KEY business organizations have expressed support for the government’s efforts to cushion the impact of rising global oil prices stemming from the ongoing Middle East crisis.
In a joint statement, major industry groups said they are committed to work closely with the Marcos administration to protect Filipino consumers and sustain economic stability as energy market uncertainties persist.
The statement followed a high-level dialog convened by Finance Secretary Frederick D. Go to map out a “whole of nation” approach in addressing the energy emergency.
“Unity is our greatest strength in navigating global instability,” the groups said, as they reaffirmed their commitment to continued dialog with the government.
The groups, including the Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc., Federation of Philippine Industries, Makati Business Club, Management Association of the Philippines, and the Philippine Chamber of Commerce and Industry, cited the need for a coordinated response to mitigate the economic impact of volatile oil prices.
During the discussions, both government and private-sector stakeholders identified several priority measures to stabilize supply and prices.
Among these is the exploration of government-to-government oil procurement
with non-traditional partners such as Russia, Indonesia, and India to ensure supply security.
Business leaders also underscored the importance of maintaining stable interest rates and reducing non-fuel costs to prevent spikes in the prices of basic commodities.
Targeted subsidies for vulnerable transport sectors, including jeepney and bus operators, were
likewise proposed to help offset rising fuel costs without necessitating fare increases.
The government has already distributed fuel subsidies and cash assistance to tricycle, jeep, taxi, bus, TNVS, and delivery drivers.
In addition, the groups emphasized the need to promote locally manufactured products to support domestic industries, protect jobs, and reduce exposure to global supply chain disruptions.
Business leaders also outlined concrete steps they will undertake as part of a “whole-of-nation” approach to address the crisis.
These include implementing stricter energy conservation measures across corporate operations, optimizing logistics through flexible work arrangements to reduce fuel consumption, and promoting sustainable practices among employees.
The groups also committed to accelerating investments in renewable energy, particularly solar power, to reduce reliance on imported fuel and enhance long-term energy security.
The joint statement highlighted the importance of sustained public-private sector collaboration in navigating global economic headwinds.
They also thanked Go for convening the discussions, describing the initiative as a critical step toward safeguarding both consumers and the broader Philippine economy.
