The Philippine Chamber of Commerce and Industry (PCCI) is hoping the five-day pause announced by US President Donald Trump on attacks on Iran’s power facilities would result in a deescalation of tensions, as the Philippines, an oil-importing nation, continues to reel from successive fuel price hikes.

PCCI president Perry Ferrer in a Viber message on Tuesday said, “I hope the five-day pause leads to a ceasefire and discussions for long-term peace.”

“The countries involved must realize there are no winners if war continues, just losers,” he added.

Strikes postponed against Iranian power plants

Trump had “instructed the Department of War to postpone any military strikes against Iranian power plants and energy infrastructure for five days, subject to the success of ongoing meetings and discussions.”

He said Iran wanted “to make a deal,” and US envoys had been holding talks with a “respected” Iranian leader, but not new Supreme Leader Mojtaba Khamenei.

Trump stressed that Iran must give up its enriched uranium stockpile for a deal.

‘Crisis’ causing panic

Ferrer, meanwhile, appeared to support the government’s position that the Philippines is not facing an oil crisis, noting that declaring one could trigger public hysteria and drive up commodity prices.