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Overseas news
An official of the Group of Seven (G7) nations said the forum’s finance ministers agreed not to release strategic oil reserves. This dampened hopes for short-term increases in the global oil supply.
The G7 is an intergovernmental organization of the world's largest developed economies, including Canada, the US, France, Germany, Italy, the UK, and Japan.
Concerns over oil supply and prices have been rising worldwide amid the US-Iran conflict. The situation has led to the blockage of the Strait of Hormuz, which is a significant pathway for oil and gas shipping.
Meanwhile, Taiwan’s exports rose 20.6% year-on-year in February to $49.8 billion. This growth reflects a sharp slowdown from January’s surge due to fewer working days during the Lunar New Year.
However, demand for artificial intelligence and cloud-related electronics remained strong.
Local developments
The Philippine peso fell against the dollar on Monday, hitting its weakest close on record at P59.50 per dollar. This happened amid fears over rising inflation and heavy dollar trading.
Additionally, the Philippines is exploring direct talks with foreign governments and alternative oil suppliers amid the US-Iran conflict. This was according to Energy Secretary Sharon Garin.
Relatedly, data from the Department of Energy (DoE) show several oil companies agreed to stagger this week’s fuel price hikes. This may help soften the inflationary effects of higher global oil prices for now.
Product prices may increase if fuel costs remain high for a long period since this important resource plays a big part in manufacturing and transporting goods.
As uncertainty over geopolitical tensions persists, you may want to maintain a cautious approach with your investing decisions.
