The Philippine government expressed optimism on Wednesday regarding the recently announced peace agreement between the United States and Iran, voicing hope that the deal will pave the way for a permanent end to regional violence.
The Department of Foreign Affairs (DFA) released an official statement welcoming the accord, which is scheduled to be signed on June 19.
The agency also commended the critical diplomatic mediation provided by Turkey, Saudi Arabia, Egypt, Qatar, and Pakistan.
“We hope that this agreement will finally lead to the permanent cessation of hostilities and contribute to a just and durable peace,” the DFA stated.
The DFA emphasized the heavy toll the prolonged conflict has taken globally, noting its severe impact on both human lives and financial stability.
“The conflict has exacted economic and humanitarian toll, resulting in the loss of lives and damage to civilian infrastructure and disruptions to the global economy,” the DFA added.
The geopolitical friction involving the U.S., Israel, and Iran has been a point of deep concern for Manila. Aside from endangering the safety of more than 2.4 million Filipino overseas workers residing in the Middle East, the crisis has threatened the archipelago’s economic stability due to volatile international energy markets.
Regional tensions spiked sharply following U.S. and Israeli airstrikes on February 28 that killed high-ranking Iranian officials. In retaliation, Tehran restricted maritime access to the strategic Strait of Hormuz, triggering a surge in global oil prices.
Because the Philippines depends on Middle Eastern suppliers for approximately 98% of its crude oil imports, the government was forced to seek alternative energy sources, including Russia, to mitigate domestic inflation and supply shortages.
The diplomatic breakthrough comes on the heels of an announcement by Pakistani Prime Minister Shehbaz Sharif, who confirmed that Washington and Tehran will formalize the peace treaty in Switzerland to halt multi-front hostilities, including active fighting in Lebanon.