<p class="p1"><strong>GLOBAL: Yemeni Houthi forces targeted a Saudi vessel in the Bab el-Mandeb Strait, while US forces launched missiles at a Panama-flagged cargo ship for breaching an Iranian naval blockade.</strong></p>

<ul class="ul1"><li class="li1" data-list-item-id="e7f9ca49dde5b3329d048bf3e7ef03f90"><strong>Market impact: Global equities declined and oil prices advanced amid waning optimism</strong> for a resolution to the conflict.</li></ul>

<ul><li data-list-item-id="e1f939292c33d307a370e4e33aa39e1f8"><p class="p1"><strong>US President Donald Trump said that current market uncertainties will persist. </strong>The Strait of Hormuz will likely remain closed to maritime traffic for the foreseeable future.</p></li></ul>

<p class="p1"><strong>LOCAL: The Marcos administration submitted a proposed PHP 7.2 trillion national budget for 2027, a 6% increase from the current year, prioritizing social programs and infrastructure.</strong></p>

<p class="p1"><strong>Market impact: The PSEi rebounded as rate pressures eased, </strong>while the peso softened to the 61 per US dollar range amid US-Iran tensions.</p>

<p><strong>Legislative review and committee deliberations will follow</strong> before the budget is formally enacted into law.</p>