MANILA, Philippines — Malacañang has assured the business sector that the country maintained sufficient fuel supply amid the global oil supply disruption caused by the ongoing war in the Middle East.
Executive Secretary Ralph Recto convened the country’s key business groups on Monday to work closely together in swiftly mitigating the impact of global oil price volatility.
Recto said the meeting was held in line with President Ferdinand Marcos Jr.’s directive to immediately cushion the effects of rising fuel costs on businesses and consumers while safeguarding price stability.
He assured the business sector that the administration would address their concerns by bringing down the rising logistics costs, managing port congestion, accelerating trade facilitation reforms, fast-tracking the adoption of renewable energy, and expanding opportunities in digital and remote work.
The executive secretary also asked for the private sector’s support by adopting energy-saving measures, implementing flexible work arrangements to reduce fuel demand, and cooperating in preventing unfair pricing practices.
