Philippines declares energy emergency over Iran conflict
The Philippines declared a state of national energy emergency in response to the war in Iran. President Ferdinand Marcos Jr said he 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 declaration was made because the US-Israel war with Iran and the effective closure of the Strait of Hormuz 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 February 28. 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 Kilusang Mayo Uno (KMU) strongly criticised the emergency declaration, calling it an "admission" that the government failed to address the oil crisis. Energy Secretary Sharon Garin said the country had about 45 days of fuel supply left.
The declaration will remain in place for one year, unless it is extended or lifted by the president. Transport workers and other groups including ride hailing services are planning a two-day strike on Thursday and Friday. Sharon Garin told reporters the country would "temporarily" rely more heavily on coal-fired power plants to meet its energy needs amid surging liquefied natural gas (LNG) costs.
Quick Summary
The Philippines is dealing with a potential energy crisis due to the ongoing conflict involving Iran. President Marcos Jr. has declared a national energy emergency- but what measures will be taken to protect the economy?
Summary - read the full story for complete context.
Image: MyJoyOnline
Also covered by
GhanaFront aggregates news from trusted sources. Click to read the original article.
Keywords
Explore related tagsMore from MyJoyOnline
Related Stories
More from Business & Economy
Energy ministry sets up control and command centre to improve response time to power challenges
A new control center promises to improve response time to power challenges - but how will it work?
11h ago•3 min read
The companies making billions from the Iran war
The Iran war has caused economic disruption, but some companies are seeing record profits. Which sectors are booming?
23h ago•4 min read
BoG Governor pushes for real fintech deployment beyond Sandboxes
Africa's fintech sector faces a pivotal challenge- can sandboxes become true bridges to market entry?
1d ago•2 min read
'No bed syndrome': GMA calls for National Emergency Healthcare Policy
GMA calls for a National Emergency Healthcare Policy - but what changes are needed to address the 'no bed syndrome'?
17h ago•2 min read
