The Philippine government has assured the public that the ongoing Iran-Israel conflict is currently having a minimal and non-alarming impact on the nation’s economy and energy supply.
This assessment was shared during a press briefing in Malacañang on Tuesday by Department of Energy (DOE) Officer-in-Charge Sharon Garin, following a high-level meeting led by President Ferdinand R. Marcos Jr. and key members of his economic team.
Secretary Arsenio Balisacan of the Department of Economy, Planning, and Development (DEPDev) provided an overview of the current economic outlook. He emphasized that while global developments are being closely watched, factors such as oil price movements, trade dynamics, export trends, and overseas Filipino worker (OFW) remittances remain stable at this time.
“With all those considerations taken into account, the impact on our economy is minimal and not alarming as of now,” Garin said. “Of course, we remain cautious, and this may change if the conflict escalates significantly.”
Also present at the inter-agency meeting were Finance Secretary Ralph Recto, Special Assistant for Investment and Economic Affairs Secretary Frederick Go, and senior officials from the Department of Foreign Affairs and the Department of Labor and Employment.
Garin noted that all relevant agencies are closely monitoring the evolving geopolitical situation and are prepared to implement contingency measures if necessary.
In terms of energy security, Garin assured the public that the country has sufficient oil reserves, with industry players maintaining an average buffer stock of 28 to 30 days.
Should the situation worsen, the Philippines is prepared to diversify its sources of petroleum, exploring options from both Organization of the Petroleum Exporting Countries (OPEC) members and non-Middle Eastern suppliers such as the United States, Canada, and Brazil.
“We are not complacent,” Garin emphasized. “We are actively coordinating with our partners and stakeholders to ensure that the economy and energy supply remain stable regardless of external developments.”
