Manila, March 24 -- The ongoing conflict in the Middle East has once again underscored the importance of the Philippines' energy security as volatility in global fuel markets persists and uncertainty lingers.
As oil prices surge and supply chains tighten, our country, heavily reliant on imported fuel, finds itself exposed to price shocks that ripple through the economy and into the daily lives of ordinary Filipinos. Last week, the Philippine peso sank to a record low of PHP60 per dollar, which magnified the cost of imported oil and aggravated inflationary pressures on businesses and household budgets. We see how global instability can quickly translate to local challenges.
It is important, however, to emphasize that the impact of the Midd...