By Darryl John Esguerra
MANILA – President Ferdinand R. Marcos Jr. on Wednesday welcomed the reported two-week ceasefire between the United States (US) and Iran, expressing hope it would ease global oil supply constraints and benefit the Philippines.
Marcos said the possible reopening of the Strait of Hormuz, a critical oil shipping route, would help ensure a steady fuel supply and allow Filipino seafarers to resume operations.
“Kung kasama sa agreement na nabubuksan ang Strait of Hormuz… magagawa nila yung kanilang trabaho (If the agreement includes opening the Strait of Hormuz, they would be able to resume their job)” he said.
The President noted that thousands of Filipino seafarers have been affected by disruptions in the area.
He added that the government will use the ceasefire window to boost fuel supply.
“We will take full advantage of the two weeks to increase our supply as much as possible,” Marcos said.
The Philippines, a net oil importer, has been grappling with rising fuel prices due to tensions in the Middle East, particularly in the Strait of Hormuz, where about 20 percent of the global oil supply passes.
Marcos said easing supply constraints could help stabilize prices, although volatility remains a concern.
He expressed hope that the ceasefire would be extended if negotiations progress.
“We are all hoping and praying that the two-week ceasefire will extend further,” he said. (PNA)
