Speaking to reporters in Tarlac on Wednesday, Marcos said the impact of the Iran-Israel conflict remains manageable, based on assessments made during a meeting with his economic team at Malacañang on Tuesday.
Marcos, however, noted that the government is on alert for price gouging, citing instances of unjustified price increases despite stable oil prices.
He acknowledged that while the crisis in the oil-rich region could potentially affect global prices, crude oil had declined to US$69 from US$79 following the ceasefire agreement between Iran and Israel.
“If prices don’t increase, then there’s no need for subsidies. We’re not referring to aid but to targeted subsidies, which will only be triggered if oil prices rise,” he explained.
“The price of oil hasn’t gone up. It rose for a day and then came back down. So we don’t need to talk about subsidies yet,” he said.
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