JV Ejercito urges creation of inter-agency task force over Middle East war

MANILA, Philippines -- Sen. Joseph Victor Ejercito on Monday sought the creation of an inter-agency task force to prepare for the impact of the Middle East war on the economy and energy sector. The senator has urged the government to craft contingency measures amid risks of fuel supply disruptions brought by the United States-Israel war on Iran. He said that the Congress has already authorized the President to suspend excise taxes on fuel to help cushion price shocks on consumers. “Let us not wait for the crisis to worsen. We should be proactive and prepare for the worst, and view it just like a Covid (Coronavirus disease [2019]) pandemic situation," Ejercito said in Filipino and English. He said the Senate adopted Resolution 43 last week, urging the Executive branch to set up a national contingency framework using a whole-of-government and whole-of-nation approach. Ejercito said the measure, which he co-authored, should push for early action amid possible fuel supply disruptions, and create a task force that would provide daily updates to keep the public informed. He said the war's impact "extends beyond fuel prices as it could also affect supply chains and production costs worldwide." Ejercito noted that many Asian economies, including China, rely heavily on Middle Eastern oil, which in turn powers manufacturing and exports. "It has a domino effect because the global market is dependent on the oil from the Middle East," the Senate deputy majority floor leader added.

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