A Senate special committee formed to assess the economic impact of the Iran conflict has seen 22 of its 50 recommendations already implemented by the executive branch, Senate President Win Gatchalian said Saturday, as oil prices are expected to decline following a peace accord between Iran and the United States.
Gatchalian, who chaired the panel known as the PROTECT Committee, made the disclosure in an interview on DZRH News program Special on Saturday on June 20, saying the committee held four hearings to examine the conflict’s impact on the Philippine economy.
“Nagkaroon tayo ng apat na hearing tungkol dito sa impact nung Iran crisis. Nagkaroon din tayo ng mga recommendations. Mga 50 na recommendations ang ibinigay nitong Protect Committee… nakita namin halos 22 recommendations ang na-implementa ng executive,” Gatchalian said.
He said the Iran-US peace accord is expected to bring down oil prices, a development he called significant for the transportation and logistics sectors, but stressed that the Senate is closely monitoring whether the price decline will be passed on to consumers quickly.
Gatchalian said the criticism against oil companies has long been that price increases are implemented swiftly while price decreases tend to lag, and that the Senate is computing the expected pace of decline to hold the industry accountable.
He said the Protect Committee’s work also extended to assessing the conflict’s impact on fertilizer supply chains, given the Philippines’ heavy reliance on imported urea routed through the Strait of Hormuz.
