Business groups have praised the government’s initiative to involve the private sector in crafting measures to protect Filipino consumers from rising fuel costs.
In a joint statement Monday, the Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. (FFCCCII), Federation of Philippine Industries (FPI), Makati Business Club (MBC), Management Association of the Philippines (MAP), and Philippine Chamber of Commerce and Industry (PCCI) pledged several steps to mitigate the impact of high fuel prices on the economy.
“We, the undersigned Philippine Business Groups, express our deep appreciation to the national government, through Finance Secretary Frederick D. Go, for convening us to discuss the Middle East Crisis and to explore collaborative measures that will safeguard Filipino consumers and the Philippine economy,” the groups said.
The discussions focused on countering economic risks from volatile oil prices driven by geopolitical tensions in the Middle East.
The measures included securing oil supply through government-to-government procurement with partners, ensuring price stability by keeping interest rates steady, and reducing non-fuel costs to prevent spikes in basic goods.
The meeting also explored targeted subsidies for vulnerable sectors, especially jeepney and bus drivers, to offset higher fuel costs without fare increases, and promoting local industries to protect jobs and strengthen resilience against global supply shocks.
The private sector committed to aggressive energy-saving measures in corporate and industrial facilities, adopting flexible work models to reduce transport fuel demand, and encouraging employees to embrace sustainable energy habits.
Investment in alternative energy, particularly solar power, was highlighted as key to reducing reliance on imported fuel and enhancing long-term energy security.
“Unity is our greatest strength in navigating global instability. We thank Secretary Go for this vital collaboration and reaffirm our commitment to a continuing dialogue with the government to protect Filipino consumers and ensure economic resilience,” the groups said. (PNA)
