In reaction to the Iran conflict, the Philippines became the first country in the world to declare a national energy emergency. President Ferdinand Marcos Jr. stated that he had signed an executive order to ensure energy security, citing the “imminent danger posed upon the availability and stability” of the country’s energy supply.
The US-Israel confrontation with Iran, as well as the facto closure of the Strait of Hormuz, a crucial shipping route, have sent shockwaves across global energy markets, resulting in shortages and price increases.
The Philippines buys 98% of its oil from the Gulf, and fuel and petrol prices have more than doubled since the conflict began on February 28. On Tuesday, Marcos stated that the move will provide the government the legal authority to adopt measures to preserve energy stability and defend the overall economy. The directive establishes a commission to monitor the orderly distribution of fuel, food, medicines, and other vital goods.
To ensure supplies, the government has also been given the authority to purchase fuel and petroleum products directly.
The declaration will be in effect for one year, until extended or lifted by the president.
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