00:00Oil prices are surging and fuel supply, including jet fuel, is tightening as the Iran war continues.
00:07The Philippines is getting hit far more than other countries in Southeast Asia.
00:11So much so that the grounding of planes could be a distinct possibility, says President Ferdinand Marcos Jr.
00:19Several countries have said we cannot fuel your aircraft, so you will have to carry the fuel there and back.
00:27And that's around here. The long haul is going to be a much more serious problem.
00:33The Middle East conflict is threatening to trigger the worst oil shock since the 1970s.
00:40But the Philippines is far more vulnerable than other countries in the region.
00:44And that's because it relies heavily on imported crude, almost all of it sourced from the Middle East.
00:50That makes it more exposed to energy shortages and spiraling domestic fuel prices.
00:56The government is already spending money to cushion its people from the conflict's fallout, according to Marcos.
01:03But the impacts may still linger in the longer term, since it will take time for crude oil prices to
01:10return to normal levels.
01:12The impact of all of this, of the war, of the war in the Middle East, is really to the
01:20middle income and the lower middle income countries.
01:24So, can the Philippine economy weather these shocks?
01:29The current economic landscape makes 8% targeted growth unviable, says Marcos.
01:34Instead, he says 6% is more likely by the end of his term in 2028.
01:40As we say not to the East, let goes into schools as the other corner.
01:40Do you think about this special information rather than beginning disks speaking from cáland?
01:40888
01:41The pertinent to December 311.
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