Business leaders move to cushion impact of soaring fuel prices

Local

BUSINESS leaders in Cebu are coordinating with government agencies and local officials to cushion the impact of rising fuel prices and prevent possible increases in the cost of basic commodities.

Regan Rex King, the newly installed president of the Cebu Chamber of Commerce & Industry, said the chamber has already begun discussions with provincial officials to align business practices and explore mitigation strategies.

“So far, there's a little bit of effect yet still in the business community. Eventually, after a few days, it will be affected,” King said.

He made the statement in an interview with local media on Friday, March 13, highlighting how the government’s new four-day workweek is already changing how businesses operate and interact with agencies.

King also stressed that Cebu relies heavily on imports for both fuel and essential goods.

He added that some suppliers have started reducing shipments in anticipation of higher trade costs, a development that could ripple through local markets.

To prepare for potential disruptions, the chamber plans to issue a formal statement and proposal to the provincial and city governments, working with other chambers to coordinate efforts across sectors.

“We will survive this crisis,” King said, urging businesses to contribute actively to supply stability and price balance.

The business community’s actions complement moves by local governments to curb price volatility.

King said the chamber will maintain weekly coordination meetings with government agencies to monitor supply levels, assess the impact of price increases, and implement preventive measures.

The chamber will also work to ensure that basic commodities remain available at stable prices, balancing supply with demand while preparing for possible disruptions caused by both local and global uncertainties.

At least 25 city and municipal mayors in Cebu Province have committed to reactivating their Local Price Coordinating Councils (LPCCs) to monitor and prevent unreasonable price increases by retailers.

Cebu Gov. Pamela Baricuatro noted that unified price monitoring across LGUs would act as a deterrent against illegal price hikes.

Cordova Mayor Cesar Suan said LPCC reactivation is a priority for the League of Municipalities of the Philippines in Cebu, with meetings scheduled this week to formalize the councils’ roles.

Department of Trade and Industry Cebu Chief of Consumer Protection Atty. Airene Abapo said only 11 LGUs in Cebu currently have active LPCCs.

She emphasized that monitoring public markets and major retail establishments, along with applying penalties for unlawful price increases, remains crucial.

Abapo also reassured the public that supplies remain stable and adequate, with a confirmed three-month buffer stock in place, cautioning against panic buying.

Energy monitoring efforts also involve the private sector.

Department of Energy-Central Visayas Director Rene Sevilla called on mayors to assist in tracking fuel availability and price changes, noting that 90 percent of the country’s fuel comes from imports, mainly from the Middle East.

Sevilla said contingency measures are ready to manage potential vulnerabilities.

This includes oil supply strategies, demand management, energy efficiency and conservation initiatives, alongside national and local government support.(MyTVCebu)