Marcos: Measures In Place To Soften Impact Of Oil Price Hikes

MANILA, March 19 (Bernama-PNA) -- Philippines President Ferdinand R. Marcos Jr. on Thursday assured the public of his administration’s continued efforts to mitigate the impact of rising global oil prices, citing initiatives to secure sufficient fuel and food supplies.

Philippine news agency (PNA) reported Marcos, speaking to reporters in Mariveles, Bataan, said the government is exploring various methods to expand subsidy assistance to affected sectors, while closely monitoring the volatile international oil market.

“The problem is that the price of oil is very volatile, we cannot fully anticipate, so we are still adjusting right now. But I think so far, somehow, we will be able to soften the blow,” Marcos said.

Marcos, nevertheless, maintained that the country’s current stocks of oil and essential goods remain sufficient, adding that concerned government agencies are focusing on keeping prices as stable as possible.

He said efforts are underway to bring down the cost of basic commodities.

“We want to keep as much as possible, people need not worry, we are securing the supplies of oil, we are securing the supplies for food. And so far, our supplies are sufficient,” Marcos said.

While oil prices are largely driven by global factors, Marcos said the government is seeking alternative sources of fuel to reduce dependence on suppliers from the Middle East and ensure steady supply.

Marco also emphasised the ongoing support from transport workers, including the distribution of subsidies to offset deferred fare increases, particularly ahead of the Holy Week travel period.

He also cited the government’s broader goal of protecting Filipinos’ livelihoods, saying several interventions are in place to maintain economic stability.

“So, we are adjusting well. What we are really aiming for here is to protect people’s livelihoods, so that they still have a source of income,” Marcos said.

“We have to accelerate all of this because of the oil crisis that’s happening,” he added.

-- BERNAMA-PNA