The Philippines experienced another consequential week from October 2 to 9, with developments spanning the economy, public safety, energy, technology and international justice.
The peso fell to a fresh record low against the US dollar, while rising gasoline prices helped accelerate demand for electric vehicles. Authorities also arrested 244 foreign nationals in a major crackdown on suspected illegal online gaming operations, and the International Criminal Court ruled that former president Rodrigo Duterte was fit to stand trial.
Natural hazards also demanded attention. A magnitude 6.4 earthquake struck offshore Davao Occidental, while a minor phreatomagmatic eruption at Taal Volcano prompted precautionary evacuations in Batangas.
Meanwhile, new employment figures offered a mixed picture of the economy, with unemployment falling from July but remaining higher than a year earlier. These were among the major developments shaping the national conversation as the country moved further into October.
1. Philippine Peso Falls to a New Record Low
The Philippine peso weakened to a new record low against the US dollar on October 8, closing at ₱62.90 per dollar as concerns over the country's external position and international financial conditions weighed on the currency.
According to GMA News, the peso's latest decline marked its 26th record low of the year. It fell from ₱62.75 on October 7, surpassing the previous record close of ₱62.86 recorded on September 14.
The decline came as the country's gross international reserves fell to approximately US$100 billion in September, their lowest level since September 2023. These reserves help the country pay for imports and service foreign debt. Analysts cited foreign capital outflows and declining reserves among the factors affecting the currency.
A weaker peso can make imported goods, fuel and other dollar-priced commodities more expensive. It can also increase the peso value of remittances sent home by overseas Filipino workers, although the benefit depends on individual circumstances and the costs associated with transferring money.
The currency's performance is particularly significant for the Philippines because the country relies heavily on imported energy. Higher import costs can add to inflationary pressures at a time when households and businesses are already dealing with elevated fuel prices.
2. Rising Gasoline Prices Accelerate Demand for Electric Vehicles
Electric vehicle adoption gained momentum in the Philippines as soaring gasoline prices encouraged more consumers to consider alternatives to conventional petrol-powered cars.
Reuters reported on October 8 that registrations of electric vehicles, including hybrids, had increased by 130 percent year on year to more than 67,000 during the first eight months of 2026. Electric vehicles accounted for nearly a quarter of passenger car sales during the period, according to industry figures cited in the report.
The increase came as gasoline prices in the Philippines had risen sharply amid the conflict involving the United States, Israel and Iran. Because the country imports almost all its fuel, international supply disruptions and price increases can quickly affect domestic transport costs.
Chinese automaker BYD reported strong growth in its Philippine sales. The company's deliveries reached 28,399 units during the first eight months of the year, an increase of 99 percent compared with the same period in 2025, Reuters reported.
The government has also been promoting electric vehicle adoption. Officials have outlined a target for electric vehicles to account for half of government vehicles and taxis by 2030, while the Energy Department has advocated extending duty-free treatment for imported electric vehicles beyond its planned 2028 expiry.
However, the transition faces challenges. Electric motorcycles remain relatively slow to gain ground, partly because of their upfront cost, while charging infrastructure and affordability continue to influence consumers' decisions.
The latest figures nevertheless suggest that high fuel prices are changing purchasing decisions in a country where transport costs have a direct impact on household budgets and business operations.
3. Magnitude 6.4 Earthquake Strikes Offshore Davao Occidental
A magnitude 6.4 earthquake struck offshore Davao Occidental on October 8, shaking parts of Mindanao and prompting precautionary safety measures in affected communities.
The Philippine Institute of Volcanology and Seismology reported that the tectonic earthquake occurred at 4.07 p.m., with its epicentre located approximately 42 kilometres southwest of Balut Island in Sarangani, Davao Occidental. The earthquake originated at a depth of 10 kilometres.
Phivolcs said the earthquake was an aftershock of the magnitude 7.8 offshore Sarangani and magnitude 6.5 offshore Davao Occidental earthquakes recorded in June 2026. The agency said no significant damage was expected from the latest tremor, although additional aftershocks remained possible.
Instrumental intensities were recorded in several locations across Mindanao, including General Santos City, parts of Sarangani and South Cotabato, and areas of Davao del Sur and Davao Occidental.
