The Philippine economy recovery will be slow as the Strait of Hormuz gradually reopens, Maybank analysts say in a report. Transport costs in the Philippines are expected to decline, with the waterway reopening and oil prices falling. However, the macro recovery will likely take about two to three quarters, even with petroleum prices returning near preconflict levels. That is because the Philippines is still recovering from the lingering second-round effects of war-related supply shocks, including higher food prices, Maybank says.(amanda.lee@wsj.com)