Manila: The government on Sunday commended businesses that have chosen to defer price increases amid rising global oil prices, calling it a show of solidarity with consumers. In a statement, Executive Secretary Ralph Recto said some firms have 'commendably' prioritized public welfare over profits as the country navigates the impact of the Middle East conflict on energy markets.

According to Philippines News Agency, Recto highlighted that the decision by companies to hold off on price hikes complements ongoing government interventions ordered by President Ferdinand R. Marcos Jr. These interventions aim to stabilize fuel supply and cushion the public from price shocks. Efforts include securing oil from both traditional and alternative sources, with recent deliveries and orders from global partners. Industry players like Petron and Seaoil have also committed to maintaining stable supply lines.

The Department of Energy (DOE), in coordination with other agencies, has facilitated the procurement of 1.04 million barrels of diesel, with initial shipments expected this week. On the domestic front, the government is expanding fuel subsidies for transport operators, as well as assistance to farmers and fisherfolk, to prevent higher fuel costs from driving up food prices.

Recto emphasized that energy conservation measures are being enforced across government offices, including reduced fuel use for non-essential vehicles and monitoring of electricity consumption. Additionally, cost-cutting measures have been implemented for the country's hosting of the Association of Southeast Asian Nations Summit, scaling down activities to focus on urgent concerns.

The government has also welcomed initiatives from local government units, such as free ride programs and transport subsidies, to help ease the burden on commuters. 'These are examples of damayan (communal support) that will help us ride out together the economic disruptions . hitting us hard,' Recto stated.