In brief
Philippine President Ferdinand Marcos has declared a state of energy emergency amid escalating fuel prices attributed to the ongoing war in Iran. In a televised address, he assured the public of a consistent supply of oil, promising procurement of one million barrels to replenish reserves. Marcos emphasized the urgency of the situation, citing the country's reliance on oil imports from the Gulf and the impact of geopolitical strife on fuel availability. The government plans to take legal steps to ensure energy stability while opposition critiques highlight concerns over worker rights amid the crisis.
Philippine President Ferdinand Marcos says he is working to secure new sources of oil after he placed the country under a state of national energy emergency in response to the war in Iran.
Marcos told Filipinos in a televised address that the government would procure one million barrels of oil to add to the current stock, which is good for 45 days.
We will have a flow of oil. Not just one delivery, not two deliveries, but a flow of oil-related products, he stated.
The Philippines, which imports 98% of its oil from the Gulf, became the first country to declare an energy emergency after local diesel and petrol prices more than doubled since the war broke out on February 28.
The US-Israel conflict with Iran has triggered significant upheaval in global energy markets, leading to shortages and spikes in prices.
President Marcos's late Tuesday declaration allows the government to implement measures aimed at ensuring energy stability and protecting the nation's economy.
Nothing is off the table. We are exploring all suggestions and ideas to navigate this crisis, he noted.
Philippine Ambassador to the US, Jose Manuel Romualdez, confirmed that Manila is collaborating with Washington to seek exemptions for oil imports from US-sanctioned countries.
Currently, a committee has been established to oversee fuel, food, and medication distribution to ensure essentials are adequately supplied.
Under this emergency, the government has gained the authority to directly purchase necessary fuels and petroleum products. The measure is set for one-year duration unless extended or revoked by the president.
A widespread outcry has arisen from the community, with several senators pushing for recognition of the economic crisis impacting Filipino families due to escalating oil prices.
Despite initiatives such as subsidies for transport drivers and reduced ferry services, the looming crisis continues, with local protests imminent as workers rally for economic relief and protections.
Business leaders like tycoon Manuel V. Pangilinan have expressed support for the emergency powers, urging the government to explore all available solutions to tackle the ongoing energy challenge.
