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Alexis Romero - The Philippine Star
April 9, 2026 | 12:00am
Signs reading 'out of stock' are displayed at a gas station amid rising petrol prices in Manila on March 9, 2026.
AFP / Jam Sta Rosa
MANILA, Philippines — President Marcos yesterday expressed hope that the ceasefire in the Middle East would be longer as he vowed to take advantage of the two-week combat pause to augment the Philippines’ oil supply.
In an interview with Presidential Communications Undersecretary Claire Castro, Marcos noted that the ceasefire deal would allow the safe passage of oil tankers in the Strait of Hormuz, which is effectively under Iran’s control.
“Hopefully, all the parties will come together. But we have the two weeks, we will take as much advantage of it as we possibly can by (ensuring) the supply of petroleum products in the Philippines and hopefully... do something about the pricing,” the President said.
Marcos expressed belief that all parties want an end to the war, which has triggered oil price hikes and supply chain disruptions.
“Hopefully, the price of oil will decrease somehow, but let’s see. Because it’s so volatile, two weeks may not be enough time to bring the prices down,” the Chief Executive said.
US and Iran recently forged a two-week ceasefire deal that would allow the safe passage of ships through the vital oil supply artery.
ASEAN cooperation
The Association of Southeast Asian Nations must enhance regional cooperation to protect the bloc not only from the current oil crisis but also from future energy shocks, Tetsuya Watanabe, president of the Economic Research Institute for ASEAN and East Asia said.
“The current shock is a reminder that going alone is more expensive and less effective than going together,” Watanabe told “Money Talks” on One News yesterday.
“Immediate crisis response needs to be taken by individual countries, but I think moving forward, this disruption can be a catalyst for deeper regional integration in the energy sector instead of deepening the national first instinct,” the ERIA chief stressed.
Meanwhile, the progressive Makabayan bloc condemned US President Donald Trump for his threats against Iran, saying the ceasefire maneuver shows the US has no other option – EJ Macababbad, Jose Rodel Clapano
