Chambers back G2G oil deals, price stabilization measures

BUSINESS GROUPS urged the Philippines to pursue government-to-government (G2G) oil procurement deals with Russia, Indonesia, and India, and expressed support for price stabilization measures to protect consumers from rising fuel prices.

In a joint statement, the groups also asked the government to keep interest rates steady, expand subsidy programs for transport groups, and promote domestic industry and Philippine-made products.

“We recognize that volatile global oil prices pose serious threats to our nation’s economic stability and the welfare of our people,” they added.

According to the Department of Energy (DoE), gasoline prices have exceeded P130 per liter, with diesel prices posting a high of P144.20.

The business groups pledged to implement aggressive energy-saving measures and adopt flexible work arrangements to reduce transport and fuel demand.

They also committed to invest and accelerate the adoption of alternative energy solutions — particularly solar power — to reduce Philippine dependence on imported fuel while strengthening energy security over the long term.

The joint statement was signed by the Management Association of the Philippines, Makati Business Club, Philippine Chamber of Commerce and Industry, Federation of Philippine Industries, and the Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. — Beatriz Marie D. Cruz