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.
The 48th ASEAN Summit opened in Cebu on May 6, 2026, as the Philippines—ASEAN chair for the year—hosts a scaled-down gathering of Southeast Asian leaders amid the global oil crisis, food insecurity, and concerns for migrant workers affected by the US-Israel war on Iran.
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The Department of Budget and Management has identified P238 billion in funding to support the government's response to the ongoing global oil crisis, under President Marcos's directive. DBM Secretary Rolando Toledo shared this during a House committee on ways and means hearing on April 8. It comes alongside a mandated 20 percent cut in non-essential government spending.
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.