Malacañang assured the public Tuesday that there is no need for panic buying of essential goods despite the ongoing Middle East crisis, which has rattled global oil markets and raised concerns about supply disruptions.

MANILA, March 10, 2026 — Presidential Communications Secretary Cheloy Garafil said the government is closely monitoring the situation and has contingency measures in place to ensure stable supply chains. “We urge the public to remain calm. There is no need for panic buying,” Garafil told reporters, emphasizing that the administration is coordinating with industry stakeholders to prevent shortages.

The assurance comes as oil prices continue to surge following the closure of the Strait of Hormuz, a key global shipping route, amid escalating conflict in the region. Local fuel companies have already warned of possible price hikes, but officials stressed that inventories remain sufficient.

The Department of Trade and Industry echoed Malacañang’s statement, noting that hoarding and panic buying could worsen the situation. Authorities said they are prepared to enforce price controls if necessary to protect consumers.

Economic analysts caution that while the Philippines is vulnerable to external shocks due to its reliance on imported fuel, the government’s proactive stance could help stabilize domestic markets.