The Daily Tribune
Palace mulls fuel crisis plan
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.
The meeting aims to review contingency plans and address concerns about a potential energy crisis stemming from global supply chain disruptions.
Tensions have heightened between the US and Iran, with potential impacts on the vital oil supply from the Middle East to the Philippines.
The government has allocated PHP2.5 billion for a fuel subsidy program as part of its preparedness measures for a possible energy crunch.
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President Ferdinand Marcos Jr. has ordered government agencies to monitor Middle East tensions and prepare for potential spikes in global oil prices.
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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 government is actively preparing to cushion the blow of potential oil and fertilizer price increases stemming from the escalating Middle East crisis.
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President Ferdinand Marcos Jr. confirmed the government is preparing fuel subsidies for public utility vehicle (PUV) drivers and other sectors potentially affected by oil price hikes due to escalating Middle East tensions.
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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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