Philippines has declared a national energy emergency, with President Ferdinand Marcos Jr. warning of an "imminent danger" to the country's energy security due to the ongoing Middle East conflict.
The emergency status, set to last one year, allows the government to act more quickly to secure fuel supplies, including advance purchases of oil and petroleum products. Authorities are also working to build a buffer stock, with plans to procure around 1 million barrels of oil.
Officials say the crisis has triggered volatility in global energy markets, disrupted supply chains, and pushed oil prices higher, raising concerns about inflation and economic slowdown. Current reserves are estimated at around 45 days of supply.
The government has also formed a committee to oversee the distribution of essential goods, including fuel, food, and medicines, while monitoring the impact on the national currency.
The move comes as tensions linked to the conflict involving the United States, Israel and Iran continue to ripple through global markets.
Domestically, the situation is already fueling unrest, with transport workers and consumer groups planning strikes over rising fuel prices and what they see as a slow government response.