Tarlac: 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.

According to Philippines News Agency, Marcos stated in an interview in Tarlac that the effect of the Iran-Israel war 'should be manageable.' He mentioned that, so far, there is no significant effect on the economy, based on the results of his meeting with his economic team held at Malaca±an on Tuesday to assess the potential impact of the Middle East conflict.

Marcos highlighted that the primary concern is the price gouging, as he has observed numerous instances of price hikes that are not justified by oil price increases. He emphasized the need to monitor these price changes closely.

While acknowledging the potential impact of the ongoing crisis in the oil-rich region on oil prices, Marcos pointed out that crude oil prices had actually fallen to USD69 from USD79 following the announcement of a ceasefire agreement between Iran and Israel.

When asked about the possibility of granting fuel subsidies to public utility drivers and other affected stakeholders despite the decline in oil prices, Marcos indicated it would be unnecessary if prices remain stable. He reiterated that subsidies are considered only if oil prices rise.

Marcos reassured that business operations can proceed as usual since the price of oil has not increased significantly. He noted that there was a temporary increase in oil prices, but it quickly subsided.

During a meeting on Tuesday with select Cabinet members, including the country's economic managers, Marcos discussed concrete measures to 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 maintain affordable prices for commodities and transportation fares while ensuring economic stability were among the plans addressed during the meeting.