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Marcos downplays fallout from war
President Ferdinand Marcos, Jr. stated that the conflict between Iran and Israel will not significantly impact the Philippine economy, assuring that economic managers assess the situation as manageable for the country.
He acknowledged that oil prices could be affected but noted that a ceasefire has been announced, easing concerns over potential disruptions to the critical Strait of Hormuz shipping corridor.
Brent crude briefly spiked to $79 per barrel amid geopolitical jitters but fell back to about $69 after a ceasefire was announced.
The President mentioned that the government is monitoring price gouging and product price increases unrelated to oil price fluctuations.
Regarding fuel subsidies, he clarified that these are only provided when oil prices rise, not when they remain stagnant.
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See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
President Ferdinand "Bongbong" Marcos Jr. stated that the escalating tension in the Middle East is not significantly impacting the Philippine economy, citing a ceasefire agreement between Iran and Israel.
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The Philippine economic team assesses that the ongoing Middle East conflict has a minimal impact on the country's economy, with a caveat that this assessment holds as long as global oil prices do not surge or the conflict does not worsen.
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President Ferdinand Marcos Jr. announced a pause in the fuel subsidy program for public utility vehicle (PUV) drivers following a tentative ceasefire between Israel and Iran.
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President Ferdinand R. Marcos Jr. will convene with his economic team to evaluate the potential repercussions of the escalating Middle East conflict on fuel prices and the economy.
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