Philippines Declares Energy Emergency, Prepares Rp5.6 Trillion Fund to Address Oil Price Surge

The Philippine government is preparing emergency measures to maintain energy supplies amid a surge in global oil prices due to Middle East conflicts. The Philippine Department of Energy has activated an emergency fund of 20 billion pesos, equivalent to approximately Rp5.61 trillion or 333 million US dollars. “This decisive action demonstrates the government’s strong commitment to protecting the Filipino people from external supply shocks and ensuring sustainable, adequate, and reliable fuel availability nationwide,” stated the Philippine Department of Energy on Thursday (26/3/2026), as reported by Reuters. This step is taken to secure supplies amid global energy market volatility. President Ferdinand Marcos Jr. stated that national oil stocks are around 45 days. The Philippines is heavily dependent on energy imports. Nearly all crude oil needs come from the Middle East, with Saudi Arabia as the primary supplier. “The declaration of a national energy emergency will enable the government to implement responsive and coordinated measures to address risks of global energy supply disruptions and their impact on the domestic economy,” he said. The emergency status lasts for one year. The government has the authority to expedite fuel procurement, make early contract payments, and crack down on hoarding and supply manipulation. The government is also forming a special committee to maintain the distribution of fuel, food, medicines, and agricultural products.