The formation of a government crisis management committee is “a good start,” but faster, more targeted interventions are needed as economic pressures mount, according to Ed Chua, chairman of the influential group Makati Business Club.
With the peso weakening beyond P60 to a US dollar, fuel prices climbing past P100 per liter, and economic activity slowing, Chua said current conditions are already “not normal,” even as officials stop short of declaring a full-blown crisis.
“What’s important is to recognize that the situation now is not normal,” he said, adding that authorities can acknowledge the strain while reassuring the public that measures are in place to prevent panic.
Chua said that a clear acknowledgment would help align government and business responses, prompting companies to activate business continuity plans and coordinate more effectively with policymakers.
He underscored the need to prioritize sectors that generate the most jobs, warning that rising costs could force key industries to scale back. Among those most at risk, he said, are public transport, logistics, construction, tourism, and business process outsourcing.
“If these industries slow down and become less competitive, many people will lose jobs,” he said.
Beyond job preservation, Chua urged the government to earmark critical sectors—including food, healthcare, telecommunications, and energy—for priority access to resources in case of shortages, similar to disaster response frameworks.
He also suggested redirecting fuel excise tax revenues—estimated at about P15 billion monthly—to support vulnerable industries and cushion the impact of rising costs.
“The more prepared we are, the better,” Chua said, stressing the need for swift and coordinated action amid ongoing global uncertainty.
