Marcos: Middle East Tension Not Significantly Impacting Philippine Economy
President Ferdinand “Bongbong” Marcos Jr. stated that the current tension in the Middle East is not having a major impact on the Philippine economy. After a meeting with his economic team to evaluate the Israel-Iran conflict's effects on oil prices, Marcos concluded that any impact on the economy should be manageable. The Department of Energy reported that the average price of crude oil was around $69 per barrel following a ceasefire announcement by US President Donald Trump. As a result, the government's fuel subsidy program for public transport and agriculture sectors may not be activated. Marcos emphasized the need for a peaceful and diplomatic resolution amidst the recent attacks on Iran's nuclear sites by US forces, assuring affected Filipinos of government assistance.
President Ferdinand “Bongbong” Marcos Jr. stated that the current tension in the Middle East does not have a significant impact on the Philippine economy. This statement came after a meeting with his economic team to assess the effects of the Israel-Iran conflict, particularly on oil prices.
According to Marcos, the analysis showed that any economic effects should be manageable. He emphasized that there has been no notable impact on the economy so far.
Department of Energy officer-in-charge Sharon Garin reported that the average price of crude oil was around $69 per barrel following President Trump's announcement of a ceasefire between Israel and Iran. This development may affect the government's fuel subsidy program for public transport and agriculture sectors.
Marcos has urged for a peaceful and diplomatic resolution in response to the recent attacks on Iran's nuclear sites by US forces. He reassured affected Filipinos of government assistance during this period of tension.
According to the source: GMA Network.
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