Philippines to gain from world oil price plunge: NEDA chief Chua

ABS-CBN News

Posted at Apr 21 2020 05:10 PM

Motorists load up on gas in a filling station in Marikina City. Mark Demayo, ABS-CBN News/File

MANILA - The Philippines will benefit from lower oil prices as coronavirus lockdowns slash fuel demand worldwide, the country's acting socioeconomic planning chief said Tuesday.

The country will not suffer from crashing prices since it is a net importer of oil, Acting National Economic Development Authority Secretary General Karl Kendrick Chua said.

"Our country is not an exporter so definitely we don't suffer. Actually we benefit from lower oil price...We’re definitely a net beneficiary on this," Chua said.

US oil futures on Monday plunged to a record low negative $40 per barrel. Brent crude also slumped to $25.57 a barrel.

Lower oil import costs is "positive" to countries that import most of its fuel requirements, ATR Asset Management head of equities Julian Tarrobago.

-- with a report from Reuters