Manila: Senate President Pro Tempore Sherwin Gatchalian on Monday said the reported peace agreement between the United States and Iran gives the Philippines an opportunity to strengthen its energy security while global oil markets begin to stabilize.

According to Philippines News Agency, Gatchalian stated that the expected reopening of the Strait of Hormuz and smoother movement of petroleum products could ease inflationary pressure and provide relief to Filipino consumers who have been affected by fuel price hikes since March. He emphasized that the U.S.-Iran peace deal is a positive development.

Gatchalian urged the government to view the easing of market pressure not merely as temporary relief but as an opportunity to reduce the country's exposure to future supply shocks. He suggested accelerating renewable energy projects and implementing other measures that would make the country less susceptible to disruptions in the global oil market.

He pointed out that as markets stabilize, the government must take advantage of this period. Gatchalian remarked that the recent crisis has demonstrated that energy security is integral to national resilience and sovereignty, highlighting that true sovereignty cannot be achieved without ensuring energy security.

Gatchalian expressed the Senate's readiness to support measures that would attract energy investments, aiming to secure an adequate, affordable, and reliable energy supply for the nation.