Albay 2nd District Representative Joey Salceda has called on the Maritime Industry Authority (Marina) and the Department of Trade and Industry (DTI) to keep a close watch on potential increases in shipping insurance premiums amid escalating tensions between Israel and Iran, reported Manila Bulletin.
In a statement on 15 June, the lawmaker urged the agencies to track developments in marine insurance pricing and evaluate whether government intervention is needed to safeguard critical imports from becoming unaffordable due to rising costs.
Mr Salceda warned that if global insurers begin classifying routes in the Gulf as war risk zones, freight charges for oil and food cargo could rise significantly.
He also noted that even Philippine shipments not directly traversing the Gulf might still experience elevated landed costs due to global reinsurance adjustments.
He cited reports over the weekend that Iran may be considering a closure of the Strait of Hormuz—a critical maritime chokepoint and the only sea passage into the Persian Gulf.
Given these risks, Mr Salceda recommended that Marina and the DTI incorporate this scenario into their planning and consider allocating budget resources for continuous monitoring and responsive measures.