Amid rising geopolitical tensions in the Middle East, senators on Sunday, March 1, called on the government to take immediate measures to prevent oil price hikes.
Senator Kiko Pangilinan said the government should exhaust all efforts to keep fuel costs manageable as tensions intensify, which are expected to drive oil prices higher in the coming weeks.
“Here in our country, because the price of crude oil is certain to increase, the fuel subsidy must be implemented immediately for tricycle, jeep, and bus drivers, and also for farmers and fishermen for their tractors and boats,” Pangilinan said.
“The temporary suspension of excise tax on diesel and kerosene must also be implemented quickly to slightly alleviate the certain increase in fuel prices,” he stressed.
Senator Win Gatchalian, chairperson of the Senate Committee on Finance, urged the Land Transportation Regulatory and Franchising Board (LTFRB) to prepare for the implementation of the Pantawid-Pasada program.
Highlighting the unpredictable nature of the conflict, Gatchalian noted the reported death of Iran’s Supreme Leader.
“We have to monitor the situation closely. I was monitoring this morning and the latest, their Supreme Leader died or was killed. So what could happen there is, probably the biggest question is, who their next leader will be. It could be moderate, it could be hardliner, it could be new. So the situation there is unpredictable at this time,” he said.
The senator emphasized the country’s reliance on imported oil and the potential use of subsidy funds.
“As we know, we import almost 99% of our oil. And we have seen over the past few weeks, the price of oil is increasing. That’s why we also have in the 2026 budget, there is still a continuing fund for the fuel subsidy. That’s about ₱2.4-billion that can be used if the price of oil continues to increase,” Gatchalian said.
The subsidy is intended to support PUV drivers, farmers, and fishermen.
“Because when our fishermen go to sea, they also use crude oil. So the first impact of that is the price of oil, which for me, the timing is not good. Because we know that in 2025, the economic growth was low, 4.4%. So this first quarter is really the only time the government is pushing to accelerate government spending. If the price of oil increases, it will affect other important goods for our countrymen, such as food,” he stressed.