Philippines

The Philippines faces high vulnerability due to its 95% oil import dependency and moderate exposure to Strait of Hormuz disruptions, leading to significantly elevated fuel prices at $1.38/L. The government's jeepney fuel subsidies are under severe strain, impacting the national budget and potentially leading to social unrest. With only 42 days of oil reserves, the country has limited immediate resilience against prolonged supply shocks. The outlook for coming weeks remains challenging, with continued pressure on fuel prices and public finances unless global supply conditions improve.