Benise Balaoing

Israeli emergency services secure the scene of a missile attack near Bet Shemesh, some 30 kilometers west of Jerusalem on March 1, 2026. Ahmad Gharabli, AFP

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ABS-CBN News

MANILA -- Business groups are sounding the alarm on the impact of the ongoing crisis in the Middle East on the Philippines.In a statement, the Philippine Chamber of Commerce and Industry (PCCI) noted that the Philippines gets all of its crude oil imports from the Middle East.The business group noted that higher fuel prices and disrupted supply chains may make inflation spike again and erode the purchasing power of ordinary Filipinos.&quot;MSMEs, with their limited financial buffers, will feel this most acutely,&quot; the PCCI said.“The Middle East crisis is not just a distant conflict — it is an inflationary shock that could affect Philippine households and industries if tensions persist,” the Federation of Philippine Industries (FPI) added.To mitigate the impact of the ongoing conflict on the Filipino people, the PCCI urged the government to stabilize fuel prices and guard firmly against speculative practices that exploit the crisis.Both the PCCI and FPI also encouraged the Department of Energy to speed up the development of renewable energy and domestic energy alternatives as a long-term solution to the country&#x27;s energy vulnerability.“All the more now, we need to accelerate energy diversification and reduce dependence on imported fuels. Expanding renewable energy — including solar, wind, and geothermal — strengthening energy efficiency, encouraging local sourcing, and accelerating infrastructure modernization will be critical to cushioning the economy from recurring external shocks,” the FPI said.The business also asked the government to ensure an adequate supply of basic goods and commodities through buffer stocking and price monitoring.The PCCI also asked the government to ensure the safety of overseas Filipinos workers and take care of those who want to be repatriated.&quot;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,&quot; the businessmen said.

Business groups are sounding the alarm on the impact of the ongoing crisis in the Middle East on the Philippines.

Business groups are sounding the alarm on the impact of the ongoing crisis in the Middle East on the Philippines.

PH biz groups sound alarm on Middle East conflict

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PH biz groups sound alarm on Middle East conflict

Benise Balaoing,

ABS-CBN News

Published March 02, 2026 05:16 PM PHT

Read More:

Middle East

Philippine Chamber of Commerce & Industry

Federation of Philippine Industries

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