Jonathan Frederic De Santos

Motorists line up at a gasoline station along Philcoa in Diliman, Quezon City on Friday, March 6, in a rush to refuel ahead of the expected fuel price increase next week. Long queues of cars and motorcycles formed as drivers tried to fill up before the anticipated hike in gasoline and diesel prices. Maria Tan, ABS-CBN News

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ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/17756708688271775670865694.jpeg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">Motorists line up at a gasoline station along Philcoa in Diliman, Quezon City on Friday, March 6, in a rush to refuel ahead of the expected fuel price increase next week. Long queues of cars and motorcycles formed as drivers tried to fill up before the anticipated hike in gasoline and diesel prices. Maria Tan, ABS-CBN News </span></span></span></div><p>MANILA — More than a month into a regional conflict that has affected oil prices and supply chains and hours after US President Trump threatened that &quot;a whole civilization will die&quot; unless a deal is reached on the war in the Middle East, the US and Iran have announced a ceasefire for two weeks.</p><p>The truce is meant to lead to further talks, possibly in Pakistan, and, according to either party, is a victory over the other. Israel has accepted America&#x27;s decision but has said its invasion of Lebanon will continue.</p><div><a href="https://www.abs-cbn.com/news/business/2026/4/8/fuel-prices-unlikely-to-normalize-even-if-war-ends-soon-garin-1231"><strong>Fuel prices unlikely to normalize soon even if war ends today — Garin<br/></strong></a></div><p>Closer to home, President Ferdinand Marcos Jr. welcomed the ceasefire and said the Philippines will &quot;<a href="https://www.abs-cbn.com/news/nation/2026/4/8/marcos-ph-to-take-full-advantage-of-ceasefire-to-hike-supply-tame-fuel-prices-1842">take as much advantage of it as we possibly can</a>&quot; to increase fuel supply and stabilize prices.</p><p>So far, that has been done by facilitating deliveries — including shipments of <a href="https://www.abs-cbn.com/news/nation/2026/3/30/petron-secures-2-5-million-barrels-of-russian-crude-1058">Russian oil</a> — and asking Iran to let Philippine-flagged ships pass through the <a href="https://www.abs-cbn.com/news/world/2026/4/9/iran-announces-alternative-routes-in-hormuz-strait-0823">Strait of Hormuz.</a></p><p>Tehran&#x27;s concession was hailed as a win but also raised questions on how many tankers fly the Philippine flag.</p><p>Congress has authorized Marcos <a href="https://www.abs-cbn.com/news/business/2026/3/25/marcos-jr-cuts-oil-excise-tax-to-ease-double-digit-spikes-in-ph-fuel-prices-1901">through law</a> to suspend the collection of excise taxes on petroleum products during crises.</p><p>Doing that will make diesel cheaper by P6 per liter and gasoline by P10 per liter, or less than a tenth of the increase since February 28, when the US and Israel attacked Iran.</p><div><a href="https://www.abs-cbn.com/news/business/2026/4/7/fuel-prices-double-since-end-of-february-1700"><strong>Fuel prices more than double since end of February</strong></a></div><p><strong></strong>Marcos was expected to announce the suspension by Tuesday or Wednesday and that may yet happen this week.<strong><a href="https://www.abs-cbn.com/news/business/2026/4/7/fuel-prices-double-since-end-of-february-1700"> </a></strong></p><div><strong></strong><br/></div><div><strong></strong><strong>MEASURES TO EASE PAIN OF PUMP PRICES</strong></div><div><br/></div><div><strong></strong></div><p>In the meantime, the government has implemented <a href="https://www.abs-cbn.com/news/nation/2026/3/23/toll-discount-lower-train-fares-begin-today-0947">discounts on toll fees and on MRT-3 and LRT-2 fares</a>.</p><p>Prices of basic goods and prime commodities will also remain stable, Trade Secretary Cristina Roque said this week after meeting with manufacturers.</p><p>&quot;<a href="https://www.abs-cbn.com/news/business/2026/4/8/no-price-increase-on-basic-goods-until-april-30-dti-1631">Maybe they want to give their own share</a> or to assist the consumers their own way of keeping the prices stable,&quot; she said of companies, adding no price increases are expected for the rest of the month.