PBBM: No global supply chain impact yet from Middle East tensions

MANILA, March 4 ------ President Ferdinand R. Marcos Jr. said there is no significant disruption yet in the global supply chain despite escalating tensions in the Middle East. In a press conference at Malacañang Palace in Manila, Marcos described the situation as “very fluid and volatile,” noting that information reaching the government remains limited as the conflict area is a war zone.

Marcos said potential increases in consumer goods would depend on the duration of the crisis. He said oil price shocks take time to move through the system before daily consumers feel the impact on basic commodities. “It will take time for any of the effects of the oil price shocks to work through the system. And of course, the prayer that we have is that before they work their way through the system, matapos na ito so that hindi na masyadong maramdaman ng taumbayan,” Marcos said. “Kasi kung matagal ito, doon mararamdaman,” he added.

Marcos noted that the government has prepared various scenarios, with estimates from the United States (US) suggesting the conflict could last four to five weeks. He expressed optimism that the crisis would end soon, saying normalization of commerce and oil production would help ease pressures. While projections remain uncertain, Marcos said government agencies are preparing more detailed assessments as developments unfold.

Marcos added that the government is also monitoring the dollar’s movement, noting that remittances are sent in US currency, although the peso has remained stable so far. “But again, please understand that itong mga numero na sinasabi natin ay hindi pa tayo nakakatiyak dahil hindi natin nalalaman kung gaano katagal pa mangyayari ito, gaano katagal pa bago babalik, gaano katagal pa ‘yung presyo ng langis ay wala tayong kontrol as you all know,” he said.

Source: philstar.com