The Philippine government activated a 20 billion peso ($333 million) emergency fund on Thursday. The move aims to strengthen fuel security as Middle East conflicts continue to shake global oil markets.
The energy ministry announced the program amid ongoing price volatility. “This decisive action demonstrates the administration’s firm resolve to protect the Filipino people from external supply shocks,” the department stated. Officials also emphasized their commitment to ensuring reliable fuel availability nationwide.
Under the program, the government plans to purchase up to two million barrels of fuel. These purchases will include refined petroleum products and liquefied petroleum gas to support domestic supply.
Why the Philippines Is Vulnerable
The country imports almost all of its crude oil from the Middle East. Saudi Arabia serves as its biggest supplier. This heavy reliance makes the Philippines particularly vulnerable to both price shocks and supply disruptions.
President Ferdinand Marcos Jr. addressed the situation on Wednesday. He noted the country currently holds around 45 days’ worth of oil supply. However, continued instability in the region prompted the government to take additional precautions.
Public Pressure Mounts
Meanwhile, Filipinos took to the streets in Manila on Tuesday. Protesters demanded action against rising fuel prices. They also called for higher wages as tensions between the U.S., Israel, and Iran continue to affect global energy markets.