MANILA — Executive Secretary Ralph Recto expressed optimism that the Philippines’ ongoing oil diplomacy amid the Iran-US conflict would not only maintain but potentially build up the country’s petroleum reserves.

Recto made the remarks during meetings on Tuesday, April 6, with business groups and petroleum company executives at Malacañang to discuss measures to mitigate the impact of rising fuel prices on consumers, production, and transportation costs.

He met with 22 leaders from nine business groups, followed by a dialogue with 25 executives representing 14 petroleum companies to review supply, inventory, and cost issues. Energy Secretary Sharon Garin later confirmed that the country’s fuel stock currently covers 50 days of consumption.

Recto highlighted ongoing negotiations with Iran to ensure the safe passage of tankers through the Strait of Hormuz as part of the government’s oil diplomacy efforts. “We are hopeful that oil diplomacy should not only keep our stocks replenished, but build them up,” he said.

Addressing logistical concerns raised by business leaders, Recto referred proposals to reduce port congestion—including opening container yards outside Metro Manila—to the Bureau of Customs and urged the Metropolitan Manila Development Authority to review truck ban hours.

Diesel, which accounts for about 70% of transportation costs, was a key concern, as delays in the supply chain directly raise prices for consumers. Recto also encouraged agencies to streamline online processing of documents and lower local government fees to reduce friction costs, particularly for perishable goods.

He called on the private sector to support energy-saving measures, implement flexible work arrangements, and prevent unfair pricing practices. “This is a time for partnership of all, and not profiteering of the few,” he said.

Recto said all proposals discussed would be issued as Office of the President directives to relevant agencies, including the Department of Interior and Local Government and the Philippine Export Zones Authority.

Cabinet members who joined Recto in the discussions included Sharon Garinine energy secretary”], Arsenio Balisacan, and Dave Gomez.

Participating business groups included the Semiconductor and Electronics Industries in the Philippines Foundation, Philippine Chamber of Commerce and Industry, Management Association of the Philippines, Federation of Filipino-Chinese Chambers of Commerce and Industry, IT and Business Process Association of the Philippines, Makati Business Club, and Ease of Doing Business Foundation.