Senate leaders expressed support for studying the possible postponement of the Philippines’ hosting of the 2026 ASEAN Summit and related meetings, citing the need to ease financial pressure brought by the ongoing Middle East conflict.
Senator Vicente Sotto III said the government should consider the proposal of former Finance Secretary Margarito “Gary” Teves to defer the hosting.
“The Executive department might consider that. The times call for such a possible move,” Sotto said.
Senate President Pro Tempore Panfilo Lacson echoed the sentiment, noting that Southeast Asian neighbors would likely understand if the Philippines delays the summit.
“The proposal merits serious study and possible reconsideration. I think our ASEAN neighbors would understand,” Lacson said.
The Philippines is set to assume the ASEAN chairmanship in 2026 following Malaysia, with the government earlier seeking congressional approval for a P17.49-billion budget for the summit.
Senator Imee Marcos also questioned the planned spending, suggesting a scaled-down approach instead of a full postponement.
“Pwedeng simpleng meetings na lang… pati mga kapwa nating ASEAN members namomroblema rin,” she said, adding that the country could use the meetings to seek support from oil-producing members such as Brunei, Indonesia, and Malaysia.
Earlier, Malacañang downplayed fears of an oil crisis, saying supply remains sufficient despite ongoing “price disruptions.”
Meanwhile, Senator Bam Aquino pushed for the declaration of a state of national emergency, citing the worsening economic strain on Filipino families.
He said such a declaration would allow the government to impose price ceilings on essential goods and expedite the release of aid for transport workers and micro, small, and medium enterprises (MSMEs).
Aquino also vowed to monitor the proposed emergency powers for Ferdinand Marcos Jr., which include the possible suspension or reduction of fuel excise taxes.
The House of Representatives of the Philippines has adopted the Senate version of a bill aimed at addressing rising oil prices.
For Senator JV Ejercito, the government should form an inter-agency task force to prepare for the economic and energy impact of escalating tensions in the Middle East, including possible austerity measures.
Senator Francis Escudero, for his part, filed a measure proposing the establishment of a government-owned crude oil storage facility capable of holding 90 to 180 days’ worth of national consumption.
The proposal includes an initial P60-billion allocation, with the Department of Energy and the Philippine National Oil Company tasked to oversee fuel inventory acquisition.
“A strategic crude oil stockpile is our shield,” Escudero said, emphasizing the need to protect the country from global supply disruptions and volatile fuel prices.
