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Bank warns prolonged Mideast crisis to hit Phl economy hard
The Freeman
|May 28, 2026
BDO Unibank warned that a prolonged conflict in the Middle East could further strain the Philippine economy by driving up oil prices, accelerating inflation and weakening the peso, adding pressure on consumers and businesses already facing slower growth.
Federico "Fritz" Ocampo, BDO Unibank senior vice president and chief investment officer, speaks during a press briefing in Cebu City.
“The longer the conflict — and we are now on its third month — the more painful for the Philippines,” Federico “Fritz” Ocampo, senior vice president and head of investment management under BDO’s Trust and Investments Group, said during the bank’s first economic briefing in Cebu on May 26, 2026 at the newly opened BDO Corporate Center in Fuente Osmeña, Cebu City.
Ocampo said the Philippines remains highly vulnerable to oil price shocks because of its dependence on imported fuel and agricultural inputs such as fertilizers and pesticides.
This story is from the May 28, 2026 edition of The Freeman.
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