The Philippine government should immediately enforce aggressive belt-tightening measures as escalating tensions in the Middle East threaten the stability of the economy, Senator Sherwin Gatchalian urged on Monday.
Gatchalian, who also chairs the Senate committee on finance, warned that volatile global oil prices combined with the country’s heavy reliance on imported crude place the Philippines in a vulnerable position during geopolitical conflicts.
“We do not know when the conflict in the Middle East will end, and it could deal a major blow to the economy if the unrest there continues,” he said.
The lawmaker pointed to cost-saving measures already being implemented, like energy conservation steps alongside the four-day workweek adopted by several government agencies.
Gatchalian proposed promoting carpooling and reviving the use of virtual meetings that became common during the COVID-19 pandemic to further cut energy consumption.
Government agencies could also limit official travel, suspend nonessential activities, and postpone vehicle purchases or equipment upgrades that are not critical to operations, said Gatchalian.
“Any small step, when implemented collectively, can make a significant contribution to the overall stability of the economy,” he added.
