The country’s largest business groups on Monday urged the government to maintain stable interest rates and ensure fuel supply, warning that rising petroleum prices driven by ongoing Middle East tensions are pushing up operating and logistics costs.

In a joint statement, the Federation of Filipino Chinese Chambers of Commerce and Industry Inc., Federation of Filipino Industries, Makati Business Club, Management Association of the Philippines and Philippine Chamber of Commerce and Industry thanked Finance Secretary Frederick D. Go for convening discussions on the crisis and exploring measures to protect consumers and the economy.

The groups said volatile global oil prices pose serious risks to economic stability, proposing government-to-government oil procurement with non-traditional partners, maintaining steady interest rates, reducing non-fuel costs and providing targeted subsidies to transport groups to cushion the impact of rising fuel prices without triggering fare hikes.

They also committed to a whole-of-nation response, including implementing energy-saving measures, adopting flexible work arrangements to reduce fuel demand, promoting conservation and accelerating investments in renewable energy such as solar power to strengthen long-term energy security.

The groups underscored the need for continued collaboration with the government, saying unity is key to navigating global uncertainty and protecting Filipino consumers.