Philippine business groups rally behind oil risk measures
March 30, 2026
4:07PM PHT
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Insider Spotlight
Major business groups back government response to oil volatility
Focus on supply security, price stability, and targeted subsidies
Private sector commits to energy savings and renewable investments
Collaboration framed as key to protecting consumers and growth
Philippine business groups—including 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)—are aligning with the national government to blunt economic risks posed by volatile global oil prices, following talks led by Finance Secretary Frederick D. Go.
In a joint statement dated March 30, leading industry organizations said they “express our deep appreciation to the national government” for convening discussions on the Middle East crisis and its potential spillover effects on the domestic economy.
The groups warned that unstable oil markets could undermine both economic stability and household welfare if left unaddressed.
The statement outlines a mix of policy proposals and private sector commitments designed to cushion consumers while sustaining growth momentum.
To mitigate the risks tied to volatile oil prices, the groups clarified, proposed, and discussed the following:
Securing supply – Establishing government-to-government oil procurement with non-traditional partners, such as Russia, Indonesia, and India, to ensure stable and diversified access to fuel.
Price stability – Maintaining steady interest rates and reducing non-fuel costs to prevent surges in the prices of basic commodities, helping shield consumers from inflationary pressure.
Targeted subsidies– 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 that affect daily commuters.
Buy local – Promoting local industries and Philippine-made products to protect jobs and strengthen resilience against global supply chain shocks.
Why it matters
The proposals reflect growing concern that external shocks could quickly translate into higher transport and food costs, disproportionately affecting lower-income households. By emphasizing targeted subsidies and domestic production, the plan aims to limit how global disruptions feed into everyday expenses.
What business is pledging
Private sector leaders committed to a “whole-of-nation approach.” Specifically, they pledged to:
Conserve energy – Implement aggressive energy-saving measures across corporate and industrial facilities.
Optimize logistics– Adopt flexible work models to significantly reduce transportation fuel demand.
Promote a culture of conservation – Encourage their workforce to embrace sustainable energy habits both at work and at home.
Develop renewable energy sources – 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.
The bottom line
“Unity is our greatest strength in navigating global instability,” the groups said, underscoring continued coordination with the government as essential to shielding Filipino consumers and reinforcing long-term economic resilience. —Princess Daisy C. Ominga | Ed: Corrie S. Narisma
