President Ferdinand Marcos Jr. is hoping for peace in the Middle East as his administration works to prevent a potential ‘domino effect’ of oil price hikes across key industries amid rising tensions in the region, Malacañang said on Monday.
Presidential Communications Office (PCO) Undersecretary Claire Castro said President Marcos echoed the appeals of his fellow leaders, who were urging all parties involved to prioritize diplomatic solutions in resolving the escalating conflict.
“The President is also calling for peaceful dialogue and diplomacy to help ease the worsening discord. We must also take a stand for world peace, so that the global community can remain strong,” Castro said in a press briefing.
The PCO official warned of the potential ripple effects the ongoing conflict could have on the global economy, citing market volatility driven by the Middle East unrest. “This will have a domino effect,” Castro said, noting that higher fuel prices was just part of its unintended consequences.
“Even if we give fuel subsidies to our drivers for commuters, we cannot avoid its impact on logistics and trade. So, we’re praying that we can avoid this and find a good solution, so that our people won’t have to feel encumbered because of the tension between Israel and Iran,” Castro added.
The conflict between the two Middle East countries heightened over the weekend after the United States entered the fray, bombing three Iranian nuclear sites. President Donald Trump authorized the operation to support Israeli Prime Minister Benjamin Netanyahu.
