BUSINESS GROUPS URGE NEW FUEL SOURCES, SUBSIDIES AMID RISING OIL COSTS

Five major Philippine business groups backed government efforts to secure alternative fuel sources as rising oil prices driven by the ongoing Iran conflict threaten economic stability and consumer welfare. They recommended government-to-government fuel deals with countries like Russia, India, and Indonesia, as the Philippines recently received its first Russian crude shipment in five years. The groups also pushed for targeted subsidies, especially for the transport sector, while supporting measures like stable interest rates and managing supply chain costs to control inflation. To reduce fuel demand, businesses committed to energy-saving initiatives, flexible work arrangements, and investments in renewable energy such as solar power, with some malls already shortening operating hours. Meanwhile, the government ускорates fuel imports and emergency measures, including a P20-billion diesel procurement plan, to strengthen supply and address the ongoing energy crisis.