A business group executive said Tuesday, June 16, 2026, that the full implementation of the government's industrial policy measures will help strengthen the Philippine economy amid the expected reopening of the Strait of Hormuz.
The statement came as an interim agreement between the United States and Iran, scheduled to be signed later this week, calls for the immediate reopening of the Strait of Hormuz, one of the world's most critical oil chokepoints.
Federation of Philippine Industries (FPI) Chairperson Elizabeth Lee described the interim peace pact as "cautiously good news" because it "gives the Philippines breathing room."
Impact of energy crisis
Lee noted that when the Middle East crisis began in late February, domestic fuel prices climbed above P100 per liter, while the Philippine peso weakened to the 61 level against the US dollar.
In response, Malacañang declared a State of National Energy Emergency to accelerate the implementation of programs designed to cushion the crisis' impact on the domestic economy.
Relief for manufacturers
"With global oil prices now falling after the peace deal, the pressure that cascaded through logistics, cold chain, and transport will start to unwind," Lee said.
While the impact will not be immediate, she said: "The direction is clear and constructive."
"Diesel-linked costs will soften gradually, giving manufacturers room to rebuild margins, stabilize production schedules, and restore predictability," Lee added.
Key reform measures
Lee underscored the need for the full implementation of key economic measures, including the Tatak Pinoy Act, which seeks to strengthen the capacity of domestic firms to produce diverse and globally competitive goods and services, and Republic Act (RA) 12066, or the Create More Act, which amended the Create law to enhance the competitiveness of the country's investment incentive regime.
She said these measures would help boost investor confidence and attract more foreign direct investment into the country.
"The peace deal resets the global backdrop; our job is to reset the Philippine investment story," Lee said.