The General Santos City government suspended classes at all levels in public and private schools and halted work in government offices while structural inspections and safety assessments were conducted.
The incident served as another reminder of the Philippines' exposure to earthquakes and the importance of preparedness, particularly in communities affected by previous seismic activity.
4. Taal Volcano Eruption Prompts Precautionary Evacuations in Batangas
Residents near Taal Volcano were evacuated on October 8 following a minor phreatomagmatic eruption at the volcano's main crater.
Phivolcs recorded an eruption that lasted approximately five minutes and produced a plume of dark smoke that reportedly rose around four kilometres into the sky. Authorities warned that thin ashfall could affect nearby areas, including Agoncillo, Lemery, San Nicolas and Taal in Batangas.
A phreatomagmatic eruption occurs when magma interacts with water, producing steam and potentially ejecting ash and volcanic material. Such events can also release volcanic gases that may irritate the eyes and respiratory system.
The local government of Agoncillo coordinated precautionary evacuations with disaster response agencies, police, fire personnel and the Philippine Coast Guard. Evacuated residents were accommodated at a local socio-civic centre or stayed with relatives while authorities monitored conditions.
Officials urged residents to follow advisories from Phivolcs and local authorities, particularly warnings concerning volcanic gases and possible ashfall.
The eruption highlighted the need for continued monitoring around Taal, one of the country's most closely watched active volcanoes because of its proximity to populated areas.
5. Sara Duterte Impeachment Trial Advances as Prosecution Drops Bribery Charge and Alleges ₱817.87 Million in Undeclared Wealth
The House prosecution team has completed its presentation of evidence in Vice President Sara Duterte’s impeachment trial, dropping the bribery charge under Article III while proceeding with allegations involving confidential funds, unexplained wealth and threats. Its final witness, financial forensic analyst Alexander Cabrera, alleged that Duterte and her husband, Manases Carpio, had ₱817.87 million in undeclared assets and income from 2022 to 2025, claims that remain allegations rather than established findings. The proceedings also raised questions about business transactions and tax records, while the Senate temporarily removed part of its livestream over data privacy concerns. The case now moves towards the next stage of proceedings, with no verdict reached and a dispute over the Senate’s impeachment voting threshold still facing a Supreme Court challenge.
6. International Criminal Court Rules Rodrigo Duterte Fit to Stand Trial
The International Criminal Court ruled on October 8 that former Philippine president Rodrigo Duterte was fit to stand trial on charges of crimes against humanity linked to his administration's anti-drug campaign.
The decision followed an assessment of Duterte's ability to understand the proceedings and participate in his defence. His legal team had raised concerns about his capacity to stand trial, but the judges determined that the proceedings could move forward.
The case concerns alleged crimes committed during the anti-drug campaign conducted while Duterte was president and during his earlier period as mayor of Davao City. The charges relate to killings allegedly connected to the campaign. Duterte denies the allegations and is entitled to defend himself through the court process.
The ruling represents a significant procedural development in a case that has drawn international attention and divided public opinion in the Philippines.
The trial is scheduled to begin on November 30, according to the Associated Press. The proceedings will examine the allegations against Duterte and the evidence presented by the prosecution and defence.
The case also remains important for the broader debate over accountability, human rights and the jurisdiction of international courts in cases involving alleged crimes committed by political leaders.
7. Unemployment Falls in August but Remains Higher Than a Year Earlier
New labour force data released by the Philippine Statistics Authority showed that the country's unemployment rate declined to 5.3 percent in August 2026 from 6 percent in July.
Despite the month-on-month improvement, unemployment remained higher than the 3.9 percent recorded in August 2025. The number of unemployed people was estimated at 2.77 million, down from 3.14 million in July but above the approximately 2.03 million recorded a year earlier.
The employment rate stood at 94.7 percent in August, compared with 94 percent in July and 96.1 percent in August 2025. The labour force participation rate was 64 percent, representing approximately 52.56 million Filipinos aged 15 and above who were either employed or seeking work.
Services remained the largest employment sector, accounting for 61.7 percent of employed people. Agriculture and industry accounted for 20.9 percent and 17.3 percent, respectively.
