In response to economic strains heightened by the Middle East conflict, Philippine Senate leaders advocate evaluating the deferment of the country's hosting duties for the 2026 ASEAN Summit to save over 17 billion pesos.
Senate leaders in the Philippines have voiced support for a proposal to study the postponement of the country’s hosting of the 2026 ASEAN Summit and Related Summits. This initiative aims to reduce expenses, projecting savings exceeding 17 billion Philippine pesos amidst economic challenges linked to the ongoing conflict in the Middle East. Senate President Vicente “Sotto” III acknowledged the suggestion by former Finance Secretary Margarito “Gary” Teves and agreed that it merits governmental consideration under current circumstances. Similarly, Senate President Pro Tempore Panfilo “Ping” Lacson believes ASEAN member countries would understand a delay if necessary. The Philippines took over the ASEAN chairmanship in 2026 following Malaysia’s term. Previously, the government sought congressional approval for a budget of over 17 billion pesos for the Summit activities. Senator Imee Marcos suggested downsizing to simpler meetings or postponement, given the difficulties faced not only locally but also by fellow ASEAN members. Meanwhile, Malacañang has assured sufficient fuel supply despite market disruptions. Other Senators, including Bam Aquino and JV Ejercito, emphasize the importance of a national emergency declaration for price control measures and the creation of task forces to address the economic impact of the crisis. Moreover, Senator Francis “Chiz” Escudero proposed establishing a government-owned crude oil storage facility to buffer against global supply shocks, recommending initial funding of 60 billion pesos for a strategic stockpile covering up to 180 days of consumption. Official statements and legislative proposals underline the government’s focus on economic stability and energy security in light of regional and global pressures.
Sources referenced:
- https://www.gmanetwork.com/news/topstories/nation/981078/senate-leaders-back-call-to-postpone-ph-hosting-of-asean-summit/story/