</p><p>Fare increases on public utility vehicles — a peso higher for traditional jeepneys — have been suspended, leading to transport strikes and protests and to fewer PUVs on the road as pump prices <a href="https://www.abs-cbn.com/news/nation/2026/3/27/qc-commuters-suffer-as-less-jeepneys-ply-routes-due-to-fuel-cost-0856">become prohibitive</a> for many.</p><div><a href="https://www.abs-cbn.com/news/business/2026/4/7/900k-barrels-of-fuel-arriving-in-mid-april-garin-2034"><strong>900K barrels of fuel arriving in mid-April — Garin</strong></a></div><div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/17756659625381775665960075.jpeg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">Transport group PISTON and allied organizations under the No to Oil Price Hike Coalition stage a protest rally during a nationwide transport strike in Cubao, Quezon City on Thursday, March 26, 2026. Transport workers call on the government to remove excise tax and VAT on fuel and review the Oil Deregulation Law amid rising oil prices. Maria Tan, ABS-CBN News </span></span></span></div><p>The Department of Social Welfare and Development has distributed financial aid of P5,000 each to thousands of transport workers in Metro Manila and <a href="https://www.abs-cbn.com/news/business/2026/4/8/dswd-begins-cash-relief-distribution-to-puv-drivers-in-provinces-1305">has started payouts outside the capital.</a></p><p>Beneficiaries have said the aid is hardly enough for a full tank and errors — <a href="https://www.abs-cbn.com/news/business/2026/3/27/dswd-points-to-companies-for-missing-drivers-in-payout-lists-baka-lumagpas-sila-sa-quota-1106">including some attributed to ride-hailing app companies</a> — have left some out of payout lists.</p><p>The Department of Agriculture is also expected to <a href="https://www.abs-cbn.com/news/business/2026/4/7/agri-dept-to-roll-out-fuel-subsidy-for-farmers-fisherfolk-this-april-1547">distribute fuel subsidies this month</a>, initially from P100 million in its budget, for assistance of P5,000 each to farmers and P3,000 each to fisherfolk.</p><p>Agriculture Secretary Francisco Tiu Laurel Jr. said Wednesday he is looking for ways to help farmers in Benguet who can no longer afford to transport their produce.</p><p>He said the DA has contracted trucks to bring the vegetables &quot;at least from the farm to the trading post.&quot;</p><p>Agriculture officials have acknowledged delays in releasing aid while the department prepares beneficiary lists and tries to realign funding to address a crisis that threatens to stunt production this year.</p><div><a href="https://www.abs-cbn.com/news/business/2026/4/8/mideast-conflict-could-cut-ph-rice-production-by-half-agri-official-1625">Mideast conflict could cut PH rice production by half — Agri official</a></div><div><br/></div><div><strong>BEYOND SUBSIDIES, SECTORS CALL FOR SOLUTIONS<br/></strong></div><p>But sectors have been calling for longer-term solutions to high fuel prices, including a review of the Oil Deregulation Law passed in the late 1990s that relies on competition and the market to keep prices stable and removing the 12-percent value-added tax.</p><p>Calls to regulate the oil industry or at least make it more transparent have gained traction with the frequent price increases even for fuel already in the Philippines before the war in the Middle East began</p><div><a href="https://www.abs-cbn.com/news/business/2026/3/18/why-can-oil-firms-hike-prices-for-fuel-bought-weeks-ago-1839">Why can oil firms hike prices for fuel bought weeks ago?</a></div><p>A proposal to tax the very rich has also been revived, with economist and IBON Foundation executive director Sonny Africa saying that could mean P500 billion collected each year.</p><p>“<a href="https://www.abs-cbn.com/news/business/2026/3/13/economist-bats-for-wealth-tax-cut-in-local-projects-amid-mideast-war-1441">If the Marcos administration decides that the poor should not be made to bear the burden of the crisis</a>, that expands options to include doing things that they should be doing anyway,&quot; he said.