MANILA (AFP)
Oil-poor Philippines is to shift to a four-day work week with fuel prices set to rocket up amid the Iran war, President Ferdinand Marcos said on Friday.
Marcos announced the shift, set to start at all government offices on Monday, among measures aimed at easing the economic impact of the armed conflict involving Iran, Israel and the United States.
He warned the effective closure of the Strait of Hormuz would increase local pump prices next week by 7.48 pesos per litre for gasoline, 17.28 pesos for diesel, and 32.35 pesos for kerosene (13-55 US cents).
The Philippines imports most of its crude oil from the Middle East and still relies on oil-fired power plants to generate electricity.
Marcos also ordered all government agencies to cut their fuel and power consumption by 10-20 percent, banned government study tours and team-building activities, as well as "meetings that can be done online".
He urged Congress to authorise him to reduce excise taxes on petroleum products if the price of crude oil breached $80 per barrel, as well as to amend a biofuels law so cheaper bioethanol can be used for blending with petroleum products.
The government will also provide fuel subsidies and cash transfers to affected sectors, he said without giving details.
Marcos said the four-day workweek will be "temporary" but gave no end date.
Frontline services, police, and firemen are exempt from the four-day workweek, he added.