Marcos Faces Crisis as Fragile Philippines Punished by Oil Shock.

The article focuses on the Philippine economy under President Ferdinand Marcos Jr., which is experiencing its worst crisis since the pandemic due to an energy shock caused by the Iran war. The conflict has driven up oil prices, severely impacting the Philippines, which imports over 90% of its oil from the Middle East, leading to slowed economic growth, weak consumer spending, and rising inflation. The country faces limited policy options amid these challenges, compounded by a corruption scandal related to flood-control projects that has undermined confidence and government spending. The situation highlights broader regional vulnerabilities in Southeast Asia, which depends heavily on Middle Eastern oil, as leaders seek greater cooperation to address the economic fallout. [Extracted from the article]