Senator Aquino files resolution for inquiry on volatile oil price impact on economy

Senator Bam Aquino has filed a resolution seeking a Senate inquiry into the impact of volatile global oil prices on the Philippine economy, as tensions in the Middle East threaten to disrupt global fuel supplies.

In Senate Resolution No. 337, Aquino called on the Senate committees on Energy and Ways and Means to conduct an inquiry, in aid of legislation, to explore the establishment of targeted fuel subsidy programs for essential industries and sectors crucial to food security, logistics, transportation, and delivery services.

Among those expected to be most affected by rising fuel costs are the agriculture and fisheries sectors, logistics and freight transport, public transportation, delivery riders and motorcycle-based logistics workers, ride-hailing and transport network drivers, as well as food supply and distribution chains.

Aquino noted that the Philippines’ heavy reliance on imported petroleum products makes the country particularly vulnerable to fluctuations in global fuel prices.

He said increases in oil prices can trigger a domino effect across the economy by driving up the cost of transporting goods, operating machinery, producing food, and delivering essential services.

“Sustained increases in fuel prices could exacerbate inflation, threaten food security, and reduce the incomes of workers, farmers, fisherfolk and micro-entrepreneurs who depend on fuel-intensive livelihoods,” Aquino said.

With uncertainty surrounding the situation in the Middle East, the senator said it is timely for the government to consider targeted and transparent fuel subsidy mechanisms that could shield critical industries and workers from severe fuel price shocks.

“Such measures may help stabilize the cost of food production, logistics, transportation, and delivery services, thereby protecting Filipino consumers from further increases in the prices of basic goods and services,” he stressed.

Earlier, Aquino also filed Senate Resolution No. 321 urging the government to immediately implement measures to ensure the safety, protection, and repatriation readiness of Overseas Filipino Workers (OFWs) and other Filipinos affected by the escalating conflict in the Middle East following the combined attack by the United States and Israel on Iran.

“The instability threatens to place Filipino lives and livelihoods at serious risk given the expanding geographic scope of armed engagements and airspace closures that have disrupted travel and daily life,” Aquino said.

He added that operational readiness for evacuation and repatriation must be ensured, drawing from previous Middle East crises when standby funds, inter-agency task forces, and rapid response mechanisms were activated.