Marcos Declares National Energy Emergency Amid ME Crisis

Philippine President Ferdinand Marcos Jr has declared a nationwide energy emergency in response to escalating Middle East tensions threatening global oil supplies. Under an executive order signed on March 24, the government is moving to stabilize fuel and electricity costs in the heavily import-dependent economy. This marks the first time since the COVID-19 pandemic that such powers have been invoked, specifically targeting energy security as fuel prices strain the transport and aviation sectors.

National Energy Emergency

The declaration enables the government to build a 20-billion-peso diesel buffer and implement fuel subsidies for public transport workers, farmers, and fisherfolk. Energy Secretary Sharon Garin confirmed that while the nation currently holds 45 days of supply, an additional two million barrels are being procured as a precaution. Despite these measures, economists warn of persistent inflationary pressures. The emergency status, which streamlines procurement and allows for tighter market monitoring to prevent hoarding, will remain in effect for up to one year.

Business News