Malacañang convened top business leaders and oil industry executives to map out measures aimed at cushioning the impact of rising petroleum prices on consumers and the broader economy.

In a statement, Acting Executive Secretary Ralph Recto said Palace officials first met with 22 leaders from nine major business groups on 6 April, followed by a separate dialogue with 25 executives representing 14 petroleum companies. 

The discussions focused on stabilizing fuel supply, managing inventory, and addressing cost pressures amid global uncertainties.

Recto said the government took what he described as a “dipstick reading” of the country’s fuel situation, with Energy Secretary Sharon Garin reporting that existing reserves could last up to 50 days.

“We are hopeful that oil diplomacy should not only keep our stocks replenished, but build them up,” Recto said, emphasizing ongoing efforts to secure supply amid volatility in global oil markets.

He also assured stakeholders of sustained coordination with government agencies, noting that President Ferdinand Marcos Jr. had directed officials early on to consult closely with the private sector.

Business leaders, meanwhile, raised concerns over logistics bottlenecks that could further drive up the cost of goods, particularly as fuel prices continue to climb. 

Among the proposals put forward was the opening of additional container yards outside Metro Manila to ease port congestion, which Recto said has been referred to the Bureau of Customs for immediate action.

Another recommendation to revisit truck ban hours has been endorsed to the Metro Manila Development Authority (MMDA) for urgent review, following concerns that delivery restrictions add to transport costs. 

Industry representatives noted that diesel accounts for roughly 70 percent of movement expenses, warning that delays in cargo movement ultimately translate to higher consumer prices.

“Delay is cost passed on to the consumers,” one participant said during the meeting.

Participants also called for streamlined online processing of documents to reduce inefficiencies and conserve energy, while appealing for lower fees imposed by local government units. Recto said these concerns would be fast-tracked.

He added that reducing “friction costs” across the supply chain remains a priority, including the removal of unnecessary checkpoints that slow down the transport of perishable goods.

Recto also urged the private sector to adopt energy-saving practices, implement flexible work arrangements, and refrain from unfair pricing.

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

The Finance chief assured that targeted assistance would continue for vulnerable sectors, including low-income households and struggling small businesses.

All proposals raised during the meetings have been endorsed as directives from the Office of the President to concerned agencies, including the Department of the Interior and Local Government and the Philippine Economic Zone Authority.

Also present in the meetings were Socioeconomic Planning Secretary Arsenio Balisacan and Presidential Communications Office Secretary Dave Gomez, along with representatives from key industry groups such as the Philippine Chamber of Commerce and Industry, the Management Association of the Philippines, and the Makati Business Club.