Senator Chiz Escudero on Tuesday, March 3, pressed the Department of Energy (DOE) to establish mechanisms that would cushion the possible impact of escalating Middle East tensions on petroleum prices in the Philippines.
Escudero warned that further instability in the region could disrupt global supply chains and trigger sharp increases in fuel costs, stressing that the government must act to protect consumers, drivers, and industries heavily reliant on oil.
“This kind of crisis is nothing new to us, so the country must be prepared before the situation worsens,” he said.
The senator noted that the Philippines imports 99% of its oil requirements, underscoring the need for a comprehensive contingency plan.
He urged the DOE to lay out clear and practical measures to ensure adequate supply, stabilize local markets, and shield households from sudden price hikes.
“It is important that we prepare well to ensure that our countrymen have reliable protection when the unrest in the Middle East worsens,” Escudero stressed.
CALL FOR COOPERATION
Escudero appealed to local industry players and the private sector to exercise social responsibility, prudence, and transparency in the face of extraordinary global conditions.
He reminded businesses that while they operate within market realities, they must help prevent undue burdens on Filipino households and industries.
He also called on the Department of Trade and Industry (DTI) to prepare calibrated price-monitoring mechanisms and, if necessary, impose temporary price caps on essential goods should fuel-driven inflation accelerate.
“The government must be prepared to cushion the impact on consumers, especially low-income families who are most affected by rising costs,” he said.
GLOBAL COORDINATION
Escudero emphasized the need for close coordination with international partners and continuous risk assessments to ensure timely interventions.
He warned that any escalation could immediately affect shipping routes, supply chains, and global commodity prices.
“We cannot control global events but we can control how ready we are to face them,” Escudero said.