Manila, June 15 -- Senate President Pro Tempore Sherwin Gatchalian on Monday said the reported peace agreement between the United States and Iran gives the Philippines an opportunity to strengthen its energy security while global oil markets begin to stabilize.

In a statement, Gatchalian said the expected reopening of the Strait of Hormuz and smoother movement of petroleum products could ease inflationary pressure and provide relief to Filipino consumers hit by fuel price hikes since March.

"The U.S.-Iran peace deal is a welcome development," he said.

Gatchalian said the government should treat the easing of market pressure not only as temporary relief but as a chance to reduce the country's exposure to future supply shocks.

He said ...