Senate Leaders Support Call to Study ASEAN Summit Postponement
Senate leaders on Monday expressed strong support for studying the possible postponement of the Philippines' hosting of the 2026 ASEAN Summit and Related Summits, potentially saving over P17 billion amid mounting economic pressures from the Middle East conflict.
Senate President Vicente "Sotto" III endorsed the proposal, originally suggested by former Finance Secretary Margarito "Gary" Teves, stating that "the Executive department might consider that. The times call for such a possible move."
Senate President Pro Tempore Panfilo "Ping" Lacson echoed this sentiment, expressing confidence that regional neighbors would understand any delay. "Former Secretary Gary Teves' proposal merits at least serious study and possible reconsideration. I think our ASEAN neighbors would understand," Lacson said.
P17 Billion Budget Under Scrutiny
The Philippines assumed ASEAN chairmanship in 2026 following Malaysia's term. Last year, the Marcos administration requested Congressional approval for P17,495,734,000 to fund the 2026 ASEAN Summit Meetings in the Philippines.
Senator Imee Marcos, recently replaced as chairperson of the Senate foreign relations committee, argued against the substantial expenditure given current circumstances. "Pwedeng simpleng meetings na lang at pati mga kapwa nating members sa ASEAN namomroblema rin," she said, suggesting simplified meetings since fellow ASEAN members are also facing difficulties.
"Kung nakakahiya na i-postpone, ituloy na lang natin as meetings. Simplified ng todo and use the opportunity to meet and ask for support for oil-producing members like Brunei, Indonesia, and Malaysia," she added.
National Emergency Declaration Pushed
Senator Bam Aquino advocated for declaring a state of national emergency, emphasizing that many Filipino families are already experiencing "emergency level" conditions.
"Unang-una, 'pag may state of national emergency, pwede silang maglagay ng price ceiling sa mga essential goods. Pangalawa, iyong ayuda na nilaan namin sa 2026 budget, ilabas na at ibigay na sa transport workers at suporta sa mga MSMEs," Aquino explained.
Aquino committed to monitoring emergency powers potentially granted to President Ferdinand "Bongbong" Marcos Jr. to suspend or reduce fuel excise taxes amid the Middle East conflict.
Strategic Oil Reserve Proposal
Senator Francis "Chiz" Escudero filed legislation to establish a government-owned crude oil storage facility, proposing a 90 to 180-day national consumption reserve with P60 billion initial funding.
"A strategic crude oil stockpile is our shield. Every time tensions rise in the Middle East, every time shipping lanes are disrupted, our economy absorbs the shock within days," Escudero stated.
Deputy Majority Floor Leader Senator JV Ejercito called for an inter-agency task force to prepare for potential economic and energy impacts from the escalating Middle East conflict.
Meanwhile, Malacañang dismissed oil crisis concerns on Monday, maintaining that fuel supply remains adequate despite acknowledging prevailing "price disruption."