Much if not most of the world's economy is dependent on fossil fuels particularly coal and oil.
Any rise in demand or decline in supply of these resources affects the world economy, not much with the 1st world countries but more so with the poor and deprived countries like the Philippines.
Whoever controls the oil and its prices, controls the country and its economy.
Maybe it's time we make our own freedom from this usual set-up. The country should spend more time in developing free energy. One of which is using water as fuel. This has been done by scientists before with the likes of Henry Gray and many more... But sadly, they died and their inventions died with them....
It is therefore not impossible to invent such a technology. This would be very helpful to our economy, our environment, and in return to our own selves. I hope anyone here in Cebu is up for this . . .