</p><p>While Marcos has said that the government is looking at all options to address the energy crisis, the administration has been cool to these, citing revenue losses from removing VAT and the potential of scaring away billionaires by taxing them.</p><p>&quot;We are focused right now on the immediate,&quot; the president said last month, citing the time needed to debate the proposals and to translate them into law.</p><div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/17756699659591775669962994.jpeg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">Commuters wait for available rides at Philcoa, Quezon City, this Friday, March 27, during the second day of a transport strike led by various transport groups protesting rising fuel prices and urging the government to ease taxes on petroleum products. Maria Tan, ABS-CBN News </span></span></span></div><p>Marcos has however signaled a potential shift with longer-term implications, saying on March 25 that a “very, very serious restructuring” of relations with China, with which the Philippines has a dispute in the West Philippine Sea, is “certainly going to happen.”</p><p>He added: “It&#x27;s happening now.”</p><p>While he did not give details, he mentioned the prospect of  joint development of oil and natural gas resources that the dispute — and a <a href="https://www.abs-cbn.com/news/01/10/23/sc-voids-2005-joint-exploration-deal-with-china-vietnam">2023 Supreme Court ruling</a> voiding a 2005 &quot;joint research&quot; agreement with China and Vietnam — has complicated.</p><p>The remark has prompted the military to caution against entering into deals with a country that &quot;<a href="https://www.abs-cbn.com/news/nation/2026/3/31/afp-warns-china-not-a-reliable-partner-amid-possible-oil-gas-talks-1625">is not a reliable partner on the negotiating table</a>&quot; and former Supreme Court Associate Justice Antonio Carpio warning against accepting terms set by China that might the Philippines&#x27; position on the West Philippine Sea.</p><div><a href="https://www.abs-cbn.com/news/nation/2026/4/1/carpio-philippines-committing-suicide-if-it-accepts-china-s-oil-and-gas-terms-1148"><strong>Carpio: Philippines &#x27;committing suicide&#x27; if it accepts China&#x27;s oil and gas terms as talks resume</strong></a></div><p>The Palace has said the government <a href="https://www.abs-cbn.com/news/nation/2026/3/30/palace-says-no-west-philippine-sea-compromise-in-oil-exploration-talks-with-china-1408">will not compromise Philippine interests</a> as the two countries begin &quot;<a href="https://www.abs-cbn.com/news/nation/2026/3/30/philippines-china-open-talks-on-oil-and-gas-exploration-1034">initial exchanges</a>&quot; on possible cooperation.</p><p>But any talk of cooperation in the West Philippine Sea will take time and the Philippines is, for now, dependent on oil shipments that pass through the Strait of Hormuz in waters of Iran and Oman.</p><p>That means the Philippines&#x27; energy woes are tied to prospects for peace in the Middle East.</p><p>&quot;Kung gusto nila na matapos na ang gulong ito (If they want this war to end), hopefully, all the parties will come together,” Marcos said Wednesday.</p><div><br/></div><div><strong>RELATED VIDEO: </strong></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/_QXHq4U1AFs?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>President Ferdinand Marcos Jr. has welcomed the ceasefire and said the Philippines will "<a href="https://www.abs-cbn.com/news/nation/2026/4/8/marcos-ph-to-take-full-advantage-of-ceasefire-to-hike-supply-tame-fuel-prices-1842">take as much advantage of it as we possibly can</a>" to increase fuel supply and stabilize prices.</p>

President Ferdinand Marcos Jr. has welcomed the ceasefire and said the Philippines will " take as much advantage of it as we possibly can " to increase fuel supply and stabilize prices.

As US, Iran agree to ceasefire, what has PH done since the Middle East war began?

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As US, Iran agree to ceasefire, what has PH done since the Middle East war began?

Jonathan de Santos,

ABS-CBN News

Published April 09, 2026 09:12 AM PHT

Read More:

Fuel crisis

Iran

United States

Israel

Strait of Hormuz

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