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Salceda: Phl 'paying the price' of US-Iran war
The Freeman
|March 16, 2026
The US is raking in billions in dollars and has been making a killing — so to speak — out of the Middle East crisis, at the expense of Filipinos, among many other countries.
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Ironically, the country (Philippines), heavily-dependent on oil from the Middle East, is "paying the price" for US's and Israel's unilateral missile attacks against Iran, even if it has nothing to do with the conflict, a veteran economist and former lawmaker said yesterday.
"We're paying the price of a war we have no part in. And American oil companies are booking record revenues from the same price spike hurting Filipino consumers," former Albay second district congressman Joey Salceda declared.
"The hard truth: 98 percent of Philippine oil comes from the Middle East. The US gets 2.5 percent of Hormuz oil," the economist, who used to be a stock analyst and onetime NEDA secretary-general, said matter-of-factly.
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