The House of Representatives is set to create a joint committee to comprehensively address the ongoing oil price shock in the Philippines, House Committee on Ways and Means member Rep. Romero Quimbo said during the Saturday News Forum on 11 April in Quezon City.

Quimbo said newly installed House Speaker Faustino Dy III has ordered the creation of the Legislative Energy Action and Development Joint Committee.

“These are three committees from the House that have been brought together to comprehensively address the oil price shock happening in the Philippines,” he said in Filipino.

Quimbo also noted that rising oil prices have a cascading effect on the economy, particularly on food prices, which in turn drive inflation across various goods and increase supply costs.

“In a nutshell, the needed action is how to control prices by managing the effects of the oil price shock,” he said.

“The main action is really to help industries affected by oil so that it does not spill over to other sectors,” Quimbo added.

According to the lawmaker, the transportation sector is the most affected, as fares increase while drivers’ and operators’ incomes remain constrained, and the cost of transporting goods continues to rise.