The San Miguel Corporation chief said the proposal, first raised before Congress in 2021, remains open should policymakers determine that public ownership would better serve national interest amid mounting energy security concerns.

“If the government believes that Petron under its ownership will better serve the Filipino people, especially in times like these, we are ready to sit down and make it happen,” Ang said.

Ang added that a potential transaction could be structured in tranches at fair market value, allowing the government to avoid a large upfront fiscal burden at a time of constrained public finances.

He emphasized that Petron has not been managed purely as a profit center, noting that the company absorbed more than ₱11 billion in losses in 2020 while continuing operations to ensure domestic fuel supply.

The conglomerate also invested around $2 billion to upgrade the Bataan refinery, which remains operational despite a broader industry shift toward importing finished fuel. Ang said the decision underscores the strategic importance of maintaining local refining capacity.

With a throughput capacity of 180,000 barrels per day, the Petron Bataan refinery supplies roughly a third of the country’s fuel requirements, making it a critical pillar of energy security. Its role has become even more significant amid global supply uncertainties, including disruptions in the Strait of Hormuz and persistently elevated fuel prices.

“This is not about who owns Petron. This is about what is best for the country,” Ang said.

The renewed offer comes as some lawmakers revisit proposals to bring the country’s refining assets back under state control, a move proponents argue could help stabilize supply and cushion the impact of global oil volatility on domestic markets.

The Feb. 27–March 2 poll, conducted by Pulse Asia and released Thursday, found that 41% of respondents want leaders to address “more affordable food prices in your area such as rice, meat, and fish.” This marks a 3-point increase from December 2025, with Balance Luzon (41% → 46%) and Mindanao (40% → 46%) showing the largest upticks. The shift was most pronounced among Class E respondents (+7 points, 33% → 40%).

Meanwhile, 26% cited the need to “lessen or eliminate corruption to provide better community services,” down 5 points from 31% in the previous survey—coinciding with the winding down of flood control scandal investigations.

Interest in job creation also rose, with 24% calling for “more jobs and livelihood opportunities,” up from 21% in December. The increase was most notable in Visayas, where support jumped 27% → 43%.

Victor Andres “Dindo” Manhit, Stratbase Institute president and CEO, said the results highlight growing concern over food security and inflation, as Filipinos now pay P94–P115 per liter of fuel following recent double-digit price hikes.

“Geopolitical tensions are directly impacting Filipino households,” Manhit said. “While corruption remains an important issue, ordinary citizens are more focused on immediate economic pressures, including food prices and income stability.”

The findings align with a separate Pulse Asia survey showing inflation (47%) and corruption (36%) as the top national concerns.

Manhit urged the government to stabilize food and fuel prices, crack down on profiteering, and expand state subsidies to shield vulnerable sectors from shocks.

“Addressing rising food prices must go hand in hand with creating jobs and ensuring that economic gains reach local communities,” he added.

Other concerns in the Stratbase survey include “providing accessible education and healthcare services” (10%, unchanged from December 2025).

The survey coincided with U.S. and Israeli strikes on Iran, prompting Tehran to close the Strait of Hormuz, through which one-fifth of the world’s oil passes, pushing oil prices above $100 per barrel. The resulting fuel hikes in the Philippines have raised fears of inflation spilling over to essential goods.

The survey polled 1,200 respondents with a ±2.8% margin of error.

Philippine Exporters Confederation, Inc. (PHILEXPORT) President Sergio Ortiz-Luis Jr. said suspending or removing excise taxes on fuel products could reduce pump prices by roughly P6 to P10 per liter.

He said the government could also consider lowering VAT on fuel and electricity to provide additional relief.

“Lowering the value-added tax on fuel and electricity would help cushion the impact, even if the excise tax is removed. This is meant to prevent fuel prices from rising too much,” Ortiz-Luis said in Filipino during an interview on DZAR 1026 SMNI Radio.

Ortiz-Luis warned that a sharp increase in gasoline prices would likely fuel inflation and raise costs across multiple sectors.

“If gasoline prices increase significantly, it will drive inflation and make things more difficult for everyone. Logistics costs will rise, companies will face higher expenses, and workers will also be affected. Without subsidies, many people will struggle,” he said.

However, Ortiz-Luis noted that exporters previously did not support calls to reduce VAT, even before the latest Middle East tensions, because the benefits would likely favor heavy spenders and large corporations rather than lower-income households.

“Lowering VAT would not necessarily benefit the poor. The savings would mostly go to those who spend more—large companies and wealthier consumers,” he said.

The PHILEXPORT chief also warned that sustained increases in oil prices, driven by geopolitical tensions in the Middle East, could force some businesses to shut down and result in job losses.

He said companies are already grappling with rising operating expenses as fuel prices increase, noting that fuel imports are paid in US dollars.

“Even our advantage of having many overseas Filipino workers sending remittances home could be affected if some of them are impacted by the situation and send less money. At the same time, the peso’s purchasing power continues to decline because we are paying more dollars for fuel imports,” Ortiz-Luis said.

He expressed hope that the conflict in the Middle East would not drag on, stressing the importance of conserving fuel and exploring alternative energy sources.

“If we can find alternative ways to generate power and electricity, then that would be good,” he added.

Sergio R. Ortiz-Luis Jr., chairman emeritus of the Philippine Chamber of Commerce and Industry, made the appeal during a live radio interview with Brigada News FM Manila on March 4.

Ortiz-Luis said suspending fuel excise taxes would provide immediate relief to businesses and consumers as global oil prices rise due to geopolitical tensions.

He noted that unlike many countries that subsidize fuel and electricity, the Philippines imposes taxes on these sectors, adding to the cost burden.

“Excise taxes can be removed for now,” Ortiz-Luis said, adding that the government has reported progress in recovering funds lost to corruption-tainted public sector projects.

He said suspending fuel taxes would benefit both rich and poor and could be a more effective response than expanding financial assistance or “ayuda” programs.

Ortiz-Luis warned that micro enterprises—accounting for about 90% of businesses in the Philippines—are likely to be the hardest hit by rising fuel costs.

“If we invest in the micro and small enterprises, they can grow and there won’t be a need for dole-outs,” said Ortiz-Luis, who is also president of the Philippine Exporters Confederation, Inc..

For long-term energy security, he urged the government to revisit proposals for domestic oil exploration and consider nuclear energy as part of the country’s future power mix.

The appeal comes amid escalating tensions in the Middle East following military strikes involving the United States and Israel against Iran in late February, which triggered retaliatory attacks across the region.

Analysts warn the conflict could push global oil prices higher and disrupt supply chains, posing risks for oil-importing economies such as the Philippines. It could also affect remittances from overseas Filipino workers based in the Middle East.