Ruptly
"President Marcos Jr of the Philippines on Saturday cautioned that the disruption to energy supply chains caused by the Middle East conflict will cause a 'domino effect' impacting ASEAN countries for years, even after tensions eventually ease. "There is no denying that this disruption will have an impact on the future. Even if the tensions de-escalate in time, the damage to critical infrastructure, to vital systems and trust in general will continue to be felt for years to come," he said during the retreat session gathering in Cebu. "We spoke extensively about the importance of ensuring regional energy security and resilience, stabilising food security in the face of external shocks, and regarding the safety and welfare of our nationals that we need to safeguard," Marcos Jr continued. He also said that the recent crisis is a 'stark reminder' of how vulnerable economies are when 'sudden shifts' change the outcome of global trade. Earlier, President Marcos issued a direct plea for lasting peace between the United States, Israel, and Iran, calling for all involved to "cease hostilities and to take a step back". The Philippines, alongside many of its ASEAN neighbours, is heavily dependent on its energy supply from the Middle East, with over 90 per cent of its fuel imports transiting the Strait of Hormuz, which remains blocked."
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