The Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business organization, welcomed the announcement of a two-week opening of the Strait of Hormuz as it urges the government and industry stakeholders to use this time to secure critical shipments of oil and fertilizers to ensure sufficient supply for the country.
“The two-week opening of the Strait is an opportunity for the Philippines to secure vital imports. We need to buffer stock for any possible disruptions. However, we see this temporary opening as a critical move in stabilizing global oil prices,” PCCI President Perry Ferrer said as he hopes for the complete resolution of the war in the Middle East.
He said that if the Strait of Hormuz remains open and shipments flow smoothly, it could result in ease in fuel cost worldwide, including the Philippines. Ferrer underscored the need for coordinated logistics, transparent communication, and contingency planning among key stakeholders, ensuring that shipments are prioritized and delivered efficiently.
The PCCI Chief also reiterated its commitment to work proactively with the government in ensuring stability in the country amidst global uncertainty.
