President Ferdinand R. Marcos Jr. welcomed reports of a tentative ceasefire agreement between the United States and Iran, expressing optimism that the development could bring an end to the conflict in the Middle East, stabilize global energy markets, and secure a lasting peace.
President Marcos shared his outlook during a joint press conference at Malacañang Palace alongside German Federal President Frank-Walter Steinmeier, who is currently on an official visit to the Philippines. Both leaders emphasized that their respective nations have felt the sharp economic ripple effects of the crisis despite their geographic distance from the conflict zone.
“We hope, we pray that this is the case, that it is over, the war is over, and it will be a lasting peace,” President Marcos said. “We await with bated breath the actual finalization of that agreement. It is some of the best news that we could hope for if indeed it comes to fruition.”
The President noted that the ongoing conflict has caused widespread global instability, triggering a petroleum crisis and sharp inflationary pressures that have made everyday life difficult for citizens worldwide. A successful truce is expected to immediately halt hostilities, lift the U.S. blockade, and reopen the critical Strait of Hormuz to commercial shipping.
While hailing the breakthrough as a vital step forward, President Marcos cautioned that reversing the economic damage will require a period of transition.
“Because of the enormity of the problem, of the instability that this war has caused, it’s inevitable that it will take some time for us to adjust back to what will be the new normal,” the President added.
The administration reaffirmed that a stabilized Middle East is crucial for the Philippine economy, as it will tame volatile fuel prices and protect local consumers from the vagaries of sudden price hikes, allowing the nation to focus on sustainable economic recovery.
