Oil Crisis
Marcos declares state of national energy emergency
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President Ferdinand Marcos Jr. declared a 'state of national energy emergency' on Tuesday, March 24, due to the impact of the US-Israel war against Iran on the Philippines' oil supply. Through Executive Order No. 110, he also adopted UPLIFT to mitigate effects on the economy and citizens. It remains in place for one year unless altered by Marcos.
Executive Secretary Ralph Recto said the oil crisis committee ordered by President Marcos 'does not start, but sustains and strengthens' mitigation measures to protect sectors affected by the Middle East crisis. Recto emphasized it builds on existing efforts amid elevated fuel prices. Senators urged the government to officially acknowledge the oil crisis.
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US importers have cut orders from Hong Kong firms and shifted to short-term contracts amid a global oil crisis triggered by war in the Middle East. Business leaders warn of eroding profit margins and strained liquidity, urging the government to bolster ties with Central Asia and Asean nations to diversify market risks. Executive Council member Jeffrey Lam Kin-fung said the situation will impact SMEs' cash flow.