Latest news with #FerdinandR.MarcosJr
The Sun
8 hours ago
- Business
- The Sun
No significant impact on Philippine economy from Iran-Israel conflict
MANILA: Philippine President Ferdinand R. Marcos Jr has assured that the ongoing tensions in the Middle East have had 'no significant effect' on the Philippine economy, though the government is closely monitoring for potential price manipulation, Philippines News Agency (PNA) reported. Speaking to reporters in Tarlac on Wednesday, Marcos said the impact of the Iran-Israel conflict remains manageable, based on assessments made during a meeting with his economic team at Malacañang on Tuesday. 'So far, there is no effect. No significant effect on the economy,' he said. Marcos, however, noted that the government is on alert for price gouging, citing instances of unjustified price increases despite stable oil prices. 'We're monitoring price gouging, because I've seen many prices going up even though oil prices haven't increased. That's our focus now,' he added. He acknowledged that while the crisis in the oil-rich region could potentially affect global prices, crude oil had declined to US$69 from US$79 following the ceasefire agreement between Iran and Israel. Asked whether fuel subsidies would be extended to public utility drivers and other sectors despite the drop in prices, Marcos said such assistance would only be considered if prices surge. 'If prices don't increase, then there's no need for subsidies. We're not referring to aid but to targeted subsidies, which will only be triggered if oil prices rise,' he explained. Marcos stressed that for now, it remains 'business as usual' for the country. 'The price of oil hasn't gone up. It rose for a day and then came back down. So we don't need to talk about subsidies yet,' he said.
New Straits Times
9 hours ago
- Business
- New Straits Times
No significant impact on Philippine economy from Iran-Israel conflict: Marcos
MANILA: Philippine President Ferdinand R. Marcos Jr has assured that the ongoing tensions in the Middle East have had "no significant effect" on the Philippine economy, though the government is closely monitoring for potential price manipulation, Philippines News Agency (PNA) reported. Speaking to reporters in Tarlac on Wednesday, Marcos said the impact of the Iran-Israel conflict remains manageable, based on assessments made during a meeting with his economic team at Malacañang on Tuesday. "So far, there is no effect. No significant effect on the economy," he said. Marcos, however, noted that the government is on alert for price gouging, citing instances of unjustified price increases despite stable oil prices. "We're monitoring price gouging, because I've seen many prices going up even though oil prices haven't increased. That's our focus now," he added. He acknowledged that while the crisis in the oil-rich region could potentially affect global prices, crude oil had declined to US$69 from US$79 following the ceasefire agreement between Iran and Israel. Asked whether fuel subsidies would be extended to public utility drivers and other sectors despite the drop in prices, Marcos said such assistance would only be considered if prices surge. "If prices don't increase, then there's no need for subsidies. We're not referring to aid but to targeted subsidies, which will only be triggered if oil prices rise," he explained. Marcos stressed that for now, it remains "business as usual" for the country. "The price of oil hasn't gone up. It rose for a day and then came back down. So we don't need to talk about subsidies yet," he said.
Gulf Today
12-06-2025
- Business
- Gulf Today
Ambassador hails UAE-Philippines ties on I-Day
On the occasion of the 127th Philippine Independence Day on June 12, 2025, Philippine Ambassador Ferdinand Alfonso Ver told his fellow Filipinos in the United Arab Emirates: 'As we mark the 127th anniversary of Philippine Independence, we reflect on the meaning of the theme of the celebration: Kalayaan, Kinabukasan, Kasaysayan (Freedom, Future, History) and honour the sacrifices of our heroes; celebrate the freedoms we now enjoy; and embrace the shared responsibility to shape a better future. This year's celebration is particularly significant as we highlight the growing and strategic partnership between the Philippines and the United Arab Emirates.' 'Anchored in mutual respect and reinforced by the presence of nearly a million Filipinos in the UAE, our bilateral relations have expanded into a forward-looking cooperation and collaboration in new and previously untapped fields. The official visit of President Ferdinand R. Marcos Jr to the UAE in November 2024 reaffirmed the strength of our diplomatic relations and opened new doors for strategic cooperation.' 'The signing of key bilateral agreements has laid the foundation for greater partnerships in the critical areas of trade and investment; renewable and clean energy; cultural cooperation; digital transformation and innovation; environmental protection; public safety and security; and improved government services. These achievements are not only symbolic of the growing trust between our nations but also tangible commitments to our shared vision for economic resilience, technological advancement, and sustainable development. The UAE's leadership in AI, digital transformation, and smart technologies aligns closely with the Philippines' own aspirations.' 'Filipinos in the UAE – as IT professionals, engineers, creatives, and innovators – are contributing meaningfully in these advanced fields, embodying the Filipino spirit of excellence, dedication and resilience. This year, the UAE celebrates the Year of Community. We take great pride in the integral role that the Filipino community plays in this country's success and in enriching the UAE's social and economic fabric.' 'Filipino workers and entrepreneurs continue to be active contributors not just in traditional sectors, but increasingly in knowledge-based industries, reinforcing their value as partners in nation-building – both here and at home. The Filipino community continues to thrive in this land of opportunity and inclusion while carrying the legacy of our hard-won independence. We honor their sacrifices and their vital role in strengthening Philippines-UAE relations.' 'As we look toward the future, let us celebrate not only the freedom we cherish, but also the strong and evolving partnership we share with the UAE – a relationship that continues to grow in breadth, depth, innovation, shared purpose, and mutual benefit.'
