“We recognize that there are things beyond our control. But we will not be defined by what we cannot change. Our focus is on what we can influence— the reforms we implement, the programs we launch, and the decisions we make domestically,” Finance Secretary Frederick D. Go said during the PSEi InvestPH Investors Conference on March 17, 2026.
Speaking before global and local investors gathered by the Philippine Stock Exchange (PSE), Secretary Go said the government is closely monitoring global oil price movements, particularly Dubai crude, amid escalating tensions in the Middle East. While long-term futures suggest gradual stabilization, short-term volatility is expected.
To cushion the impact on Filipinos, the government has prepared several targeted interventions to assist the most vulnerable sectors.
These include the expedited release of fuel subsidies for transport workers, farmers, and fisherfolk; the possible reintroduction of the Libreng Sakay (Free Ride) program to ease commuting costs; and the accelerated rollout of funds under the Assistance to Individuals in Crisis Situations (AICS) program to support affected households.
In compliance with President Ferdinand R. Marcos, Jr.’s directive, the Department of Finance (DOF) and its attached agencies are also adopting remote work arrangements every Friday and postponing non-essential travel to promote fuel and energy conservation, while ensuring uninterrupted public service.
Authorities are likewise coordinating with oil companies to stagger pump price increases — a strategy that has been implemented successfully in the past to help mitigate the impact of sudden spikes in global oil prices.
More importantly, government agencies are directed to prioritize essential expenditures over non-urgent programs and capital outlays, based on their economic returns and impact on jobs and public welfare.
Meanwhile, a proposed measure granting the President emergency powers to temporarily reduce fuel excise taxes is set to move from the House of Representatives to the Senate.
Congress has also approved on final reading a measure amending the Biofuels Act, which will allow oil companies to import biofuel components, such as bioethanol and biodiesel for up to one year, regardless of domestic supply. Importation will be permitted if blended fuel becomes at least 5% more expensive than pure gasoline or diesel.
The passage of both measures is expected to help mitigate the impact of rising fuel prices on consumers.
Secretary Go also shared that a subsidiary of the Philippine National Oil Company (PNOC) is exploring the acquisition of two million barrels of oil from the global market as a precautionary measure to strengthen the country’s buffer stock.
The government, he emphasized, remains committed to fiscal discipline and smart spending as it works toward sustaining growth and achieving upper middle-income status in the coming years.
“Our ultimate goal remains clear: we will continue to balance immediate relief with long-term fiscal stability, ensuring that the Philippines emerges stronger and more self-reliant,” he said.
Despite global uncertainties, the Finance Chief noted that the Philippine economy continues to demonstrate resilience, posting a 4.4% growth in 2025 as average inflation in 2026 remained manageable at 2.2%, within the government’s 2% to 4% target range.
Economic momentum continues to be supported by strong remittances from overseas Filipinos, exports, the business process outsourcing sector, and the expanding goods export base—key pillars that help sustain growth and support Filipino families.
“I want to assure you: this government is never on pause. We operate with a singular focus on concrete results, carefully calculating every move. We aim to protect Filipinos from external shocks without compromising essential services,” the Finance Chief said.
