The Philippine economic team on Tuesday assured the public that the ongoing conflict between Israel and Iran will not have a substantial impact for the country.

The country’s lead economist Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan said that the situation in the Middle East is "not alarming” as of now.

According to Department of Energy Officer-in-Charge Sharon Garin, Balisacan looked at various factors in making his assessment such as oil price fluctuations, trade and export dynamics, and the potential effect on the remittances from overseas Filipino workers, particularly those who are working in the Middle East.

“So, with all those considerations ... the impact is so minimal to our economy that it doesn’t seem alarming as of now as long as the situation will not escalate or the conflict worsens,” she said. 

While no particular details were shared from the meeting, Garin said Finance Secretary Ralph Recto, Special Assistant for Investment and Economic Affairs Secretary Frederick Go, officials from the Department of Foreign Affairs and Department of Labor and Employment were also present in the meeting.

The Philippine government has raised Alert Level 3 in Israel and Iran and is conducting continuous repatriation operations to bring home Filipinos in those countries.

Back home, concerned agencies are actively monitoring the situation and are prepared to implement responses to cushion the impact on ordinary Filipinos.

One of the key concerns in the Philippines is the oil trade. Garin has allayed fears of consumers emphasizing that oil companies have an average buffer stock of oil lasting 28 to 30 days.

Currently, the Philippines is relying on oil products supply coming from the Middle East.

In the event of the closure of the Strait of Hormuz, the Energy department said it has explored other ways to procure oil from other Organization of the Petroleum Exporting Countries (OPEC)-member countries and other suppliers such as the United States, Canada, and Brazil, as likely backup sources of oil and other petroleum products.

It is also prepared to distribute financial aid to public utility vehicle drivers, fisherfolk, farmers, and other stakeholders.