Presidential Communications Office (PCO) Undersecretary Claire Castro on Monday said President Ferdinand Marcos Jr. will convene an “emergency” meeting with his economic team to assess the potential impact of the Strait of Hormuz’s closure on the Philippine economy.
Iran was reportedly moving to block the Strait of Hormuz, a critical chokepoint for global oil shipments, following heightened geopolitical tensions in the Middle East.
This has raised concerns over global energy supply disruptions and price volatility—factors that could significantly affect fuel-importing countries like the Philippines.
“I would like to inform you that the economic team will have a meeting with the President… I can provide you with the details of whatever plans there are for tomorrow,” Castro told reporters.
The meeting will allow key Cabinet officials to present scenarios and policy recommendations to cushion the economic fallout.
Among the issues expected to be tackled are oil supply security, inflation management, and contingency measures for the energy and transport sectors.
Castro added that the Palace will release further details after the discussions.
