Marcos: Middle East tension no 'significant' effect on PH economy

CAPAS CITY — President Ferdinand “Bongbong” Marcos Jr. said Wednesday that the prevailing tension in the Middle East has no significant effect on the Philippine economy. 

Marcos said this after his meeting with his economic team on Tuesday. He said the meeting was to assess the effects of the Israel-Iran conflict, particularly on oil prices.

“We looked at it and inanalyze namin paanong mangyayari and nakita natin na the effect on the economy should be manageable,” Marcos said. 

(We looked at it and analyzed what would happen and we saw that the effect on the economy should be manageable.)

“So far there’s no significant effect on the economy,” he added. 

Department of Energy officer-in-charge Sharon Garin has said that as of Tuesday morning, June 24, the average price of crude oil stood at about $69 per barrel after United States President Donald Trump announced that a ceasefire between Israel and Iran was already in place. 

Trump also asked both sides not to violate it. 

Due to the development on the price of crude oil, Garin said the government’s fuel subsidy program for the public transport and agriculture sectors might not be activated.

Marcos has since called for a peaceful and diplomatic resolution following the attacks of the United States forces on three nuclear sites in Iran.

The Philippine President also assured Filipinos affected by the tension that the government is ready to assist them. 

Over the weekend, Trump announced that the US forces struck Iran’s three main nuclear sites amid the ongoing conflict in the Middle East. — RSJ, GMA Integrated News