Marcos: Impact of Middle East conflict manageable

Israel back to 'full activity status' after truce agreement

- By ARGYLL CYRUS GEDUCOS and RAYMUND ANTONIO

President Marcos assured the public that the ongoing tensions between Israel and Iran, who have finally agreed to a ceasefire, have not caused any significant disruption to the Philippine economy, despite earlier fears of a massive fuel price spike.

The President said his economic team convened on Tuesday to assess the situation, especially regarding global oil prices.

“We saw that the effect on the economy should be manageable. Of course, there will be some impact if fuel prices rise," Marcos told reporters following his inspection of the illegal drug incineration process in Tarlac on Wednesday, June 25.

Marcos noted that oil prices had temporarily spiked to $79 per barrel but quickly stabilized, dropping back to $69 following ceasefire announcements, including from the United States.

Monitoring price manipulation While economic effects remain manageable, Marcos said the government is keeping a close watch on unjustified price increases in the local market.

He said the government is focusing on possible price gouging, noting increases in prices of some commodities even if fuel prices didn't go up.

No subsidies for now Asked if subsidies for drivers, farmers, and fisherfolk would still be distributed despite the drop in fuel prices, the President clarified that such assistance will only be triggered by a sustained price increase.

"What we're saying is, it's not 'ayuda' it's a subsidy when prices go up. If fuel prices don't go up, then there's no need for that," he said.