Senate Minority Leader Alan Peter Cayetano on Wednesday emphasized the importance of stronger coordination between the government and the private sector, as rising geopolitical tensions in the Middle East threaten to disrupt global markets and spark broader economic shocks.
Cayetano made the statement following the Senate’s approval of his resolution calling on the executive branch to quickly develop a national contingency framework to prepare for, respond to, and recover from major crises.
The lawmaker stressed that effective crisis management depends on institutions working in concert, noting that emergencies in one part of the world can quickly affect regional and global economies.
“Pag sobrang bigat ng problema, apektado yung region at buong mundo dahil we are now a global village and we now see na intricate na masyado ang koneksyon ng mga ekonomiya,” Cayetano said in a statement.
“It’s like clockwork. Hindi mo pwedeng sabihin na ito lang ang sira kaya umaandar pa yung relo,” he added.
Cayetano explained that the resolution is designed to enhance collaboration among the national government, local governments, and private sector stakeholders during large-scale emergencies.
“That is the spirit of this resolution, to call on the executive (branch) dahil sila ang tinalaga ng ating Konstitusyon to build a consensus with the private sector (and) with the local governments. To be fair, they are doing that. Nag-announce agad sila ng mga measures,” he said.
The senator also warned that escalating geopolitical tensions could damage critical infrastructure, potentially disrupting global oil supplies and sending shockwaves through the world economy.
Despite these risks, Cayetano said crises can also create opportunities if countries are prepared and respond strategically.
“Let’s not miss opportunities. Ang lahat ng crisis may winners (at) may losers. There are things that will divide us, (but this contingency framework) is to prepare us not only for the challenges but also for the opportunities,” he said.