Item No. 3. (20 points) The price of oil affects the microeconomic activities in the Philippines and the rest of the wor

[answerhappygod]

Item No. 3. (20 points)
The price of oil affects the microeconomic activities in thePhilippines and the rest of the world. Trend says that oil pricehike began in March 2022 as one of the domino effects of theRussiaUkraine conflict. As a Trade-Industry Development Specialistat the Department of Trade and Industry, you are tasked to explainthe demand and supply in oil in the Philippine, in your ownunderstanding, the Department of Energy Oil Monitor as of June 28,2022 (10 points). You are also requested by your principal torecommend strategies for the micro, small, and medium enterprises(MSMEs) to cope with the oil price changes in the short-term (10points).
Main reference can be accessed athttps://www.doe.gov.ph/oil-monitor?withshield=1.