Marcos to meet with PH economic team amid Middle East crisis

President Ferdinand ''Bongbong'' Marcos Jr. has called for a meeting with his economic team amid the ongoing crisis in the Middle East. 

This was disclosed by Palace Press Officer Undersecretary Atty. Claire Castro on Monday. 

She was asked about the closure of the Strait of Hormuz as well as the next move of the Philippines amid this development. 

''Actually po, pinababatid ko po sa inyo na magkakaroon po ng meeting ang economic team with the President at ang maibibigay ko po sa inyo ang detalye kung ano man po ang plano bukas,'' Castro said. 

(Actually, I'm informing you that the economic team will have a meeting with the President and I will provide you with the details tomorrow.) 

Among the expected impact of the ongoing crisis was the increase in fuel prices. 

Amid the tension in the region, Philippine fuel retailers already agreed to implement scheduled pump price hikes for this week on a staggered basis in a bid to ease the burden of potential major adjustments due to the crisis. 

Oil companies are set to submit their implementation scheme, including the breakdown of the staggered adjustments, no later than 6 p.m. on Monday, June 23, 2025.

Meanwhile, Department of Energy officer-in-charge Sharon Garin is set to meet with officials of the Departments of Transportation (DOTr) and Agriculture (DA) on Tuesday, June 24, to discuss the rollout of subsidies for public drivers and farmers should the average price of crude oil breach $80 per barrel. 

Marcos earlier said fuel subsidies would be given amid the anticipated pump price hike. — KG/RSJ, GMA Integrated News