BUSINESS groups on Monday said they would implement measures that would protect consumers from the impact of the war in the Middle East.
In a joint statement, the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc., Federation of Philippine Industries, Makati Business Club, Management Association of the Philippines and Philippine Chamber of Commerce and Industry said they had committed to:
– implement aggressive energy-saving measures across corporate and industrial facilities;
– adopt flexible work models to significantly reduce transportation fuel demand;
– encourage the workforce to embrace sustainable energy habits both at work and at home;
– invest in and accelerate the adoption of alternative energy solutions, particularly solar power, to reduce dependence on imported fuel and strengthen long-term energy security.
These collaborative measures, they said, were made after a meeting with Finance Secretary Frederick Go.
The government has declared a national energy emergency as oil prices surged in the wake of the US-Israel war on Iran. Pump prices have significantly increased as a result and fears of a supply shortage have risen as the conflict in the Middle East has shown no signs of ending.
The business groups said that during the meeting with Go, the following issues were “clarified, proposed and discussed”:
– establishing government-to-government oil procurement with non-traditional partners such as Russia, Indonesia and India;
– maintaining steady interest rates and reducing non-fuel costs to prevent surges in the prices of basic commodities;
– providing direct support to marginalized transport groups (such as jeepney and bus operators) to cushion the impact of rising fuel costs without triggering fare increases; and
– promoting local industries and Philippine-made products to protect jobs and strengthen resilience against global supply chain shocks.
“Unity is our greatest strength in navigating global instability,” they said.
