Senate leaders back call to study postponement of PH hosting of ASEAN Summit

Senate leaders on Monday expressed support for the call to study the possible postponement of the Philippines’ hosting of the 2026 ASEAN Summit and Related Summits to save over P17 billion amid the economic pressures resulting from the Middle East conflict.

Senate President Vicente “Sotto” III said that he agrees that the government should consider the suggestion made by former Finance Secretary Margarito “Gary” Teves.

“The Executive department might consider that,” Sotto said. “The times call for such a possible move.”

Senate President Pro Tempore Panfilo "Ping" Lacson echoed this, believing that the country’s neighbors in Southeast Asia would understand if ever the Philippines were to delay its hosting of the ASEAN Summit. 

“Former Secretary Gary Teves’ proposal merits at least serious study and possible reconsideration. I think our ASEAN neighbors would understand,” Lacson said. 

The Philippines assumed ASEAN chairmanship in 2026 following Malaysia's term.

Last year, the Marcos government requested approval from Congress to spend a total of P17,495,734,000 on the 2026 ASEAN Summit Meetings in the Philippines.

Senator Imee Marcos, who was earlier replaced as chairperson of the Senate foreign relations committee, also said the government should not be allowed to spend P17 billion for such an event, considering the current situation of the country. 

“Pwedeng simpleng meetings na lang at pati mga kapwa nating members sa ASEAN namomroblema rin,” she said. 

(It could just be simple meetings because even our fellow ASEAN members are having problems too as of the moment.) 

“Kung nakakahiya na i-postpone, ituloy na lang natin as meetings. Simplified ng todo and use the opportunity to meet and ask for support for oil-producing members like Brunei, Indonesia, and Malaysia,” she added. 

(If it's embarrassing to postpone the hosting, let's push it through, but only as meetings—everything is simplified. And let’s use the opportunity to meet and ask for the support of oil-producing members like Brunei, Indonesia, and Malaysia.) 

Earlier on Monday, Malacañang brushed off concerns of an oil crisis in the country, saying fuel supply remains adequate but acknowledging a prevailing “price disruption.”

National emergency

Senator Bam Aquino, meanwhile, pushed for the declaration of a state of national emergency, stressing that the situation of many Filipino families is already at an “emergency level.” 

“Unang-una, ‘pag may state of national emergency, pwede silang maglagay ng price ceiling sa mga essential goods. Pangalawa, iyong ayuda na nilaan namin sa 2026 budget, ilabas na at ibigay na sa transport workers at suporta sa mga MSMEs (micro, small, and medium enterprises),” Aquino said. 

(First of all, if there is a state of national emergency, they can put a price ceiling on essential goods. Second, the cash aid that we provided under the 2026 budget will be released and given to transport workers and support the MSMEs.) 

Aquino also committed to monitoring the emergency powers set to be given to President Ferdinand “Bongbong” Marcos Jr. so that he may suspend or reduce the fuel excise taxes amid the conflict in the Middle East.

The House of Representatives on Wednesday adopted the Senate version of the bill in a bid to address rising oil prices. 

For Deputy Majority Floor Leader Senator JV Ejercito, the government should create an inter-agency task force to prepare for the potential economic and energy impact of the escalating conflict in the Middle East.

“Sana magtatag na ng force para mapag-usapan kung ano ang puwedeng gawin. Halimbawa, kung ano ang plano sa pagtitipid o austerity measures,” Ejercito said. 

(I hope a task force can be formed to discuss what can be done. For example, what is the plan for the government to save money or what are the austerity measures?)

Oil storage facility

Senator Francis “Chiz” Escudero, meanwhile, has filed a measure seeking to establish a government-owned crude oil tank storage facility in a bid to address the problem with soaring prices of petroleum products. 

Under Escudero’s proposal, the Philippines would build a crude oil tank farm capable of storing 90 days’ worth of national consumption up to 180 days. The bill seeks to allocate an initial funding of P60 billion for the construction of the fuel reserves facility.

The acquisition of fuel inventory for the reserve shall be undertaken by the Department of Energy, or through the Philippine National Oil Company or its subsidiary.

“A strategic crude oil stockpile is our shield. Every time tensions rise in the Middle East, every time shipping lanes are disrupted, our economy absorbs the shock within days. We need a national buffer that protects Filipino families and industries from crises happening thousands of miles away,” Escudero said in a statement. 

“By releasing crude during shortages or extreme price spikes, the government would be able to protect essential sectors such as transport, agriculture, and power generation, while also strengthening the country’s negotiating position during global market disruptions,” he added. —LDF, GMA Integrated News