Marcos promises 'flow of oil' as Philippines declares energy emergency

Philippine President Ferdinand Marcos says he is working to secure new sources of oil after he placed the country under a state of national energy emergency in response to the war in Iran. Marcos told Filipinos in a televised address that the government would procure one million barrels of oil to add to the current stock, which is good for 45 days.

"We will have a flow of oil. Not just one delivery, not two deliveries, but a flow of oil-related products," he said. The Philippines, which imports 98% of its oil from the gulf, became the first country to declare an energy emergency after local diesel and petrol prices more than doubled in the country since the war broke out on 28 February.

The US-Israel war with Iran and the effective closure of the Strait of Hormuz - a key shipping route - have sent shock waves through global energy markets, causing shortages and price rises. Marcos said the emergency declaration late Tuesday would give the government the legal authority to impose measures to ensure energy stability and protect the broader economy. "Nothing is off the table. We are looking at everything we can do, whatever suggestion, whatever idea," he said. Philippine Ambassador to the US Jose Manuel Romualdez had told Reuters that Manila was working with Washington to secure exemptions that would allow the country to import oil from US-sanctioned countries.