00:00The Philippine Agriculture Department says retail prices of rice, pork, and chicken may
00:05increase by at least half under the worst-case scenario. Average oil prices may reach $200
00:09per barrel. Chicken may spike to P324.64 per kilo or a 62% increase from P200 per kilo.
00:18Pork prices are estimated to increase by 59% and rise by 49%. This worst-case scenario
00:26may likely happen within 180 days since the conflict erupted in the Strait of Hormuz.
00:31Agriculture Secretary Francisco Tiu Laurel Jr. says as of the moment,
00:35prices are still within the pre-conflict status. He also says rice prices may begin to increase by
00:40August. He adds there's always the option to import or reduce tariffs, but as Agriculture
00:46Secretary, he doesn't want that. Meantime, in an interview with Bloomberg News,
00:50Philippine President Ferdinand Marcos Jr. says the worldwide oil and energy crisis could be
00:55the quote-unquote impetus for the Philippines to come to an agreement on joint energy exploration
00:59with China. He was asked if he would consider developing gas resources with China in the
01:04disputed regions in the South China Sea. Marcos replies, quote, that's something we've been
01:09talking about for a great deal, but the territorial disputes get in the way of that. When asked if he
01:15sees a reset in bilateral ties with Beijing amid massive disruptions in global geopolitics,
01:20Marcos says, quote, I think it's certainly going to happen. There's going to be a very,
01:23very serious restructuring. It was the first time Marcos personally signaled a desire to restart
01:29create and improve ties with China.
01:31You
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