Philippines declares energy emergency amid Middle East conflict, citing supply risks, oil price volatility, and need to secure fuel stocks

MANILA: Philippine President Ferdinand Marcos Jr on Tuesday declared a state of national energy emergency ⁠in response to the Middle East conflict and what he called an “imminent danger” posed ​to the country’s energy supply.

Marcos said a committee ‌has been formed to ensure ​the orderly movement, supply, distribution and availability of fuel, food, medicines, agricultural products and other essential goods.

In an executive order shared with media, ​Marcos said the conflict had created uncertainty in global energy markets, severe ⁠supply ‌chain disruption ​and significant volatility and upward ​pressure on international oil prices “thereby posing a threat to ​the country’s energy security”.

“The declaration of a state of national energy emergency will enable the government … to implement responsive and coordinated measures under existing laws to address the risks posed ‌by disruptions in the global energy supply and the domestic economy,” he said.

The declaration, which will remain in effect for one year, authorises the government to procure required fuel and petroleum products ⁠to ensure ‌timely and sufficient supply and, if necessary, pay part of the contract amount in advance. Philippine Energy Secretary Sharon Garin ​earlier on Tuesday told a news briefing the country had ​around ​45 days of fuel supply based on current ‌consumption levels.

She ​said the government was working to procure 1 million barrels of oil from countries within and outside Southeast Asia to build its buffer stock.

 The Sun Malaysia