Recto assures business groups of ample fuel supply amid Middle East crisis

Executive Secretary Ralph Recto has met with the country's key business groups to discuss measures that seek to swiftly mitigate the impact of Middle East crisis, particularly the increase in prices of oil products.

The meeting, convened on Monday, April 6, was held in line with President Ferdinand "Bongbong" Marcos Jr.'s directive to immediately cushion the effects of oil price shocks to businesses and consumers while also ensuring price stability.

Recto assured business groups that the country has sufficient fuel supply.

"In the latter, we took a dipstick reading on our country's fuel tank," Recto said in a press release. "And we are hopeful that oil diplomacy should not only keep our stocks replenished, but build them up."

He vowed that the administration would address their concerns by bringing down the rising logistics costs, managing port congestion, accelerating trade facilitation reforms, fast-tracking the adoption of renewable energy, and expanding opportunities in digital and remote work.

Recto noted that since the first day of the conflict, the President’s instruction was to reach out to business, civic leaders, local government executives and get their views on the matter.

Recto also asked for the private sector's support by adopting energy-saving measures, implementing flexible work arrangements to reduce fuel demand, and cooperating in ensuring that there will be no unfair pricing practices.

"This is a time for partnership of all, and not profiteering of the few," he said.

When it comes to port congestion, Recto referred their proposal to open container yards outside Metro Manila to the Bureau of Customs "for immediate action."

Another proposal is "to revisit the duration of the truck ban hours," which has been sent to the Metro Manila Development Authority for urgent review and action.

Among the business groups present were the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI), the Philippine Chamber of Commerce and Industry (PCCI), the Management Association of the Philippines (MAP), the Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. (FFCCCII), the IT and Business Process Association of the Philippines (IBPAP), the Makati Business Club (MBC), and the Ease of Doing Business Foundation, Inc. (EASE PH).

Department of Energy (DOE) Secretary Sharon Garin, Department of Economy and Planning Development (DEPDev) Secretary Arsenio Balisacan, Presidential Communications Office (PCO) Secretary Dave Gomez, Senior Deputy Executive Secretary Maria Luwalhati Dorotan Tiuseco, Presidential Communications Office (PCO) Undersecretary Claire Castro, and Office of the Executive Secretary (OES) Undersecretary Erwin Sta. Ana were also present during the meeting. — VDV, GMA News