The Daily Tribune
Economy steady amid tension
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.
The President expressed confidence that any economic repercussions would be manageable, noting that "so far there's no significant effect on the economy."
The government is closely monitoring for price gouging, as some businesses are increasing prices despite stable oil costs.
According to the Department of Energy, crude oil prices fell to USD69 per barrel from USD79.
The fuel subsidy program for public transport and agriculture sectors will be activated if oil prices reach USD80 per barrel.
President Marcos has urged for a peaceful and diplomatic resolution to the conflict.
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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. 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.
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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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Economic analysts predict that escalating geopolitical tensions between Iran and Israel, alongside U.S.-led bombings, could lead to increased inflation and moderate growth in consumption activities in the Philippines.
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