President Ferdinand Marcos Jr. has welcomed reports of a ceasefire agreement between the United States and Iran, saying it could bring much-needed stability to the global economy.
Speaking during a joint press conference with German President Frank-Walter Steinmeier, Marcos Jr. said the development was among the “best news” countries affected by the conflict could hope for.
“We hope, we pray that this is the case, that it is over, the war is over, and it will be a lasting peace,” Marcos Jr. said.
He said the conflict has affected economies worldwide, including the Philippines, due to rising uncertainty and energy costs.
Marcos Jr. also expressed hope that the Strait of Hormuz would reopen to commercial shipping, helping ease pressure on fuel prices and global trade.
He said affected countries are eager to return to normal economic conditions and shield their people from further price increases.IMT
