Phl, Tiger Cub economies to ignite global oil demand

The Philippines, along with four other emerging Southeast Asian nations, is poised to ignite a global oil demand boom over the next five years, according to the International Energy Agency.

- By Brix Lelis

The IEA said the Philippines, Indonesia, Vietnam, Malaysia and Thailand—collectively known as the Tiger Cub economies—are poised to roar forward and capture a growing share of global oil demand growth through 2030.

"The group's oil demand will grow at a relatively fast rate as the energy intensity of their economies accelerates from the low base that is typical for emerging countries," the IEA said in its latest report.

"This pertains especially to the Philippines and Vietnam, categorized as lower middle-income countries by the World Bank, with Indonesia, Thailand and Malaysia classified as higher middle-income," it said.