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Manila Bulletin devider Philippines devider National devider Middle East tensions have minimal impact to PH economy for now—Cabinet official

Middle East tensions have minimal impact to PH economy for now—Cabinet official

Published Jun 24, 2025 04:39 pm
The government said the impact of the ongoing tensions in the Middle East will not have an alarming impact on the country's economy, at least as of Tuesday, June 24.
President Ferdinand R. Marcos Jr. holds a meeting with several Cabinet secretaries to discuss the impacts and the government's response amid the tensions in the Middle East. (Photo courtesy of Malacañang)
President Ferdinand R. Marcos Jr. holds a meeting with several Cabinet secretaries to discuss the impacts and the government's response amid the tensions in the Middle East. (Photo courtesy of Malacañang)
In a meeting with President Marcos in Malacañan on Tuesday, Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan reported that the situation in the Middle East has minimal impact on the economy and “it doesn’t seem alarming.”
DEPDev made the assessment on the impact of inflation and economic growth considering that the current situation is slowing down and that the ceasefire between Iran and Israel lasts longer.
“So, with all those considerations, I don’t have the numbers here kasi na-present na iyon kanina but the impact is so minimal to our economy that it doesn’t seem alarming as of now basta hindi lang siya aakyat ulit or the conflict worsens,” Department of Energy (DOE) Officer-in-Charge (OIC) Sharon Garin said in a Palace briefing.
“And I think that was the feeling eventually na the impact won’t be as alarming as of… for today ‘no. We’ll see tomorrow kung may (if there are) changes pa sa situation sa (in the situation in the) Middle East. But, everybody’s closely monitoring what’s happening there,” Garin added.
Malacañang said Marcos held a meeting with the officials of departments of Foreign Affairs, Migrant Workers, Finance, Energy, Budget and Management, DEPDev, and Bangko Sentral ng Pilipinas to immediately implement measures that will protect Filipino families from the effects of the tension between Iran and Israel.
This includes assistance through fuel subsidies, cash aid, and other support to keep the prices of goods and transportation affordable and to ensure economic stability.

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Israel-Iran tensions President Marcos DEPDev PH economy
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