In February 2023, an oil tanker carrying 5660 bbl. of industrial fuel oil sank off Naujan in the Philippines causing an oil spill in the waters of Oriental Mindoro and nearby provinces. The disaster affected fishing communities as well as marine ecosystems including the Verde Island Passage, which is at the "center of the center of world's marine biodiversity". This study assesses the immediate social and economic impacts of this oil spill on various communities of Naujan coast. We conducted semi-structured interviews and employed a narrative analysis to explore the lived experiences of the fisherfolk on the oil spill and to understand its socio-economic impacts. With the prohibition of fishing and other aquatic activities, participants lost up to USD 1300 of income per week from fishing. The participants had no other source of income due to the lack of other skills or the opportunity for alternative livelihood in the community. While the government provided food packs and financial assistance, participants found these insufficient to sustain the basic family needs including food, utilities, education, and health. Traces of oil were also found in the sources of potable water affecting their daily household activities. The fisherfolk, which are communities vulnerable to natural and man-made hazards, had their subsistence, food security, and human well-being highly compromised. The findings provided recommendations for government interventions to mitigate the impacts of an oil spill and other future disasters, considering social, economic, and human ecological perspectives.