The full implementation of the government\u2019s industrial policy measures will help strengthen the Philippine economy amid the expected reopening of the Strait of Hormuz, a business group executive said Tuesday.<\/p>\n
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\u2019s most important oil chokepoints.<\/p>\n
Federation of Philippine Industries (FPI) chairperson Elizabeth Lee, in a statement, described the interim peace pact as \u201ccautiously good news\u201d because it \u201cgives the Philippines breathing room.\u201d<\/p>\n
She noted that when the Middle East crisis began at the end of February this year, domestic fuel prices rose above PHP100 per liter and the Philippine peso weakened to the 61-level against the U.S. dollar.<\/p>\n
In response, Malaca\u00f1ang declared a State of National Energy Emergency to accelerate the implementation of programs aimed at cushioning the crisis\u2019 impact on the domestic economy.<\/p>\n
\u201cWith global oil prices now falling after the peace deal, the pressure that cascaded through logistics, cold chain, and transport will start to unwind,\u201d Lee said.<\/p>\n
While the impact will not be immediate, Lee pointed out that \u201cthe direction is clear and constructive.\u201d<\/p>\n
\u201cDiesel linked costs will soften gradually, giving manufacturers room to rebuild margins, stabilize production schedules, and restore predictability,\u201d she said.<\/p>\n
Lee underscored the need for the full implementation of key economic measures, including the Tatak Pinoy Act, which empowers domestic firms to produce diverse and globally competitive goods and services, and Republic Act (RA) 12066, or the CREATE MORE Act, which amended the CREATE law to enhance the competitiveness of the country\u2019s investment incentive regime.<\/p>\n
These laws, she said, will help boost investor confidence and increase foreign direct investments (FDIs) in the country.<\/p>\n
\u201cThe peace deal resets the global backdrop; our job is to reset the Philippine investment story,\u201d she said. (PNA)<\/p>\n","protected":false},"excerpt":{"rendered":"
Full implementation of government industrial strategies could help boost local industries and strengthen economic preparedness.<\/p>\n","protected":false},"author":73,"featured_media":264699,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19565],"tags":[],"class_list":["post-264698","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business-today"],"zyndk8_nxtgen_metadata":{"nxtgen_comments":[{"9471":"grbe middle east crisis affected fuel, peso and supply chain \ud83d\ude1f\r","9472":"trabaho \ud83d\udcbc\r","9473":"pinas economy n4 may chance bumawi ulit \u2728\r"}]},"yoast_head":"\n