Ceasefire seen as window to boost PH fuel supply – President Marcos

President Ferdinand Marcos Jr. on Wednesday said the reported two-week ceasefire between the United States and Iran could help the Philippines secure additional fuel supply and stabilize the domestic market.
 
“We will take full advantage of the two weeks to increase our supply as much as possible,” President Marcos said. “We are hoping and praying that the two weeks will extend further if talks go well.
 
“Everybody around the table is willing and desires, gusto nila na matapos na ang gulo na ito. Hopefully, all the parties will come together,” the President noted.
 
President Marcos added that the temporary truce could allow delayed shipments to proceed, noting that arrangements are also in place to ensure safe passage for Philippine-flagged vessels.
 
“Yung mga supply na nailakad natin nung habang nag-aantay tayo na magbukas, baka pwede na nang padahanin,” the President said. “Kasama na rin dyan ang naging arrangement natin sa Iran na pumayag naman sila na Philippine flag na vessel…at mga supplies na papuntang Pilipinas ay pwede nilang padaanin.”
 
President Marcos explained that global oil prices are driven by supply and demand, and that a two-week pause in hostilities may not be enough to significantly affect prices.
 
“Two weeks may not be enough time to bring the prices down. But maybe if it is extended further than that with the prospect of even better situation following, then prices will start to follow,” the President said, expressing hope that an extended ceasefire could improve market conditions.