MANILA, Philippines — The country’s economic recovery may be more gradual than expected as Middle East-driven oil price shocks place renewed pressure on sovereign credit standing, global debt watcher Fitch Ratings warned. With the Middle East war now in its third week and oil prices still hovering above $100 per barrel, the Philippines is emerging as one of the most exposed economies in the Asia-Pacific region, given its heavy reliance on imported fuel. About 98 percent of the country’s oil supply is sourced from the region, much of which passes through the Strait of Hormuz—a key global shipping route that has […]... Keep on reading: Oil price shocks may slow Philippine recovery, strain fiscal position — Fitch