MANILA — President Ferdinand Marcos Jr. on Wednesday expressed cautious optimism that a reported peace agreement between the United States and Iran could pave the way for the reopening of the Strait of Hormuz, a critical global oil shipping route whose disruption triggered fuel price increases and economic uncertainty in the Philippines.
Marcos said the potential reopening of the strategic waterway offers one of the strongest signs yet that global oil markets may stabilize after months of conflict, although he stressed that the government is waiting for the agreement to be formally implemented before celebrating.
“We have unfortunately heard these proclamations before, and they have not come true,” Marcos said. “We await with bated breath the actual finalization of that agreement. Again, it is some of the best news that we could hope for if indeed it comes to fruition.”
The reported agreement between Washington and Tehran comes nearly four months after hostilities erupted in the region, disrupting global energy supply chains and fueling concerns over the security of one of the world’s busiest oil transit corridors.
Marcos said the reopening of the Strait of Hormuz would be a welcome development for countries heavily affected by volatility in petroleum markets, including the Philippines, which experienced sharp increases in fuel prices during the conflict.
“That is what we are looking forward to. But we still will feel – because of the enormity of the problem, of the instability that this war has caused – it’s inevitable that it will take some time for us to adjust back to what will be the new normal,” he said.
While expressing hope that the agreement would eventually restore stability, the President cautioned that the economic impact of the conflict would linger even after the resumption of normal shipping operations.
The government, he said, remains focused on helping shield consumers from the effects of fluctuating fuel costs while monitoring developments in the Middle East.
“We’re hoping that this one is the one that will come true. And that we will start to once again bring our economies to a normal state and be able to support our people properly, and without suffering the vagaries of price rises that come with such a petroleum crisis,” he said.
Marcos also voiced hope that the reported agreement would bring a lasting end to the conflict.
“So we hope, we pray that this is the case, that it is over, the war is over, and it will be a lasting peace,” he added./PN
