Metro Manila, Philippines – The Senate committee on foreign relations will conduct a legislative probe to develop measures in response to the ongoing war in the Middle East.
In a press briefing on Tuesday, March 3, committee chairman Erwin Tulfo announced that a hearing has been scheduled for Friday, March 6.
“What worries me, at saka hindi lang tayo, I mean the entire world, yung oil supply because the Strait of Hormuz is already closed,” Tulfo said.
[Translation: What worries me — and not just us, but the entire world — is the oil supply, because the Strait of Hormuz is already closed.]
He referred to the strategic waterway between Oman and Iran which supplies about 20 percent of the global oil.
“I don’t know hanggang kailan po ito. Kaya nga po, this Friday, I will be conducting a hearing doon sa foreign relations,” Tulfo added.
[Translation: I don’t know how long this will last. That’s why this Friday, I will be conducting a hearing in the foreign relations committee.]
The hearing follows resolutions filed by Tulfo, along with Senators Risa Hontiveros, Bam Aquino, and Kiko Pangilinan, urging a legislative inquiry into the conflict’s potential impact and the government’s contingency plans.
The committee will invite officials from the Departments of Foreign Affairs, Energy, Transportation, Agriculture, and Trade.
Among the topics to be discussed is the proposed suspension of the fuel excise tax to cushion the impact of rising prices. Tulfo and several senators have expressed support for President Ferdinand Marcos Jr.’s plan to seek congressional approval for the suspension.
However, Senator Win Gatchalian, vice chair of the Committee on Energy, warned that suspending the excise tax should be a last resort, as potential revenue losses could reach ₱300 billion in a year. He recommended immediate fuel subsidies using the President’s contingency fund instead.
