Business groups urged the Philippines to pursue government-to-government (G2G) oil purchase 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 stable, expand subsidy programs for transportation groups and promote domestic industry and Philippine-made products.
“We recognize that volatile global oil prices pose a serious threat to our country's economic stability and the welfare of our people,” he said.
According to the Department of Energy (DoE), gasoline prices have soared to more than P130 per liter, while diesel prices are as high as P144.20.
Business groups pledged to implement aggressive energy-saving measures and adopt flexible working arrangements to reduce transportation and fuel demand.
He also committed to investing in and accelerating the adoption of alternative energy solutions – especially solar energy – to reduce the Philippines' dependence on imported fuels while strengthening energy security in 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 Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. Was signed by. Beatriz Marie D. Cruz