BSP COMPLEX, Manila — Local business groups led by the Federation of Filipino-Chinese Chambers of Commerce and Industry Incorporated (FFCCCI) has committed to help the government by implementing measures that would protect consumers from the impact of the ongoing war in the Middle East.

In a joint statement, the FFCCCI with the Federation of Philippine Industries (FPI), Makati Business CLUB (MBC), Management Association of the Philippines (MAP) and Philippine Chamber of Commerce avowed its advocacy through the implementation of aggressive energy-saving measures across corporate and industrial facilities.

Aside from this, the business groups also committed to promote the adoption of flexible work models to significantly reduce transportation fuel demand, encourage the workforce to embrace sustainable energy habits both at work and at home and invest in alternative energy solutions, particularly solar power, in order to reduce dependence on imported fuel and strengthen long-term energy security.

According to Department of Finance (DoF) secretary Frederick Go, these collaborative measures were made after a meeting with representatives of the country's top businesses following President Ferdinand 'Bongbong' Marcos Jr. (PBBM)'s declaration of a national energy emergency situation with oil prices surging in the wake of the US-Israel conflict with Iran.

During the meeting, the business executives “clarified, proposed and discussed” several key issues that included the establishment of government-to-government oil procurement with non-traditional partners such as Russia, Indonesia and India.

They also mentioned maintaining steady interest rates and reducing non-fuel costs to prevent surges in the prices of basic commodities and providing direct support to marginalized transport groups, such as jeepney and bus operators, to cushion the impact of rising fuel costs without triggering fare increases.

In ending, they underscored the need to promote local industries and Philippine-made products in order to protect jobs and strengthen resilience against global supply chain shocks.

“Unity is our greatest strength in navigating global instability,” they concluded.