Fuel price surge, weak peso ‘not yet a crisis’ — Palace

Despite mounting public concern over soaring fuel prices and the weakening peso, Malacañang insists the situation has not yet reached crisis level.

Presidential Communications Office Undersecretary Claire Castro said that while many Filipinos are already feeling the strain, the government does not consider the current economic pressures a full-blown crisis.

“Hindi pa ito krisis,” Castro said, pointing to the country’s stable oil supply even as fuel prices continue to rise.

Petroleum prices have reportedly breached the ₱100-per-liter mark in some areas, driven largely by escalating tensions in the Middle East. The peso, meanwhile, has also weakened against the US dollar, further contributing to higher import costs and inflationary pressure.

Castro described the situation as a “price disruption,” emphasizing that global factors—particularly geopolitical instability are behind the spike in fuel costs.

“The increase in prices is largely due to external developments, especially the ongoing conflict in the Middle East,” she explained.

Amid concerns that the situation could worsen, Castro confirmed that President Ferdinand Marcos Jr. has ordered the formation of a crisis committee. The body is tasked with closely monitoring developments and preparing contingency measures should the conflict escalate further.

The Palace has yet to announce specific interventions, but officials said preparations are underway to mitigate potential impacts on consumers and key industries.

For now, the government maintains that supply remains sufficient and the situation is under control—though for many Filipinos already grappling with rising daily expenses, the distinction between disruption and crisis is becoming increasingly blurred.