The government is monitoring the price gouging amid conflict in the Middle East, President Ferdinand R. Marcos Jr. said on Wednesday, even though he assured that the tensions have “no significant” impact on the Philippine economy.

In an interview in Tarlac, Marcos said the effect of the Iran-Israel war “should be manageable.”

“So far, there is no effect. So, there’s no significant effect on the economy,” Marcos said, when asked about the results of his meeting with his economic team held at Malacañan on Tuesday to assess the potential impact of the Middle East conflict.

“‘Yun lamang, binabantayan natin ngayon ‘yung price gouging dahil ang dami ko nang nakita, nagtataas ng presyo. Hindi naman tumaas ang presyo ng langis. So, ‘yun ang babantayan natin ngayon (The price gouging is the only thing we’re monitoring right now, because I’ve seen a lot of prices going up. Prices don’t go up like this. That’s what we’re monitoring right now). That’s what we’re going to watch,” he added.

While he acknowledged that the ongoing crisis in the oil-rich region may affect the prices of oil, Marcos noted that crude oil prices fell to USD69 from USD79, following the announcement of ceasefire agreement between Iran and Israel.

Asked if the government would still grant fuel subsidy for public utility drivers and other affected stakeholders despite the decline in oil prices, Marcos said it would be unnecessary.

“Kung hindi nagbago ang presyo, then we do the same like before. Ang sinasabi namin, hindi ayuda, subsidy. ‘Pag tumaas ang presyo. Kung ‘di tumaas ang presyo ng langis, there’s no need for that (If the prices don’t go up, then we do the same like before. What we’re saying is, not assistance, but subsidy. If the prices go up. If the prices don’t go up, then there’s no need for that),” he said.

“They can proceed. We can do business as usual. The price of oil has not gone up. So, we do not need to talk about the subsidy yet. The price of oil has not gone up. It went up for one day, then it came back down.”

Marcos on Tuesday held a meeting with select Cabinet members, including the country’s economic managers, to discuss concrete measures that would protect affected Filipinos from the effects of the ongoing tensions between Iran and Israel.

The provision of fuel subsidies, cash aid and government support to keep prices of commodities and transportation fares affordable while maintaining economic stability were among the plans discussed during the meeting. (PNA)