Marcos downplays impact of Middle East conflict on PH economy

President Ferdinand 'Bongbong' Marcos Jr. downplayed the impact of the Middle East conflict on the Philippine economy during an interview with reporters Wednesday, emphasizing that tensions have had no significant effect.

Marcos noted that while oil prices may be affected, Brent crude stabilized at around $69 per barrel following a ceasefire agreement between Iran and Israel, easing concerns about potential supply disruptions through the Strait of Hormuz.

The President stressed the importance of monitoring price gouging to ensure fair pricing practices in the market, despite local retailers implementing price hikes with gasoline increasing by P3.50 per liter, diesel by P5.20, and kerosene by P4.80.

Marcos assured that no subsidy will be distributed unless oil prices rise further, maintaining that business can proceed as usual without immediate economic disruptions due to stable oil prices.

The government held a meeting with select Cabinet members, including economic managers, on Tuesday to discuss measures protecting Filipinos from the effects of ongoing tensions between Iran and Israel.

Jetti Petroleum, Inc. President Leo P. Bellas said diesel prices are expected to fall by P0.80 to P1.10 per liter, while gasoline may see a slight increase or decrease based on further trading in the global market.