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

“So far, there is no effect — there is no significant effect on the economy,” Marcos told reporters following his inspection of the illegal drug incineration process in Tarlac on Wednesday, June 25.

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

“Nakita natin that the effect on the economy should be manageable. May effect siyempre kahit papaano ‘pag tumaas ang presyo ng langis (We saw that the effect on the economy should be manageable. Of course, there will be some impact if fuel prices rise),” he said.

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

“Pagkatapos na-announce ang ceasefire, bumaba ulit ng $69 kung saan siya nanggaling (It dropped back down to $69 after the ceasefire was announced),” he said.

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

“Iyon lamang binabantayan natin ngayon — yung price gouging (What we’re watching now is price gouging)… That’s what we are going to focus on,” he said.

“Dahil ang dami ko nang nakita nagtataas ng presyo, hindi naman tumaas ang presyo ng langis (I’ve seen so many raise prices even if fuel prices didn’t go up),” he added.

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.

“Kung hindi nagbago yung presyo (If the price didn’t change), then we do the same like before,” he said.

“Ang sinasabi namin hindi ayuda, subsidy ‘pag tumaas ang presyo. Eh kung hindi tumaas ang presyo ng langis, then there is no need for that (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 added.

Responding to criticisms from transport groups that the government’s fuel subsidy is insufficient, Marcos said there was no need to talk about it for now.

“The price of oil has not gone up. So we do not need to talk about the subsidy yet,” he said.

“It went up for one day, then it came back down,” he added.