Philippine President Ferdinand Marcos Jr. has declared a state of emergency in the energy sector due to the conflict in the Middle East and the "imminent threat" to the country"s energy supply, Report informs via Reuters.
The presidential decree establishes a special committee to ensure the uninterrupted movement, supply, and distribution of fuel, food, medicine, and other essential goods.
Marcos said the conflict has created global market uncertainty, caused major supply chain disruptions, and triggered oil price volatility, directly threatening the Philippines" energy security.
The emergency powers, which will last for one year, allow the government to purchase petroleum products through simplified procedures and, if needed, make partial prepayments to secure timely deliveries.
Current fuel reserves are sufficient for roughly 45 days. Authorities are working to acquire 1 million barrels of oil to build a strategic reserve. Marcos also directed the Finance Ministry and central bank to monitor the peso"s exchange rate and overseas remittances.
The declaration comes amid criticism from senators who accused the administration of lacking a coordinated response to rising prices that could push inflation to multi-year highs. Meanwhile, transport unions and consumer groups plan a two-day strike starting Thursday to protest fuel price increases and government actions.