Geline Salac

Gov't won't say there is a crisis to prevent panic: Makati Business Club

Article (news)

David Dizon

ABS-CBN News

The Philippine government is unwilling to say that there is an oil crisis to prevent a panic, the head of the Makati Business Club said Tuesday.MBC chairman Edgar Chua said that with diesel prices <a href="https://www.abs-cbn.com/news/business/2026/3/23/gas-diesel-up-again-doe-lists-latest-fuel-price-increases-0859">exceeding P100 a liter</a>, the <a href="https://www.abs-cbn.com/news/business/2026/3/23/peso-continues-to-depreciate-breaches-new-low-again-1751">peso </a>hitting new lows to the US dollar, a slowdown in the economy and no certainty of fuel supplies after May, it is harder to think that the country is not facing a crisis.“Ang ating gobyerno ayaw sabihing may krisis kasi baka mag-panic ang mga tao. Baka may hoarding, kung anu-ano pero on the other hand kailangan din na hindi maging kampante o maging complacent ang mga mamamayan natin,” he said in a DZMM interview.“Kailangan kasi na malaman na hindi normal ang sitwasyon ngayon at mas maigi kung sabihin natin: may krisis sa Middle East, may krisis sa mundo na naapektuhan ito, may krisis din sa ating bansa kaya dapat magsimula na tayong put in place ang mga short, medium at long term na plano.”Palace Communications Undersecretary Claire Castro earlier said the Philippines is not experiencing an oil crisis but a “disruption” in fuel prices after double-digit spikes in pump prices for several weeks.<div><a href="https://www.abs-cbn.com/news/nation/2026/3/23/ph-seeing-price-disruption-not-oil-crisis-palace-says-despite-forming-crisis-committee-1140">Palace: PH seeing ‘price disruption,’ not oil crisis’</a></div>She noted there is still ample supply of fuel in the country.Due to the Philippines’ Oil Deregulation Law, local fuel companies sell their products based on “prevailing benchmark prices” in global markets, even if they bought the oil supply at a lower price before air strikes in the Gulf region paralyzed portions of the Strait of Hormuz.In the interview, Chua noted the government has its own version of a business continuity plan and is already working on how to mititgate the effects of the oil crisis. One advantage of declaring a crisis, Chua said, is that the people will realize it is no longer business as usual. Some companies have already allowed work-from-home arrangements while others have adjusted airconditioning settings in their offices to save energy.“Dapat lahat tayo magtulong-tulong, national, local, private sector kung papaano maiibsan ang epekto nito sa ating bansa lalo na sa kababayan nating mahihirap,” he said.

The Philippine government is unwilling to say that there is an oil crisis to prevent a panic, the head of the Makati Business Club said Tuesday.

The Philippine government is unwilling to say that there is an oil crisis to prevent a panic, the head of the Makati Business Club said Tuesday.