00:00Repercussions of the nearly two-week Iran-Israel war have been contained thanks to an aggressive intervention or peace brokering by U.S. President Donald Trump.
00:09And the really severe economic effects to the country have already passed with global trade and oil prices at the world market stabilizing after a day of unpredictability and turmoil.
00:20Our Kenneth Paschenta fills us in with more.
00:22No serious effects on the Philippines. That's how the government sees the ongoing conflict in the Middle East.
00:30This comes after a meeting and assessment of the government's economic team led by President Ferdinand R. Marcus Jr.
00:36Authorities say there is nothing to be alarmed about, at least for now.
00:52Regarding the price of petroleum products, the President said oil prices have already dropped to $69 from over $70 per barrel.
01:11Following the de-escalation of tensions between Iran and Israel, that's why the President clarified that the distribution of fuel subsidy will be based on actual price movements of petroleum products in the market.
01:22The price of oil has not gone up, so we do not need to talk about the subsidies.
01:52The price of oil subsidy yet. The price of oil has not gone up. It went up for one day, then it came back down.
01:59The Department of Energy earlier said the government is ready to provide fuel subsidies if needed.
02:04In fact, P2.5 billion have been allocated for the transport sector.
02:09Apart from implementing staggered or phased price increases, another step being taken by the government is engaging in talks with oil companies.
02:16Currently, the price increase for diesel is set at P2.60, P2.40 for kerosene, and P1.75 for gasoline.
02:27The remaining price hikes are set to be implemented on June 26.
02:31Regarding the call to remove VAT and excise taxes on petroleum products, the DOE explained,
02:36The excise tax and the value-added tax, which is 12%, is imposed because of a law. Legislation yan eh.
02:46So, hindi pwede na yung DOE can go against what is mandated by law, nor DOF, nor even the President.
02:54So, kailangan talaga sundan kung anong nasa batas.
02:57Kenneth Pasiente from the National TV Network for a new and better Philippines.
