While President Marcos believes the two-week ceasefire deal between the United States and Iran may not be enough to lower the prices of oil, the country will maximize it to increase its supply.

"So, we will take full advantage of the two weeks to increase our supply as much as possible and to continue to make whatever arrangements are possible," Marcos said on Wednesday afternoon, April 8.

The President expressed hopes that the two weeks ceasefire will extend further as he cited that the ceasefire window may not be enough to bring down the prices of petroleum products.

"We are all hoping and praying that the two weeks ceasefire will extend further if the talks go well. I think that everybody around the table is willing and desirous gusto nila na matapos na itong gulo na ito (they want the war to end)," Marcos said.

"So, hopefully medyo bababa ang presyo ng langis pero titingnan natin (oil prices will go down but we'll see) because it's so volatile. Two weeks may not be enough time to bring the prices down)," Marcos added.

"But maybe if it is extended further than that with the prospect of an even better situation following, then prices will start to follow. We will of course immediately adjust," he further said.

Marcos said supplies that were previously halted and Philippine-flagged vessels carrying oil supplies will now be able to pass through the Strait of Hormuz, following its opening.

"So, hopefully all the parties will come together. But we have the two weeks, we will take as much advantage of it as we possibly can by assuring the supply of petroleum products in the Philippines and hopefully being able to do something about the pricing kasi luluwag nga ang market (because the market will open up)," the President said.

Meanwhile, the President has yet to make a decision on fuel tax, following his meeting with the Development Budget Coordination Committee (DBCC) on Tuesday, April 7, to discuss the recommendation on the possible suspension of excise taxes on petroleum products.