President Ferdinand Marcos Jr. has directed the creation of a crisis committee to address the economic impact of rising oil prices linked to the ongoing conflict in the Middle East, Malacañang announced Monday.
According to Communications Undersecretary and Palace Press Officer Claire Castro, the specifics of the committee are still being finalized, but the initiative aims to enhance coordination among government agencies.
The body will adopt a whole-of-government approach to help cushion the economy from the effects of increasing fuel costs.
“The country was not facing an oil shortage,” Castro emphasized, echoing the Department of Energy’s earlier assessment that current supply levels are adequate.
She explained that the committee’s central responsibility will be to safeguard supply chains and ensure that fuel and essential goods remain available without disruption.
Behind the scenes, officials are negotiating additional fuel imports to reinforce reserves, with talks underway for at least 440,000 barrels, and another 600,000 barrels expected to follow.