Your Morning Fix

• President Ferdinand Marcos Jr. has suspended the planned public utility vehicle (PUV) fare hike, citing the need to ease the burden on commuters despite rising fuel costs, while promising expanded subsidies and support programs for drivers.
• The Philippine peso strengthened to PHP 59.52 against the US dollar on Wednesday, amid easing oil prices and improved tanker movement through the Strait of Hormuz.
• The Philippines is stockpiling fuel until May to guard against supply disruptions from the ongoing Iran war, with oil firms and the government securing inventories early and exploring alternative sources to ensure stability.
• Wall Street tumbled Wednesday after the US Federal Reserve kept rates unchanged and signaled just one modest cut this year, reflecting caution over economic risks from surging oil prices and the ongoing US-Israel war with Iran.
• European stocks stalled on Wednesday as an attack on Iran’s Pars gas field drove oil prices higher and reignited Middle East escalation fears, breaking the week’s earlier calm.