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Philippines Plans Bigger Subsidies, More Coal Use During Oil Shock

  • Nation considering doubling fuel subsidy, more coal supply
  • Other energy, food programs under study to curb prices

The Philippines plans to spend more on fuel subsidies and increase coal supply, while considering additional food imports amid an oil price shock as the Russia-Ukraine war draws out. 

“The Philippine economy will likely be collateral damage,” Finance Secretary Carlos Dominguez said in a televised briefing Monday night. “It’s as if we are hit by a ricocheting bullet.”