With global crude prices hovering near the $80-per-barrel mark amid escalating tensions in the Middle East, President Ferdinand “Bongbong” Marcos Jr. on Tuesday ordered a nationwide energy conservation campaign while preparing fiscal measures to cushion the impact of a possible surge.
Marcos said that once oil prices breach $80 per barrel, targeted fuel subsidies will automatically be extended to vulnerable sectors.
“Kapag lumampas sa $80 per barrel… magpaprovide tayo ng subsidy para sa mga sektor na maaapektuhan,” the President said, identifying transport and agriculture as priority beneficiaries.
The administration is also reviewing potential adjustments to fuel excise taxes should the spike persist.
“We are already looking into adjusting hopefully the excise tax on fuel,” Marcos noted, adding that revenue trade-offs could be considered if global prices remain elevated.
ENERGY-SAVING MEASURES
The President directed all government offices to immediately adopt conservation practices, including limiting non-essential travel, promoting carpooling, reducing electricity use in offices, and encouraging public transport.
“We have given instruction to all government offices to find ways to save energy,” he said.
Marcos also appealed to the public to follow suit.
“Maghanap tayo ng paraan upang mabawasan ang ating paggamit ng energy,” he urged.
ECONOMIC IMPACT
The Philippines imports nearly all of its oil requirements, leaving it highly vulnerable to supply disruptions and geopolitical flashpoints. Sustained increases in crude prices typically ripple into higher transport fares, food distribution costs, and consumer prices.
While fuel supply remains adequate for now, Marcos emphasized that early conservation efforts could help households absorb the shock of a potential oil price spike.