Philippines to benefit from low oil prices but supply chain woes may offset gains

The Philippines stands to benefit from low global oil prices in the long term as it is an importer, but near-term gains may be offset by supply chain disruptions due to the COVID-19 lockdown.

Acting Socioeconomic Planning Secretary Karl Kendrick Chua noted that while lower oil prices signal weak global demand, the country will still see net benefits.

Oil futures dropped below zero for the first time as storage facilities reached maximum capacity and companies had to pay others to take excess oil off their hands.