Philippines declares national energy emergency as Iran war fuels oil shock fears

The Philippines declares a national energy emergency amid fears of rising oil prices due to the Iran war. Read more at straitstimes.com.

MANILA – Philippine President Ferdinand Marcos Jr has declared a national energy emergency, warning that escalating tensions in the Middle East could disrupt global oil supply and drive up fuel and electricity costs in the country.

On March 24, Mr Marcos signed an executive order that the ongoing conflict involving the United States, Israel and Iran – which is “creating uncertainty in global energy markets, disrupting supply chains and exerting upward pressure on oil prices” – is posing a threat to the country’s energy security.

The move signals that Manila is bracing not just for a temporary spike in oil prices, but a potentially prolonged external shock that could feed into inflation. This could strain transport and power costs, and test the government’s ability to cushion consumers in a highly import-dependent economy.

The Philippines imports nearly all of its fuel needs, making it particularly vulnerable to disruptions in key shipping routes such as the Strait of Hormuz.

The order signed by Mr Marcos sets in motion a coordinated government response to stabilise fuel supply and limit the knock-on effects on transport, food and electricity.

Measures include fuel subsidies for key sectors like public transport drivers, tighter monitoring to prevent hoarding and profiteering, and faster approvals for energy projects.