The Philippine Chamber of Commerce and Industry has urged swift and decisive action as geopolitical tensions following US and Israeli military strikes on Iran rattle global markets and threaten to derail the Philippines’ fragile recovery.
PCCI expressed grave concern over the escalating conflict in the Middle East, warning that beyond the humanitarian and diplomatic fallout lies a serious economic threat for an oil import dependent nation.
The Philippines sources all of its crude oil from the region, leaving it highly exposed to supply disruptions and sudden price spikes if key shipping lanes are compromised.
The group called on authorities to stabilize domestic fuel prices and guard firmly against speculative practices that could exploit the crisis. A sustained climb in global oil benchmarks would quickly filter through transport, power and food costs, raising the risk of renewed inflation and further erosion of household purchasing power.
PCCI also pushed for strategic buffer stocking of essential goods and tighter price monitoring to deter hoarding and profiteering. Higher fuel costs combined with potential supply chain disruptions could squeeze margins for small businesses and weaken consumer confidence.
Financial markets present another vulnerability. With investors gravitating toward safe haven assets, PCCI urged economic managers to deploy monetary tools to protect the peso, sustain liquidity and maintain investor trust amid heightened volatility.
The group said the safety of Filipinos abroad and economic stability at home must remain central to the national response, adding that it stands ready to work with government and industry partners to help steer the economy through the crisis.
