US-Iran ceasefire to bring relief to Phl

President Ferdinand Marcos Jr. expressed optimism that a reported two-week ceasefire between the United States and Iran could help ease global oil supply pressures and bring relief to the Philippines amid continuing fuel price volatility.

He said any move that could lead to the reopening of the Strait of Hormuz would be particularly significant, as it would allow normal shipping operations to resume and support thousands of Filipino seafarers affected by regional disruptions.

“Kung kasama sa agreement na nabubuksan ang Strait of Hormuz… magagawa nila yung kanilang kanilang trabaho (If the agreement includes opening the Strait of Hormuz, they would be able to resume their job),” Marcos said.

The President added that the government intends to make full use of the temporary ceasefire period to strengthen domestic fuel supply and cushion possible price spikes.

“We will take full advantage of the two weeks to increase our supply as much as possible,” he said.

The Philippines, which relies heavily on imported oil, has been experiencing sustained pressure on fuel prices due to instability in the Middle East, where a significant portion of global crude shipments pass through the Strait of Hormuz.

Marcos acknowledged that while the ceasefire could help stabilize markets in the short term, uncertainty remains over the longer-term trajectory of global oil prices.

“We are all hoping and praying that the two-week ceasefire will extend further,” he added.