President Ferdinand “Bongbong” Marcos Jr. has downplayed concerns over the economic impact of the ongoing Middle East tension, stating that the Philippines remains largely unaffected.
Speaking from Capas City, Marcos shared that his economic team met earlier this week to assess the effects of the Israel-Iran conflict, especially on global oil prices. “We analyzed the situation and found that the economic impact should be manageable,” he said.
As of June 24, Department of Energy officer-in-charge Sharon Garin reported that crude oil prices remained relatively stable at around $69 per barrel following a ceasefire announced by U.S. President Donald Trump. With oil prices holding steady, the government may not need to activate its fuel subsidy programs for the transportation and agriculture sectors.
Marcos reiterated his call for diplomatic solutions to the conflict, following the U.S. military’s recent strikes on three Iranian nuclear sites. He assured Filipinos, particularly those in the Middle East, that the government is prepared to provide support if needed.