MANILA — Despite heightened tensions in the Middle East, President Ferdinand “Bongbong” Marcos Jr. has downplayed fears of any major economic fallout in the Philippines, asserting that the conflict between Iran and Israel has had “no significant effect” on the country’s economy.
“So far, there is no effect. So, there’s no significant effect on the economy,” the President said in an interview, emphasizing that the situation remains under close watch.
Marcos admitted that while any crisis in the oil-rich region could influence global fuel markets, recent developments — particularly a ceasefire agreement — have actually driven crude oil prices down. “Crude prices dropped from USD79 to USD69,” he noted.
He expressed concern, however, about some businesses exploiting the crisis to unjustifiably raise prices: “‘Yun lamang, binabantayan natin ngayon ‘yung price gouging dahil ang dami ko nang nakita, nagtataas ng presyo. Hindi naman tumaas ang presyo ng langis. So, ‘yun ang babantayan natin ngayon. That’s what we’re going to watch,” Marcos said.
Asked whether the government would continue to roll out fuel subsidies for sectors like public utility drivers, the President clarified that such measures would only be triggered by actual fuel price hikes.
“Kung hindi nagbago ang presyo, then we do the same like before. Ang sinasabi namin, hindi ayuda, subsidy. ‘Pag tumaas ang presyo. Kung ‘di tumaas ang presyo ng langis, there’s no need for that,” he said.
He added: “They can proceed. We can do business as usual. The price of oil has not gone up. So, we do not need to talk about the subsidy yet. The price of oil has not gone up. It went up for one day, then it came back down.”
The assurance comes amid global anxieties over potential disruptions in oil supply and price volatility due to the Israel-Iran conflict, which could affect energy-dependent economies like the Philippines./PN
