PRESIDENT Ferdinand Marcos Jr. called for a meeting with his economic team amid the escalating conflict in the Middle East, Palace Press Officer Claire Castro said on Monday.
Castro was responding to a question on the government’s reaction to reports Iran’s parliament has approved a plan to close the Strait of Hormuz, which could disrupt oil supply in the world.
About 20 percent of global oil shipment passes through the narrow waterway.
Iran’s move is in retaliation for strikes carried out against it by Israel and the United States. On Sunday the US military struck three sites in Iran, joining Israel’s efforts to destroy Iran’s nuclear program.
“I would like to inform you that the economic team will have a meeting with the president,” Castro said in Filipino.
Later she announced the meeting will be held Tuesday, June 24, the results of which will also be made public on the same day.
Marcos was in Marawi City on Monday.
Castro also reassured the public, especially public transport drivers, farmers and fisherfolk, that the government would provide fuel subsidies to ease the impact of the expected hike in world oil prices if Hormuz is closed.
Castro said P2.5 billion has been set aside for the fuel subsidy.
“What the government could provide is a fuel subsidy for truckers and drivers to ease their worries and also to assist the commuters,” she added in Filipino.
