PHILIPPINE MARCOS ORDERS CRISIS COMMITTEE AMID WEST ASIA CONFLICT

MANILA, March 23 (Bernama-PNA) -- President Ferdinand R. Marcos Jr. has ordered the creation of a crisis committee to ensure a stable oil supply and protect consumers from the impact of the West Asia conflict, the Presidential Office (Malacañang) said Monday.

Philippine News Agency (PNA) reported that the Presidential Office Palace Press Officer Claire Castro said the directive was issued even before proposals surfaced, with the formal document now being finalised.

Castro said the crisis body will focus on securing supply chains and ensuring the continuous availability of fuel and other basic commodities. No further details were provided.

The Palace official also clarified that while global tensions have driven up oil prices, the Philippines is not experiencing an oil supply crisis.

“At present, this is not considered an oil crisis because we have complete and sufficient oil supply,” Castro said, citing the Department of Energy (DOE).

She added that the government is actively working to prevent supply disruptions.

“The DOE and this government, upon orders of President Marcos Jr., are working to ensure there will be no disruptions in the supply of oil and petroleum products in the country,” she said.

Castro noted ongoing negotiations for additional fuel imports, including 440,000 barrels already in the pipeline and another 600,000 barrels expected.

The Palace also addressed concerns over rising pump prices, explaining that under the Oil Deregulation Law, fuel prices are based on prevailing international benchmarks rather than acquisition costs.

“Pump prices reflect current global market conditions and not historical acquisition costs,” Castro said.

She emphasised that while the government cannot dictate prices, regulators can act against abuses.

Despite price pressures, Castro said the government continues to monitor the situation closely and implement measures to cushion the impact on the public.

-- BERNAMA-PNA