The Malacañang Palace issued a firm statement on Tuesday, March 10, 2026, urging the public to avoid panic buying and emphasizing that the Philippines maintains sufficient stocks of essential goods and fuel. This reassurance comes as escalating tensions in the Middle East threaten to disrupt global oil supplies, sparking concerns over potential shortages and price hikes.
Government Assures Stable Supply and Prices
During a press conference held in New York, Palace Press Officer Undersecretary Claire Castro reiterated that the nation's reserves of basic commodities and petroleum products are currently adequate to meet demand. She highlighted that prices have remained steady across the National Capital Region and other provinces, with no immediate signs of inflation triggered by the international crisis.
"As of now, as I mentioned yesterday at the Department of Trade and Industry, there has been no movement in the prices of our basic commodities in the NCR and other regions," Castro stated, addressing fears directly. She underscored the government's proactive measures under President Ferdinand Marcos Jr. to mitigate any adverse effects stemming from the Middle East conflict.
Preparedness Without Panic
While calling for vigilance, Castro stressed that panic buying is unnecessary and could exacerbate supply issues. "Even if this is not happening and it is not the intention of our government, due to the ongoing tension in the Middle East, our fellow citizens need to be prepared. However, there is no need for panic buying because the supply — especially of fuel and basic commodities — is complete and sufficient," she explained.
The official acknowledged that Filipinos should brace for possible eventualities, but emphasized that hoarding or stockpiling goods would only create artificial shortages. Instead, she encouraged cooperation and unity in navigating the challenging geopolitical landscape.
Strict Warnings Against Profiteering
Castro issued a stern warning to businesses and individuals attempting to exploit the situation through illegal practices such as hoarding or price gouging. She urged the public to report any unusual price increases to relevant government agencies immediately.
"So, if you are caught violating the law, hoarding, or engaging in profiteering, the government will not let you off the hook because you will be sued and held liable," she declared. The Palace official reinforced President Marcos's call for solidarity, noting that those who take advantage of the crisis will face severe legal consequences, including potential loss of business licenses.
Fuel Price Increases Implemented
Despite the assurances, oil companies began implementing a three-day staggered price increase for fuel products on Tuesday morning. Projections indicate that by the end of the week:
- Gasoline prices will rise to over P65 per liter
- Diesel costs will exceed P80 per liter
- Kerosene prices will reach approximately P120 per liter
These adjustments reflect the direct impact of Middle East tensions on global oil markets, though the government maintains that domestic supplies remain robust enough to prevent critical shortages.
The Philippine National Police has been mobilized to assist the Department of Energy in monitoring oil prices and cracking down on hoarding activities, ensuring that market manipulations are swiftly addressed.
