The country’s largest business organizations have urged the government to diversify its oil sourcing by engaging non-traditional partners such as Russia, Indonesia, and India, in a bid to protect Filipino consumers from volatility in the Middle East and broader geopolitical tensions.
The business groups—Philippine Chamber of Commerce and Industry (PCCI), Management Association of the Philippines (MAP), Federation of Filipino Chinese Chamber of Commerce and Industry (FFCCCII), Makati Business Club (MBC), and the Federation of Philippine Industries (FPI) —put forward this proposal during a meeting convened by Finance Secretary Frederick D. Go to discuss the Middle East crisis and explore collaborative measures to safeguard consumers and the domestic economy.
Beyond diversifying oil sources, the groups also urged the government to ensure price stability by maintaining steady interest rates and reducing non-fuel costs to prevent spikes in the prices of basic commodities.
They further called on the government to provide targeted support to vulnerable transport sectors, including jeepney and bus operators, to help cushion the impact of rising fuel costs without necessitating fare increases.
In addition, the groups advocated for stronger promotion of local industries and greater patronage of Philippine-made products to protect jobs and enhance resilience against global supply chain disruptions.
In support of these efforts, the business sector also committed to adopting several measures. These include implementing more aggressive energy-saving initiatives across corporate and industrial facilities.
To optimize logistics, businesses plan to adopt flexible work arrangements aimed at significantly reducing transportation-related fuel demand.
Companies also pledged to encourage employees to embrace sustainable energy practices both at work and at home.
To advance renewable energy development, the private sector signaled its intention to invest in and accelerate the adoption of alternative energy solutions, particularly solar power, to reduce reliance on imported fuel and strengthen long-term energy security.
“Unity is our greatest strength in navigating global instability,” the groups said in a joint statement, expressing appreciation to Secretary Go for fostering continued dialogue and collaboration to protect Filipino consumers and ensure economic resilience.
