MANILA — President Ferdinand “Bongbong” Marcos Jr. said the Philippines will move quickly to build up its fuel reserves during the reported two-week ceasefire between the United States and Iran, as the government seeks to cushion the country from supply disruptions and rising oil prices.
The President said the temporary halt in hostilities presents a critical window to stabilize supply lines, particularly if it leads to the reopening of the Strait of Hormuz, a key global oil shipping route affected by Middle East tensions.
“Kung kasama sa agreement na nabubuksan ang Strait of Hormuz… magagawa nila yung kanilang trabaho,” Marcos said.
He noted that disruptions in the strategic waterway have not only strained global fuel supply but also affected thousands of Filipino seafarers deployed in the region.
Marcos said the government intends to act decisively within the limited timeframe of the ceasefire.
“We will take full advantage of the two weeks to increase our supply as much as possible,” he said.
The Philippines remains heavily dependent on imported oil, leaving it vulnerable to global price swings triggered by geopolitical conflicts, particularly in chokepoints such as the Strait of Hormuz where a significant portion of the world’s oil passes.
While the easing of tensions could help stabilize supply and prices in the short term, Marcos acknowledged that uncertainty in the global oil market persists.
He also expressed hope that the ceasefire would extend beyond the initial two-week period as negotiations continue.
“We are all hoping and praying that the two-week ceasefire will extend further,” the President said./PN
