Senate President Pro Tempore Sherwin Gatchalian on Monday welcomed the reported peace deal between the United States and Iran, saying it could help stabilize global energy markets and ease inflationary pressures.
Sen. Gatchalian said the expected reopening of the Strait of Hormuz and the smoother flow of petroleum products may provide relief to consumers who have been affected by rising fuel prices since March.
“The anticipated reopening of the Strait of Hormuz and the unrestricted flow of petroleum products will help ease inflationary pressures, bringing much-needed respite to ordinary Filipino consumers who have been reeling from fuel price spikes since March,” Sen. Gatchalian said.
He said the development presents an opportunity for the Philippines to further strengthen long-term energy security, including accelerating the rollout of renewable energy projects to reduce exposure to future global supply shocks.
Sen. Gatchalian added that the Senate remains prepared to act on measures aimed at ensuring a stable, affordable, and reliable energy supply for the country.