President Ferdinand “Bongbong” Marcos Jr. said Middle East tension has no significant effect on the Philippine economy.

Marcos issued the statement after meeting with his economic team, to assess the effects of the Israel-Iran conflict, particularly on oil prices.

“We looked at it and inanalyze namin paanong mangyayari and nakita natin na the effect on the economy should be manageable,” Marcos said.

“So far there’s no significant effect on the economy,” he added.

Department of Energy officer-in-charge Sharon Garin has said that as of Tuesday morning, June 24, the average price of crude oil stood at about $69 per barrel after United States President Donald Trump announced that a ceasefire between Israel and Iran was already in place.

Trump also asked both sides not to violate it.

Due to the development on the price of crude oil, Garin said the government’s fuel subsidy program for the public transport and agriculture sectors might not be activated.

Marcos has since called for a peaceful and diplomatic resolution following the attacks of the United States forces on three nuclear sites in Iran.

He also assured Filipinos affected by the tension that the government is ready to assist them.