 a barrel drags the peso to a record low, heightening the risks for an economy heavily reliant on fuel imports from the Middle East.

“I can’t imagine anyone not being afraid of what we’ve been reading,” Sergio Ortiz-Luis Jr., head of the Philippine Exporters Confederation Inc., said on Monday. The group, comprised of about 4,000 exporters and service providers, was already dealing with the uncertainty on US tariffs before fuel costs climbed, though members have not indicated plans to reduce output, he added.