President Ferdinand Marcos Jr. is open to studying a proposal for a four‑day workweek for government offices as part of broader efforts to conserve energy amid global oil price risks driven by escalating tensions in the Middle East, the Palace on Wednesday said.
The government will likewise meet this week with manufacturers of basic necessities and prime commodities (BNPCs) amid concern that rising global energy costs could push domestic prices higher.
The House committee on ways and means, for its part, said it will prioritize a bill allowing the President to suspend or reduce the excise tax on petroleum products during national or global economic emergencies.
Committee chair Marikina City Rep. Miro Quimbo filed the bill on Tuesday immediately after Mr. Marcos said he would talk to leaders of Congress to grant him authority to reduce the excise tax on petroleum products should Dubai crude exceed $80 per barrel.
During a press briefing yesterday, Presidential Communications Office Undersecretary Claire Castro said Mr. Marcos would consider the four-day workweek suggestion if the conflict worsens and its impact on energy markets deepens.
“For now, the President may study such a suggestion, especially if the Israel‑Iran issue worsens. At present, however, this has not yet been discussed,” she said.
Mr. Marcos earlier directed all national government agencies to identify measures to curb electricity and fuel usage in their operations as part of precautionary steps in anticipation of disruptions to global oil supply and potential domestic price increases.
For her part, Trade secretary Ma. Cristina Roque said authorities are seeking a “win‑win” outcome that balances consumer protection with business sustainability.
She declined though to speculate on how global developments might affect prices of local goods, noting that some of the goods currently in the market were produced before recent cost pressures.
The meeting with manufacturers is expected to take place within the week, with clearer guidance likely after consultations are completed, Roque said.
The Iran-Iraq conflict has further pushed domestic pump prices up by P12 per liter for diesel and P6.20 per liter for gasoline to date, industry sources said.
Energy Secretary Sharon Garin said fuel prices will rise amid the Middle East crisis, but officials cannot yet provide the exact amount of next week’s increase.
The DOR earlier said it will ask oil companies to stagger next week’s price hike, but a consensus on implementation has not yet been reached.
The department also called on the public sector to conserve fuel in light of the petroleum supply uncertainty caused by the ongoing conflict.
In an advisory released by Garin and the Inter-Agency Energy Efficiency and Conservation Committee, the DOE listed several practices government entities must strictly implement. These include regular preventive maintenance of vehicles, adopting a standardized vehicle monitoring system and transitioning to electric or hybrid vehicles.
The National Electrification Administration has also ordered electric cooperatives to issue advisories to member-consumer-owners, encouraging them to practice energy conservation.
The war sparked by the US-Israeli bombing of Iran launched on Saturday has led to a sharp fall in stock markets, particularly in Europe and Asia.
Investors are concerned about a sharp rise in oil and gas prices caused by disruptions to supplies through the Strait of Hormuz, which handles around 20 percent of the world’s seaborne oil and liquefied natural gas shipments.
They fear a resurgence of inflation, similar to the rise in prices triggered by Russia’s full-scale invasion of Ukraine in 2022.
Iran’s Revolutionary Guards claim they have “complete control” of the strategic waterway and warned that any vessels seeking to use it risk damage from missiles or stray drones. With AFP
