go through Chloe Mari A. Hufana and Sheldeen Joy Talavera, reporter
Philippine President Ferdinand R. Marcos Jr. said Wednesday the economic impact of the war Between Israel and Iran “Manageable” reason is stability Global oil prices after the ceasefire ease concerns about the closure of the transport lane hormuz, which is crucial to the world economy.
“So far, there has been no significant impact on the economy,” he told reporters in the mixed English and Philippines based on transcripts issued by his books, in Capas, Capas, Tarlac in the Philippines.fice.
“We looked at it and analyzed how things might unfold. We see that the impact on the economy should be manageable. Of course, if oil prices rise, there will still be some impact.”
The president met with his economic team on Tuesday to assess the potential impact of the Middle East war, especially on energy prices. Minister of Economics, Planning and Development Arsenio M. Balisacan said the impact of the war was small and not shocking.
Brent’s crude oil briefly soared to $79 a barrel amid geopolitical troubles, but dropped to $69 after U.S. President Donald J. Trump announced a ceasefire, disgusting the potential damage to the severe straits of the Hallmon Transport Corridor.
Brent has settled the lowest since June 10, and since June 5, West Texas Intermediate launched an unexpected attack on Iran’s major military and nuclear facilities since June 13.
The two-day deal is expected to be based on global markets next week, Jetti Petroleum, Inc. President Leo P. Bellas told reporters in a Viber message.
“Basically, refined fuel prices track crude oil transportation,” he said. “The price drop starts with a risk premium for crude oil following conflict downgrades.”
Mr. Velas said global oil prices “a further decline” after the ceasefire, reducing the risk of supply disruptions in the Middle East.
According to the benchmark used to refine petroleum products, Singapore Platz Singapore (MOPS) averaged for two days, with diesel prices expected to fall to P0.80 to P1.10 to rise to P1.10, while gasoline prices may drop to P0.10 or fall, or fall.
Mr. Bellas said the initial signs of domestic price movements could still change based on mop transactions over the next three days.
“Despite the tensions lower, the situation in the Middle East remains fragile but held so far,” he said. “Crude oil prices may be limited in the coming days.”
Mr. Bellas said Asia’s refined fuel prices will be subject to “super demand fundamentals” and demand is expected to continue to rise in the summer and supply is expected to rise gradually as refineries return.
The Department of Energy said in a statement that it has conducted on-site monitoring activities at fuel retail stores in Tajig City to ensure consumers receive oil products in the right quantity and quality.
It also wants to ensure fuel retailers comply with staggered price increases.
The Philippines is a net importer of oil and is very sensitive to sharp fluctuations in global oil prices.
Governments are monitoring signs of price fraud, as many people raise prices despite global prices falling.
Mr Marcos noted that as oil prices stabilize, the government believes that additional fuel subsidies are not needed immediately for areas such as transportation, fisheries and agriculture.
He added that aid in the form of subsidies can only be considered if fuel prices soar again.
“The price of oil hasn’t risen,” he said. “It went up for a day and then came back.”
Although aid programs remain, the government said more aid will depend on actual price changes rather than short-term fluctuations.
“Big deal”
Philippine oil companies must keep fuel stocks for at least 30 days to help stabilize local supply. If global crude oil prices violate losses of $80 per barrel threshold, fuel subsidies for public transport drivers and Fisherfolk will be automatically triggered.
Local fuel retailers implemented the first batch of oil prices on Tuesday, while some implemented the second batch on Thursday or Friday.
The total price for a week is P3.50 for gasoline, P5.20 for diesel is P5.20, and the total price for kerosene is P4.80.
The Department of Energy and Economic Managers are expected to continue to monitor any signs of development in the global oil market.
Oikonomia Advisory and Research, Inc. The Israel-Iran war is more important than past wars, which involves oil-producing countries such as the Russian-Ukrainian war.
“The Middle East is [Philippines’] “While any war involving oil exporters will cause global supply disruptions, the conflict in the Middle East has had a more direct impact on our oil supply,” he said in a Viber chat.
He said that US President Donald J. Trump (Donald J.
“In the long run, there is constant geopolitical instability [for] There is a need to diversify trading partners and supply chains, especially for key commodities such as oil. ” he added.
Israel launched a surprise attack on Iran earlier this month, targeting major nuclear and ballistic missile facilities and senior military leaders. Washington joined the campaign on Sunday, targeting Iran’s main nuclear venue.
Jose Enrique “Sonny”, executive director of the Ibon Foundation, think tank A. Africa calls the government’s assessment “misleading”, especially as uncertainty and our participation in the war grows.
“This disdain is a lack of strategic thinking about the economy’s fundamentally over-reliance on imported energy,” he said through Viber. “The lack of long-term policy action is why these and other similar loopholes will continue to exist.”
