MANILA, Philippines — President Ferdinand R. Marcos Jr. said the government is prepared to provide fuel subsidies to public utility vehicle (PUV) drivers, farmers, and fisherfolk—but only if global oil prices surge significantly and sustainably.

Speaking after the destruction of over ₱9 billion worth of seized illegal drugs in Capas, Tarlac, the President clarified that the current situation does not yet warrant the rollout of subsidies, as oil prices have remained relatively stable despite recent global tensions.

“The price of oil has not gone up. So we do not need to talk about the subsidy yet,” Marcos said. “It went up for one day, then it came back down.”

The recent conflict between Israel and Iran, along with the involvement of the United States, had sparked concerns of global supply disruptions, causing crude oil prices to briefly rise to USD 79 per barrel. However, a ceasefire helped ease market concerns, pushing prices back to around USD 69.

“Umakyat ng 79 dollars per barrel, bumaba ulit pagkatapos na-announce ang ceasefire,” the President noted. “So far, there is no significant effect on the economy.”

He stressed that the government is closely monitoring oil price movements and is ready to intervene through targeted fuel subsidies if price hikes negatively impact vulnerable sectors.

“Ang sinasabi namin, hindi ayuda—subsidy ‘pag tumaas ang presyo,” he added. “Kung hindi tumaas ang presyo ng langis, then there is no need for that. We can do business as usual.”