Asia Gets Covid Déjà Vu From Iran War Turmoil

The Philippines declared a national energy emergency on March 26, 2026, after the Middle East conflict threatened fuel supplies and the country’s economy. The move increases the risk of fuel-price spikes and supply disruptions, which could raise inflationary pressure and weigh on growth in the Philippines and other emerging markets. Investors should prepare for heightened short-term volatility in energy, EM sovereigns and regional FX, and reassess energy exposure and supply-chain vulnerabilities.

Analysis

The Philippines declared a national energy emergency on March 26, 2026, after the Middle East conflict threatened fuel supplies and the country’s economy. The move increases the risk of fuel-price spikes and supply disruptions, which could raise inflationary pressure and weigh on growth in the Philippines and other emerging markets. Investors should prepare for heightened short-term volatility in energy, EM sovereigns and regional FX, and reassess energy exposure and supply-chain vulnerabilities.