BSP COMPLEX, Manila — Key business organizations in the Philippines have pledged to support government efforts to mitigate the impact of rising oil prices triggered by tensions in the Middle East.
The Federation of Filipino-Chinese Chambers of Commerce and Industry Incorporated (FFCCCI), along with the Federation of Philippine Industries (FPI), Makati Business Club (MBC), Management Association of the Philippines (MAP), and the Philippine Chamber of Commerce and Industry (PCCI), said they will roll out stronger energy conservation initiatives in their respective corporate and industrial operations.
The groups also vowed to encourage flexible work arrangements to help reduce fuel demand for transportation. In addition, they plan to promote sustainable energy practices among employees and increase investments in renewable energy solutions, particularly solar power, to reduce reliance on imported fuel and boost the country’s energy security.
According to Frederick Go, the commitments were made during a meeting with top business leaders following the declaration by Ferdinand ‘Bongbong’ Marcos Jr. of a national energy emergency as global oil prices climbed due to the US-Israel conflict involving Iran.
Business executives also discussed possible government-to-government oil procurement agreements with alternative partners such as Russia, Indonesia and India.
They further recommended keeping interest rates stable and lowering non-fuel expenses to prevent sharp increases in the prices of essential goods. Direct assistance for vulnerable transport sectors, including jeepney and bus operators, was also proposed to help offset rising fuel costs without requiring fare adjustments.
The groups also called for stronger support for local industries and Philippine-made products to protect employment and enhance the country’s ability to withstand global supply chain disruptions.
They concluded that cooperation between the government and the private sector would be crucial in addressing the challenges posed by global economic uncertainty.
ia/xf
