Malacañang on Saturday asserted that the government’s comprehensive response to the global oil crisis reflects President Ferdinand Marcos Jr.’s commitment to protecting Filipino households and ensuring national energy security.
The statement follows a report from the Asian Development Bank (ADB), which identified the Philippines as one of the most proactive nations in the Asia-Pacific regarding fuel price stabilization.
Despite domestic fuel prices surging by nearly 60% between February and April due to Middle East tensions, the Philippines successfully implemented seven out of eight major policy interventions recommended by the ADB.
The Palace highlighted that while the administration cannot influence international oil markets, it can control its internal strategy to prevent global volatility from becoming a domestic crisis.
“Government cannot control the conflict in the Middle East. It cannot dictate world oil prices. But it can control the speed, seriousness, and breadth of its response,” the Palace stated.
Key measures ordered by the President include:
- Targeted Subsidies: Direct assistance for transport workers and vulnerable families.
- Tax Relief: Implementation of Executive Order 114, suspending excise taxes on LPG and kerosene for three months.
- Supply Security: Diversifying import sources, building inventory buffers, and exploring new trade routes.
- Price Transparency: Strict monitoring by the Department of Energy to manage adjustments.
The administration emphasized that current efforts are a blend of immediate relief and a long-term shift toward renewable energy to decrease the country’s reliance on imported fuel.
“This is not a crisis created by the Philippines, but it is a crisis felt by Filipino families,” Malacañang noted.
“That is why the President’s instruction has been clear: cushion the impact, protect supply, assist the most affected sectors, and prepare the country for greater energy security.”
Describing the strategy as “leadership in a crisis,” the Palace maintained that the government’s “practical actions” are designed to provide a safety net for the public while strengthening the economy for future shocks.