A fuel station in Paco, Manila stands dormant after exhausting its supply on Monday, March 9, 2026. Domestic energy concerns have intensified following the effective closure of the Strait of Hormuz, a move that has sent global crude prices toward $100 a barrel and triggered a “risk-off” contagion across Philippine financial markets. (Photo: John Louie Abrina I MB)
Philippine financial markets endured a dual drubbing on Monday, March 9, as an escalating crisis in the Middle East sparked a global flight to safety, sending the local equity benchmark toward a five-month low and the peso to a record weakness.
The Philippine Stock Exchange index (PSEi) retreated 4.97 percent, or 314.19 points, to close at 6,006.22.
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