The Pampanga Chamber of Commerce and Industry, Inc. (PamCham) has proposed several measures to help in mitigating the economic impact of rising fuel prices amid ongoing geopolitical tensions involving the United States, Israel and Iran.
The business group warned that volatility in global oil prices could drive inflation to as high as 7% and lead to higher costs of goods and services.
“As we witness an increase in the cost of fuel per liter—projected to surge alongside inflation rates—it is imperative that we acknowledge the potential repercussions this conflict could have on the cost of goods and services in Region 3,” PamCham said.
To cushion the impact on businesses and consumers, the group urged the national and provincial governments to consider several economic measures similar to those implemented during the oil crises of the 1970s.
Among the PamCham's proposals is the implementation of daylight saving time to reduce electricity consumption by maximizing the use of natural daylight.
“By shifting the clocks forward, we can capitalize on natural daylight to reduce reliance on artificial lighting and lower energy costs,” the group said.
PamCham also called for the use of public transportation and carpooling to reduce fuel demand and transportation expenses.
The business chamber even recommended cost-cutting measures in government offices, including reduced office days and work-from-home arrangements for units whose functions can be performed remotely.
PamCham also urged support for renewable energy programs to lessen the country’s dependence on imported fuel and shield the economy from global oil price fluctuations.
“By implementing strategic measures and fostering community-wide awareness, we can navigate these challenges while promoting resilience and sustainability in the face of rising costs,” PamCham said.
The group said cooperation between government and the business sector will be crucial in addressing the economic pressures brought about by the rising fuel costs and inflation.