PCCI urges fast action on oil window

A brief reopening of the Strait of Hormuz has given the Philippines a narrow window to secure critical fuel and fertilizer supplies, prompting the business sector to call for immediate and coordinated action.

The Philippine Chamber of Commerce and Industry (PCCI) said the two-week opening could help ease pressure on global oil prices, but stressed that the opportunity must be used quickly to strengthen domestic supply buffers.

“The two-week opening of the Strait is an opportunity for the Philippines to secure vital imports. We need to buffer stock for any possible disruptions. However, we see this temporary opening as a critical move in stabilizing global oil prices,” PCCI President Perry Ferrer said.

The Strait of Hormuz, a key global oil shipping route, has been affected by tensions in the Middle East, disrupting supply flows and driving up fuel costs worldwide. For the Philippines, which relies heavily on imported energy, any improvement in shipping conditions could provide short-term relief.

Ferrer noted that sustained access to the route could help stabilize fuel prices, though much depends on how long the current arrangement holds. He expressed hope for a broader resolution to the conflict to avoid renewed volatility.

At the same time, the PCCI emphasized the need for close coordination between government agencies and private sector players to ensure timely delivery of shipments. Efficient logistics, clear communication, and contingency planning are critical to prevent delays and maximize the benefits of the temporary opening, Ferrer said.

The country’s largest business group also reiterated its willingness to work with authorities to manage risks arising from global uncertainties, particularly in energy and agricultural inputs that directly affect production costs and inflation.