04/03/2026
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The Philippine Chamber of Commerce and Industry (PCCI) expresses grave concern over the escalating military conflict in the Middle East. While we join the international community in calling for an immediate ceasefire and a return to diplomatic dialogue, we wish to sound the alarm on the serious economic consequences this crisis poses on our economy, and the Filipino people.
Our country sources 100% of its crude oil imports from the Middle East. With oil prices surging amid fears of disruption in the Strait of Hormuz, we call on the government to urgently explore and secure alternative sources of fuel supply to reduce our dependence on a single region. We likewise urge the Department of Energy to accelerate the development of renewable energy and domestic energy alternatives as a long-term structural solution to our energy vulnerability.
Over two million Overseas Filipino Workers are currently deployed across the Middle East. Their safety and welfare is our most immediate and non-negotiable concern. We call on the Department of Migrant Workers, the Department of Foreign Affairs, and OWWA to activate emergency protocols without delay, maintain open and constant communication with our workers on the ground, and fast-track evacuation and repatriation plans where necessary. We also urge the government to ensure that repatriated OFWs receive immediate livelihood and reintegration support, recognizing that their remittances - totaling a record $38.3 billion in 2024 - are a lifeline for millions of Filipino families.
On the home front, the compounding effect of higher fuel prices, disrupted supply chains, and reduced remittance inflows threatens to reignite inflation and erode the purchasing power of ordinary Filipinos. MSMEs, with their limited financial buffers, will feel this most acutely. We call on the government to:
- Stabilize fuel prices and guard firmly against speculative practices that exploit the crisis.
- Ensure the adequate supply of basic goods and commodities through strategic buffer stocking and price monitoring.
- Deploy monetary tools to protect the peso, maintain financial stability, and preserve investor confidence.
The PCCI stands ready to work with government, industry associations, and international partners to navigate this crisis. The safety of every Filipino abroad and the economic well-being of every Filipino at home must remain at the center of our national response.
