The Philippine Chamber of Commerce and Industry (PCCI) expressed hope that the five-day pause ordered by United States President Donald Trump on planned attacks against Iran’s power plants would lead to a cessation of hostilities, as the Philippines remains vulnerable to global oil price increases.
Trump said he had instructed the “Department of War” to postpone military strikes on Iranian energy infrastructure for five days, depending on the outcome of ongoing negotiations.
He said Iran is seeking “to make a deal,” with US envoys holding talks with a “respected” Iranian leader, though not Supreme Leader Mojtaba Khamenei. The US leader added that Iran must give up its enriched uranium stockpile for any agreement to proceed.
“I hope the five-day pause leads to an agreed ceasefire and discussions for long-term peace,” PCCI president Perry Ferrer said in a Viber message Tuesday.
“The countries involved must realize that there are no winners if war continues, just losers,” he added.
Ferrer also appeared to support the government’s position that the country is not facing an oil crisis, warning that such labeling could trigger public panic and affect commodity prices.
“The word ‘crisis’ might spark panic. There is enough fuel supply for the near term,” he said.
Malacañang on Monday maintained that there is no oil crisis, citing stable fuel supply.
Rizal Commercial Banking Corporation chief economist Michael Ricafort said uncertainty remains, particularly with Trump’s pronouncements.
“The situation is unpredictable, including Trump,” Ricafort said.
Over the weekend (US time), Trump gave Tehran 48 hours to reopen the Strait of Hormuz to all vessels, warning that failure to comply could lead to the US “obliterating” Iran’s power plants.
Meanwhile, civic groups led by Alyansa ng Bantay sa Kapayapaan at Demokrasya, People’s Alliance for Democracy and Reforms, Liga Independencia Pilipinas, and Filipinos Do Not Yield Movement chairman emeritus Dr. Jose Antonio Goitia defended the Marcos administration against criticism, saying the fuel situation is driven by global factors.
“Countries around the world are facing the same pressures. These are driven by global factors such as supply disruptions and geopolitical tensions, which no single country can control,” Goitia said.
“We cannot control global prices. What we can control is how we respond. That is where leadership matters,” he added.
Goitia also rejected claims that the government has failed to act, citing fuel subsidies extended to drivers, farmers and fisherfolk.
“Support has reached drivers, farmers, and fisherfolk. Social programs continue to help those who need it most. Are these enough? That is a fair question. But saying there has been no action creates a false picture,” he said.
“We can question adequacy, but we should not deny what already exists.”
President Ferdinand R. Marcos Jr. on Tuesday led the distribution of fuel subsidies at the Parañaque Integrated Terminal Exchange to cushion the impact of rising oil prices on bus operators and drivers.
“I am here to ensure that what we are doing with the fuel subsidy is smooth because we are starting today—not only here in Metro Manila, but all over the country,” the President said.
The program forms part of the P2.5-billion fuel subsidy fund for public utility vehicles under the Department of Transportation.
Bus operators will receive P10,000 per unit, while drivers will be given P5,000 each.
The subsidy will be distributed through checks, fuel cards, cash, and direct transfers to bank or e-wallet accounts to ensure faster release, the President said.
“Please help us so that our riding public will not be too hard-pressed and will not be burdened with fares because we know what the situation is—oil prices are changing all over the world,” he added.