The sharp plunge of the Philippine stock market this week was the immediate effect of the oil price shock brought about by the Middle East tension—a clear warning sign that the government must act swiftly to address the situation. As oil prices surge amid geopolitical tensions and the peso sinks to new lows, the consequences are expected to quickly ripple beyond the trading floors. Transport fares, food prices, and the cost of nearly every basic necessity are expected to follow suit. Yet at the very moment when the public needs protection, the government’s hands are largely tied.
The culprit is not only the volatility of global oil mar
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