Separate manufacturing data released during the week showed that production was growing more quickly. The PSA's Volume of Production Index for manufacturing rose by 11.8 percent year on year in August, compared with 6.7 percent in July. Production of computer, electronic and optical products recorded particularly strong growth.
Taken together, the figures present a mixed picture. Unemployment improved compared with the previous month, while manufacturing activity strengthened, but the year-on-year labour figures show that many Filipinos continued to face a more difficult employment environment than a year earlier.
Other Major Philippine Headlines
Senate Approves Bill to Restrict Social Media Use by Children Under 16
The Senate approved a measure on third and final reading that would prohibit children below the age of 16 from registering for or maintaining accounts on covered social media platforms.
Senate Bill No. 2424 received the support of 16 senators present during the October 8 session, with Senator Risa Hontiveros voting against the measure. The proposal would require platforms to suspend, restrict or remove accounts reasonably determined to belong to children under 16.
The House of Representatives had separately approved a proposal setting a lower minimum age of 13. The difference between the two chambers means the proposals would need further legislative action before a final version could become law.
The debate reflects growing concern over children's online safety, exposure to harmful content, privacy and the effects of social media use. It also raises questions about age verification, enforcement and how platforms would distinguish children from adult users without creating additional privacy risks.
Marcos Promotes Philippine Investment Opportunities During Singapore Visit
President Ferdinand Marcos Jr. arrived in Singapore on October 7 for a five-day working visit focused on investment, bilateral relations and regional cooperation.
Marcos was scheduled to attend the Forbes Global CEO Conference and meet Singaporean leaders. His programme included promoting opportunities in digital technology, artificial intelligence, advanced manufacturing, infrastructure, energy and healthcare.
The visit also included a planned tour of Singapore's Nuclear Research and Safety Institute, reflecting the Philippines' interest in studying international experience in nuclear technology and safety as it considers long-term energy options.
Marcos also discussed regional issues, including the upcoming transfer of the Association of Southeast Asian Nations chairmanship to Singapore in 2027. The Philippines is serving as ASEAN chair in 2026.
During a business forum, the president said a regional digital economy agreement expected to be signed at the ASEAN Summit in November could provide a framework for cooperation on emerging technologies, including artificial intelligence.
ASEAN Energy Ministers Focus on Regional Security Amid Fuel Price Pressures
Energy security became a key regional concern as ASEAN energy ministers met in Manila against the backdrop of conflict in the Middle East and continuing pressure on global oil supplies.
The conflict has highlighted Southeast Asia's reliance on imported energy, particularly oil sourced from the Middle East. Reuters reported that ministers were expected to review regional emergency response arrangements and discuss longer-term measures to reduce vulnerability to supply disruptions.
Among the measures under discussion were regional petroleum security arrangements, the ASEAN Power Grid and the expansion of renewable energy. These initiatives are intended to improve coordination, strengthen resilience and reduce dependence on imported fossil fuels over time.
For the Philippines, the issue is particularly significant because the country imports almost all its petroleum requirements. International price increases can affect transport fares, electricity costs, food distribution and the wider cost of living.
However, regional stockpiling and infrastructure projects would take time to develop and are not expected to provide an immediate solution to current price pressures. The discussions nevertheless place energy security more firmly on ASEAN's regional agenda.
Looking Ahead
The Philippines enters the next week facing a combination of economic pressures, public safety concerns and important legal and policy developments.
The peso's continued weakness and elevated fuel costs will remain closely watched because of their potential effects on inflation, imported goods and household spending. At the same time, rising electric vehicle sales suggest that some consumers and businesses are beginning to adjust their transport choices in response to higher fuel prices.
Authorities will also need to monitor the aftermath of the Davao Occidental earthquake and the activity at Taal Volcano, while continuing investigations into the suspected illegal online gaming operations uncovered in Mindanao.
The ICC proceedings involving former president Rodrigo Duterte will remain a major international legal story as the case moves toward trial. Meanwhile, proposed restrictions on children's social media access could lead to further debate in Congress over online safety, privacy and platform responsibilities.
These developments illustrate a week in which the country's economic challenges, security concerns, natural hazards and technology policy all played a significant role in shaping the Philippine news agenda.
