Philippine President Ferdinand Marcos Jr announced a national energy\nemergency on Tuesday in response to the Middle East conflict and what he\ndescribed as an \u201cimminent danger\u201d to the country\u2019s energy supplies.<\/p>\n
Marcos stated that a committee has been formed to ensure the orderly\nmovement, supply, distribution, and availability of fuel, food,\nmedicines, agricultural products, and other essential goods.<\/p>\n
In an executive order presented to the media, Marcos said the\nconflict has created uncertainty in the global energy market, severe\nsupply chain disruptions, and significant volatility and mounting\npressure on international oil prices, \u201cthereby posing a threat to the\ncountry\u2019s energy security\u201d.<\/p>\n
\u201cThe declaration of a national energy emergency will enable the\ngovernment\u2026 to implement responsive and coordinated measures under\nexisting laws to address the risks posed by global energy supply\ndisruptions and the domestic economy,\u201d he said.<\/p>\n
The declaration, which will last for one year, gives the government\nauthority to procure fuel and petroleum products to ensure timely and\nadequate supplies and, if necessary, to make partial advance payments on\ncontract amounts.<\/p>\n
Philippine Energy Minister Sharon Garin stated earlier on Tuesday at\na press conference that the country has about 45 days\u2019 worth of fuel\nsupplies based on current consumption levels.<\/p>\n
She said the government is working to secure 1 million barrels of oil\nfrom countries within and outside Southeast Asia to build buffer stocks,\nbut there may be uncertainties in subsequent orders.<\/p>\n
The declaration will allow the government to act more swiftly and\nbypass usual procedures in responding to the impacts of the Middle East\nconflict, which has driven up oil prices and upended global markets.<\/p>\n
Marcos also directed the finance ministry, in coordination with the\nPhilippine central bank, to closely monitor the impact of the Middle\nEast conflict on the Philippine peso, remittances, including the risk of\npeso depreciation.<\/p>\n
Ahead of the executive order\u2019s issuance, senators investigating\ngovernment preparedness criticised the administration for what they\ncalled a lack of a unified and coordinated response to the oil price\nsurge, which the economic planning minister said could trigger inflation\nlevels not seen in years and weaken economic growth.<\/p>\n
Transport workers, commuters, and consumer groups are planning a\ntwo-day strike starting Thursday to protest fuel price increases and\nwhat they describe as the Marcos administration\u2019s failure to take\naction.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/philippines-declares-national-energy-emergency-following-us-israel-attack-on-iran-1774368436", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }