MANILA, Philippines — As the Philippines hosts the 49th Association of Southeast Asian Nations (ASEAN) Summit, Sen. Mark Villar is urging the government to leverage the event to secure new investments, generate jobs and cushion the impact of rising inflation on Filipinos.
Villar emphasized that the country’s leadership in the regional bloc must translate into tangible economic benefits for citizens currently grappling with high electricity costs and rising prices of basic commodities.
The call comes against the backdrop of recent Philippine Statistics Authority (PSA) data showing inflation accelerating to 7.8 percent in October.
Transport inflation also surged to 20.1 percent, while rice inflation climbed to 20.7 percent. Additionally, the September Labor Force Survey recorded 2.86 million unemployed and 5.56 million underemployed Filipinos.
Villar noted that the ASEAN region, with a combined economy of $3.9 trillion and a population of nearly 700 million, offers massive opportunities for trade and business expansion.
Meanwhile, Sen. Erwin Tulfo said a Belgian firm has expressed interest in constructing an oil refinery and depot in the Philippines at no cost to the government, a move that could help secure the country’s fuel supply amid geopolitical tensions in the Middle East.
In a letter sent to the Senate committee on energy, Brightside Industries Group has proposed building the facilities, mirroring an earlier initiative floated by the Abu Dhabi National Oil Company of the United Arab Emirates.
“The more companies that will build oil depot and refinery in the Philippines, the better. Because we can ensure that when there’s conflict in the Middle East, we will still have enough supply,” Tulfo, who chairs the energy committee, said.
He explained that under the proposed arrangement, the Philippines will not be required to shell out public funds. He surmised that the Belgian firm intends to use the country as a strategic storage hub to distribute and sell oil to other Asian markets.