How the Iran War Is Causing an Economic Crisis in the Philippines

The streets of Manila are becoming quieter due to the energy crisis.

In short:

The Philippines is experiencing a nationwide energy and economic crisis.

The Philippines is vulnerable to the crisis because it imports almost all of its oil from the Persian Gulf.

What's next?

The government is taking steps to safeguard supply, and experts are calling for more investment in renewables.

Manila's traffic is gone.

Astronomically high fuel prices have forced motorists off the road, and bus stops are chaotic and crowded.

The economic hardship in the Philippines is real.

The crisis has struck public transport drivers who operate Jeepneys.

Iran war updates are available.

A jeepney is a popular mode of public transport in the Philippines.

Many Jeepneys are parked by the side of the road because drivers cannot afford fuel.

Before the war, diesel was 55 Philippine pesos per liter.

Now, diesel is over 130 pesos per liter.

Jeepney driver Eddie Ramos is affected by rising fuel costs.

Eddie Ramos may be forced to stop driving due to high fuel costs.

Eddie Ramos said, 'Our daily earnings barely cover fuel costs.'

Eddie Ramos needs to keep driving to support his family.

Eddie Ramos's family is struggling to pay rent.

Eddie Ramos may have to give up his home if fuel prices keep rising.

Eddie Ramos feels sad about the situation.

The Philippines relies on imported fuel.

Soaring fuel prices are impacting the globe, but the Philippines is especially vulnerable.

The Philippines is at risk of a national crisis.

The situation is serious.

The Philippines declared a national energy emergency.

Fuel prices are unaffordable for Filipinos.

Mary Jane Hutalla is trying to survive on a small income.

The government is organizing alternative oil supplies.

Fuel prices continue to rise.

Jeepney drivers went on strike to protest the government's response.

Subsidies have been given to drivers, but many feel they're not enough.

Some drivers can no longer afford to rent homes.

Driver Modesto Toque Floranda warns that fuel prices may bring Manila to a standstill.

Modesto Toque Floranda said, 'If diesel goes up again, we'll have to stop operating.'

The economy would suffer if public transport stops.

Filipino economist Ser Pena Reyes said the war has exposed the Philippines' reliance on imported fuel.

Manila's bus stops are becoming busier.

The Philippines' huge import dependence has become undeniable.

The country should have invested in alternatives to oil.

The Philippines should have reduced its oil dependence.

Slums are on the brink of crisis.

The fuel crisis may escalate into an economy-wide crisis.

Inflation could average above 5% this year.

The Philippines may experience double-digit inflation.

JC Punongbayan expects a fast increase in inflation.

The poor will be most affected by the crisis.

Some families may stop sending their children to school.

Life is getting tougher for families in Manila's Baseco slum.

The Baseco slum has high poverty rates.

Families are using liquefied petroleum gas, which is also impacted by the crisis.

Wallen Robredillo is cooking to earn extra cash.

Wallen Robredillo said, 'We only go out when we have to.'

Mary Jane Hutalla's family is trying to survive on $20 a day.

Mary Jane Hutalla said, 'Life is harder now.'

Families are building small fires to cook dinner.

Economists are bracing for the worst.

The Philippines and China may cooperate on oil exploration.

The Philippines and China have had frosty relations.

The pair have had tensions over the South China Sea.