The Philippine Chamber of Commerce and Industry (PCCI), the biggest voice of business in the country, expressed support to government’s declaration of the State of National Energy Emergency, saying it is timely and necessary to mitigate the economic impact of the global energy supply disruption driven by the escalating tensions in the Middle East.
In a statement, PCCI President Perry A. Ferrer said that the business community recognizes the issuance of EO 110, which will be in effect for one year, as first step to ensure sufficient energy supply and stabilize prices.
“The PCCI supports any measures of the government to absorb and stabilize the increasing prices of fuel and basic commodities. It has been three weeks since the war started and several increases have already been implemented – now we are seeing its effect – higher costs of logistics, transportation, and goods,” Ferrer said.
He warned that if the ongoing war extends beyond two to three months, it would be very difficult for the Philippine economy. One of the sectors that will be significantly affected would be the MSMEs. “The longer it (war) takes, the lesser the chances for our MSMEs to bounce-back. We have to understand our MSMEs are the backbone of our economy comprise of 1.2 million enterprises,” he added.
Ferrer underscored that energy stability is important to sustaining economic growth, protecting livelihoods, and ensuring competitiveness of Philippine industries. He said the government should ensure that domestic supply could last for more than 90 days and beyond.
The PCCI Chief also called for consultative and transparent implementation of EO 110 and the Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT), ensuring that the most affected sectors will receive and benefit from this temporary relief.
Moreover, Ferrer noted the importance of having a masterplan for self-sufficiency, drawing lessons from– COVID pandemic and energy crisis. “We should rethink and reset our priorities locally so that our country will not panic in times of crisis. We should learn from our neighboring countries in Asia like Japan, which has reserves sufficient for eight months,” he stressed.
