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.
Amid oil price hikes and fewer customers, fish and flower vendors at Cebu City's Carbon Market are seeing sharp drops in earnings. Product prices like shrimp have risen by up to P100 since March 17, 2026. Transportation costs for fish carts have also doubled.
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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.