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MODEL PORTFOLIO THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
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2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
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Economic Updates
Policy Rate Updates: Policy rate updates to reassure 
March 26, 2026 DOWNLOAD
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Fed to cut just once 
March 19, 2026 DOWNLOAD
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BusinessWorld 3 MIN READ

Philippines declares energy emergency amid surging fuel prices 

March 25, 2026By BusinessWorld
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Philippine President Ferdinand R. Marcos, Jr. declared a national state of energy emergency on Tuesday, which gives the government expanded powers to secure fuel supplies and shield the economy from surging oil prices triggered by the war involving Iran, Israel and the US. 

In Executive Order No. 110, Mr. Marcos said escalating hostilities in the Middle East and disruptions in critical shipping routes such as the Strait of Hormuz pose an “imminent danger” to the country’s energy security, underscoring the Philippines’ vulnerability as a major importer of petroleum products. 

The order activates a coordinated response framework known as UPLIFT or Unified Package for Livelihoods, Industry, Food and Transport, aimed at stabilizing fuel supply, sustaining economic activity and protecting sectors most exposed to rising energy costs. 

Global oil prices have surged since the conflict erupted late February, raising inflation risks for the Philippines, where fuel costs directly affect transportation fares, food prices and electricity rates. 

The move comes even as Malacaсang has maintained that the country is not facing an immediate fuel shortage, citing stable inventories and diversification of supply sources. 

The Palace said the government is negotiating with alternative suppliers including China, Russia, Japan, South Korea, Brunei and India to reduce reliance on Middle Eastern oil. Mr. Mr. Marcos earlier said talks with these countries had been “positive,” though no supply agreements have been announced. 

Under the executive order, the Department of Energy (DoE) may take emergency actions such as direct procurement of petroleum products and closer coordination with state‑owned companies, including the Philippine National Oil Co. Authorities are also empowered to tighten oversight of fuel pricing and crack down on hoarding, profiteering and market manipulation. 

The government will prioritize fuel allocation for critical sectors including public transport, healthcare, power generation and utilities. 

Approvals for energy projects will be fast‑tracked to boost domestic generation capacity, while government offices will implement stricter conservation measures, including a four‑day workweek to curb energy use. 

Short‑term relief measures include fuel subsidies for transport operators and drivers, fare support for commuters, expanded public transport services and targeted assistance for households and industries most exposed to higher fuel costs. 

The order also outlines longer‑term steps to reduce dependence on imported oil, including accelerating renewable energy development, expanding electric vehicle adoption in mass transport and promoting energy‑efficiency measures across sectors. 

A Cabinet‑level committee headed by Mr. Marcos will oversee implementation, bringing together officials from economic, transport, agriculture and social welfare agencies to coordinate supply‑side interventions and targeted relief. 

As the Iran war nears its one‑month mark, the Philippines has relied heavily on fuel and cash subsidies to cushion the impact on consumers. 

The President has asked Congress to grant him emergency powers to suspend or reduce excise taxes on petroleum products, though he has yet to sign the proposed measure and has cited complex fiscal calculations. 

Fuel prices rose again this week, extending one of the longest streaks of increases in recent years. Some oil companies raised diesel prices by as much as PHP 18 per liter and gasoline by about PHP 8, while government estimates pointed to increases of up to PHP 11.88 for diesel, PHP 6.47 for gasoline and PHP 13.66 for kerosene. 

In Metro Manila, pump prices could climb to PHP 126.78 per liter for diesel, PHP 98.07 for gasoline and PHP 157.45 for kerosene, marking the 13th straight weekly increase for diesel and kerosene and the 11th for gasoline. — Chloe Mari A. Hufana, Reporter

This article originally appeared on bworldonline.com

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