Manila, March 30 -- Business groups have praised the government's initiative to involve the private sector in crafting measures to protect Filipino consumers from rising fuel costs.

In a joint statement Monday, the Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. (FFCCCII), Federation of Philippine Industries (FPI), Makati Business Club (MBC), Management Association of the Philippines (MAP), and Philippine Chamber of Commerce and Industry (PCCI) pledged several steps to mitigate the impact of high fuel prices on the economy.

"We, the undersigned Philippine Business Groups, express our deep appreciation to the national government, through Finance Secretary Frederick D. Go, for convening us to discuss the Middle East...