The Philippines is keeping a close watch on commodity prices as the country prepares to host the ASEAN Business Environment Forum (BEF) on March 11, under its chairmanship of the regional bloc.
At a pre-event briefing on Monday, Benedict Uy, executive director of the Department of Trade and Industry-led ASEAN Committee on Business and Investment Promotion (CBIP), said the agency is actively monitoring the impact of fuel and energy costs on businesses nationwide, with the possibility of coordinated regional action to mitigate price shocks across the bloc.
“From our leadership down to the ground level, we are monitoring prices and engaging companies to understand and address the impact. The Department of Energy handles pricing, but DTI ensures that businesses are equipped to navigate these challenges,” he said.
Uy highlighted that strong intra-ASEAN trade and investment can shield businesses from global commodity shocks.
“By enhancing regional cooperation, our exporters and MSMEs can reduce exposure to volatile global prices,” Uy said. “A resilient ASEAN economy benefits everyone, especially small and medium enterprises that feel the impact of price fluctuations the most.”
Uy also cited the broader global context, noting that geopolitical conflicts and energy market volatility are contributing to rising costs worldwide.
“Even as we cannot directly control global fuel prices, monitoring their impact locally allows us to advise and support businesses, ensuring they can continue operating efficiently and competitively,” he said.
He added that the forum will provide a platform for ASEAN countries to share best practices on price management, supply chain resilience, and sustainable business operations.
The forum will bring together government officials and private sector leaders to discuss sustainable development, green interventions, and regulatory reforms aimed at strengthening business resilience.
