By Darryl John Esguerra | Philippine News Agency
The government and key business groups have aligned measures to cushion the impact of surging global oil prices, with Executive Secretary Ralph Recto assuring sufficient fuel supply while pushing coordinated steps to keep costs and prices in check.
Recto convened industry leaders on Monday following President Ferdinand R. Marcos Jr.’s directive to mitigate the effects of rising fuel costs on consumers and enterprises amid volatility in global energy markets.
He said the administration is moving to reduce logistics costs, decongest ports, fast-track trade facilitation reforms, and accelerate the shift to renewable energy, while expanding digital and remote work options to temper fuel demand.
The private sector, in turn, was urged to adopt energy-saving measures, implement flexible work arrangements, and help prevent unfair pricing practices.
The meeting comes as the Philippines, a net oil importer, faces price pressures from disruptions in global supply routes, including tensions in the Middle East that have driven up crude prices and shipping costs.
Business groups present included the Philippine Chamber of Commerce and Industry (PCCI), Makati Business Club, Management Association of the Philippines, Semiconductor and Electronics Industries in the Philippines Foundation Inc., IT and Business Process Association of the Philippines, and the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII).
Also present were Department of Energy (DOE) Secretary Sharon Garin, Department of Economy and Planning Development (DEPDev) Secretary Arsenio Balisacan, Presidential Communications Office (PCO) Acting Secretary Dave Gomez, Senior Deputy Executive Secretary Maria Luwalhati Dorotan Tiuseco, PCO Undersecretary Claire Castro, and Office of the Executive Secretary (OES) Undersecretary Erwin Sta. Ana.
The administration has rolled out a broader response under its energy emergency framework, combining supply assurance, targeted subsidies, and coordination with industry to prevent price spikes and protect consumers. (PNA)
