If Hormuz remains closed, we got three weeks to ‘empty’

THERE is an alarming fact about the Philippine economy that rarely enters public debate: If global oil imports suddenly stopped, the country would likely begin running out of fuel in three to four weeks. That fact has now moved from theoretical vulnerability to urgent reality. China — which has the second-biggest oil reserves in the world with 1 billion barrels — could have supplied us with some oil, but it’s likely they won’t, thanks to the Ferdinand Marcos Jr. regime’s belligerent stance against the superpower, with defense officials even declaring it as the biggest threat to the country. As part…