The government on Tuesday assured the public that the ongoing Iran-Israel conflict is having a minimal and non-alarming impact on the country’s economy and energy supply—at least for now.

This was how Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan assessed the current situation of the country’s economy, Department of Energy (DOE) Officer-in-Charge Sharon Garin said.

During a press briefing in Malacanang on Tuesday, Garin discussed some of the details of the meeting of President Ferdinand R. Marcos Jr. with his economic team.

Garin said Balisacan considered various factors such as oil price fluctuations, trade and export dynamics, and the effect on remittances from overseas Filipino workers (OFWs), especially from the Middle East.

“So, with all those considerations … the impact is so minimal to our economy that it doesn’t seem alarming as of now,” Garin said. “Basta hindi lang siya aakyat ulit or the conflict worsens.”

Aside from Balisacan, Garin said also present during the inter-agency meeting were Finance Secretary Ralph Recto, Special Assistant for Investment and Economic Affairs Secretary Frederick Go, as well as officials from the Department of Foreign Affairs and Department of Labor and Employment.

Garin said that all concerned agencies are actively monitoring the situation and are prepared to act if conditions change.

Meanwhile, Garin said the country is adequately prepared in terms of oil supply, noting that oil companies have an average buffer stock of around 28 to 30 days.

Should the tension escalate, Garin said the Philippines can consider other Organization of the Petroleum Exporting Countries (OPEC) nations and non-Middle Eastern suppliers such as the United States, Canada, and Brazil, as viable backup sources of oil and other petroleum products. | PND