The two-week truce between Iran, the United States, and Israel has opened a narrow window the Philippines intends to use — and President Ferdinand Marcos Jr. is moving on two fronts simultaneously.
With the Strait of Hormuz set to reopen temporarily under the ceasefire terms, Marcos said Manila is racing to secure as much petroleum as possible before the pause potentially lapses. Around a fifth of global oil supply moves through the strait, and Philippine-bound vessels will be among those allowed through during the truce period.
“So we will take full advantage of the two weeks to increase our supply as much as possible and to continue to make whatever arrangements are possible,” the President said.
Whether that translates to lower prices at home remains uncertain. Marcos acknowledged the volatility of global oil markets and tempered expectations accordingly.
“Hopefully, the price of oil will go down a bit, but we’ll have to see. Because it’s so volatile, two weeks may not be enough time to bring the prices down,” he said, adding: “But maybe if it is extended further than that with the prospect of an even better situation following, then prices will start to follow.”
The ceasefire came after more than a month of conflict that sent fuel costs rising across multiple countries. Marcos said he hopes the truce holds — and that the parties involved share that desire.
“We are all hoping and praying that the two-week ceasefire will extend further if the talks go well. I think that everybody around the table is willing and desirous…gusto nila na matapos na itong gulo na ito. So hopefully all the parties will come together,” he said.
Separately, Marcos presided over a meeting with the Private Sector Advisory Council where the longer-term problem of displaced OFWs took center stage. With workers continuing to return from the Middle East, the administration is pressing to accelerate retraining timelines and expand pathways back into employment.
“We are looking for ways so that when they are ready, they can find new jobs. For those who need training, we have… we’ve accelerated our previous system so that their training can be completed more quickly, allowing them to re-enter the workforce sooner,” Marcos said.
For those unwilling to return to traditional employment, he said the government is also backing entrepreneurship — including access to loans and other startup support.
“We also have programs for those who don’t want to be employees and prefer to start their own business. They can set up their own enterprise, and we help them with that as well. This includes support such as loans and other assistance,” the President added.
The PSAC session also took up the role of artificial intelligence in both government operations and the broader economy. Marcos noted alignment between administration priorities and private sector recommendations on managing the economic fallout from the Middle East situation.
“The positive outcome here is that what we are planning to do in the government aligns very well with the recommendations of our private sector advisors on how to mitigate the effects of what is happening in the Middle East,” he said.
