MANILA – Several business groups have lauded the government’s move to involve the private sector in developing measures to shield Filipino consumers from the impact of rising fuel costs.

In a joint statement Monday, the Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. (FFCCCII), Federation of Philippine Industries (FPI), Makati Business Club (MBC), Management Association of the Philippines (MAP), and Philippine Chamber of Commerce and Industry (PCCI) outlined several initiatives to mitigate the effects of higher fuel prices on the economy.

“We, the undersigned Philippine Business Groups, express our deep appreciation to the national government, through Finance Secretary Frederick D. Go, for convening us to discuss the Middle East Crisis and to explore collaborative measures that will safeguard Filipino consumers and the Philippine economy,” the statement read.

The discussions centered on addressing economic risks from volatile oil prices caused by geopolitical tensions in the Middle East. Proposed measures include securing fuel supply through government-to-government procurement, maintaining price stability with steady interest rates, and reducing non-fuel costs to prevent spikes in basic goods.

Targeted subsidies for vulnerable sectors, particularly jeepney and bus drivers, were also discussed to help offset fuel cost increases without raising fares. The meeting highlighted the promotion of local industries to protect jobs and enhance resilience against global supply shocks.

The private sector pledged energy-saving initiatives in corporate and industrial facilities, adoption of flexible work arrangements to lower transport fuel demand, and encouraging employees to embrace sustainable energy practices. Investment in alternative energy, especially solar power, was emphasized as a long-term strategy to reduce dependence on imported fuel.

“Unity is our greatest strength in navigating global instability. We thank Secretary Go for this vital collaboration and reaffirm our commitment to a continuing dialogue with the government to protect Filipino consumers and ensure economic resilience,” the groups added.