MANILA: Philippine President Ferdinand R. Marcos Jr has assured that the ongoing tensions in the Middle East have had “no significant effect” on the Philippine economy, though the government is closely monitoring for potential price manipulation, Philippines News Agency (PNA) reported.
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.
“So far, there is no effect. No significant effect on the economy,” he said.
Marcos, however, noted that the government is on alert for price gouging, citing instances of unjustified price increases despite stable oil prices.
“We’re monitoring price gouging, because I’ve seen many prices going up even though oil prices haven’t increased. That’s our focus now,” he added.
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.
Asked whether fuel subsidies would be extended to public utility drivers and other sectors despite the drop in prices, Marcos said such assistance would only be considered if prices surge.
“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.
Marcos stressed that for now, it remains “business as usual” for the country.
“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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