The Philippine Chamber of Commerce and Industry (PCCI) is pressing the government to take swift action to ease the impact of rising fuel costs, warning that transportation and logistics expenses will soon push up prices across the country.
PCCI President Perry Ferrer said fuel price spikes, driven by tensions in the Middle East, could raise the cost of moving goods almost immediately.
“We support whatever means—whether reducing excise tax, VAT, or tapping other funding sources—because we are in a crisis. If the market cannot absorb these pending price increases, the economy won’t run,” Ferrer said.
He noted that increases of P17 to P20 per liter in diesel and gasoline would quickly feed into higher shipping and delivery costs. “If fuel increases, the cost of moving goods increases immediately, and so do the prices of transporting goods,” he added.
The chamber is urging the government to step in and ease the impact of fuel increases to keep prices stable. “Our request to government is to absorb temporarily the fuel price increases. Hopefully, the president will be given authority to exercise and use other means that will help cushion potential shocks this week or next week,” Ferrer said.
He also recommended ensuring steady fuel supply from neighboring countries such as Singapore, Malaysia, and South Korea, which supply much of the Philippines’ refined petroleum, to prevent further price volatility.
Businesses are already implementing cost-cutting measures, including carpooling, work-from-home arrangements, adjusting air-conditioning, bulk purchasing, and investing in solar energy.
“We certainly need to put temporary measures in place immediately to minimize impact of fuel hikes,” Ferrer said, stressing the urgency as companies and consumers brace for higher operating costs.