Manila, June 16 -- The full implementation of the government's industrial policy measures will help strengthen the Philippine economy amid the expected reopening of the Strait of Hormuz, a business group executive said Tuesday.

This comes as the interim agreement between the United States and Iran, scheduled to be signed later this week, calls for the immediate reopening of the Strait of Hormuz, one of the world's most important oil chokepoints.

Federation of Philippine Industries (FPI) chairperson Elizabeth Lee, in a statement, described the interim peace pact as "cautiously good news" because it "gives the Philippines breathing room."

She noted that when the Middle East crisis began at the end of February this year, domestic fuel pr...