Philippines declares energy emergency over Iran conflict

Philippines declares energy emergency over Iran conflict 2 hours ago Share Save Suranjana Tewari , Asia business correspondent, Manila and Jessica Rawnsley Share Save The Philippines has become the world's first country to declare a state of national energy emergency in response to the conflict in the Middle East. President Ferdinand Marcos Jr said he had signed an executive order to safeguard energy security, citing the "imminent danger posed upon the availability and stability" of the country's energy supply. The US-Israel war with Iran and the effective closure of the Strait of Hormuz - a key shipping route - have sent shock waves through global energy markets, causing shortages and price rises. The Philippines imports 98% of its oil from the Gulf, and the price of diesel and petrol has more than doubled in the country since the war broke out on 28 February. On Tuesday, Marcos said the move would give the government the legal authority to impose measures to ensure energy stability and protect the broader economy. Under the order, a committee has been formed to oversee the orderly distribution of fuel, food, medicines, and other essential goods. The government has also been empowered to directly purchase fuel and petroleum products to shore up supplies. The declaration will remain in place for one year, unless it is extended or lifted by the president. It follows calls from several senators, who urged Marcos to acknowledge the "emergency-level" hardship faced by Philippine families due to soaring oil prices. The price of petrol and diesel spiked again on Tuesday, rising to more than double its pre-war level in February. Since hostilities in the Middle East began, the government has offered subsidies to transport drivers, reduced ferry services, and implemented a four-day work week for civil servants to save fuel. Earlier on Tuesday, Energy Secretary Sharon Garin said the country had about 45 days of fuel supply left. Garin told reporters the country would "tempora...