Under the leadership and directive of President Ferdinand R. Marcos, Jr., the government is closely monitoring developments arising from the ongoing conflict involving the United States, Israel, and Iran, particularly its potential impact on global oil markets and the Philippine economy.

The Philippines maintains an adequate oil buffer equivalent to approximately 50 to 60 days of national demand, providing a cushion against short-term price volatility. Oil supply is also secure, given the country’s flexibility to source from multiple oil-producing states.

The government is closely monitoring these two key factors, which will guide any action moving forward:

First, movements in global oil prices; and
Second, the duration of the conflict and the possibility of sustained higher oil prices.

In line with the directive of the President, the Department of Energy is in active discussions with oil companies to stagger pump price adjustments.

Additionally, the Economic Team will work with Congress to secure authority for the President to temporarily reduce excise taxes on fuel should the price of Dubai crude oil exceed US$80 per barrel. To be clear, this does not mean the authority will be automatically exercised. It is a precautionary measure — a ready policy tool that the President may use, if necessary, to act swiftly in protecting Filipino consumers and safeguarding the broader economy.

Amid the ongoing conflict, we remain vigilant, prepared, and committed to protecting the welfare of all Filipinos.

The Department of Finance will continue to coordinate closely with relevant agencies to ensure a calibrated, responsible, and timely response to evolving global developments.