President Ferdinand 'Bongbong' Marcos Jr. assures that the Philippines' oil supply remains secure despite ongoing conflicts in the Middle East, with alternative supply sources being explored.
In a statement made on March 11, 2026, President Ferdinand ‘Bongbong’ Marcos Jr. reassured the public that the Philippines’ oil supply is currently in good shape amidst the continuing Middle East tensions. Speaking in New York City before the Philippine media delegation, Marcos highlighted that the country maintains inventory locally and is awaiting additional supplies in transit, which do not pass through dangerous areas affected by the conflict. He clarified that the closure of the Strait of Hormuz has not yet impacted the country’s calculations regarding oil supply.
The president also noted proactive government efforts to diversify oil import sources, engaging with new countries outside the Philippines’ usual supply network to secure further petroleum products. In response to fluctuating oil prices tied to the conflict, legislative measures have been advanced to allow the President to suspend or reduce excise taxes on fuel for up to six months, conditional on sustained high crude prices.
Energy Secretary Sharon Garin added that fuel price increases anticipated this week would be implemented gradually over seven days to ease impact. These developments are pertinent to overseas Filipino workers and sectors dependent on stable fuel supplies. President Marcos emphasized that the government continues monitoring the situation closely and adapting strategies to ensure energy security for the nation.
Sources referenced:
- https://www.gmanetwork.com/news/topstories/nation/979532/ph-oil-supply-in-good-shape-amid-middle-east-conflict-marcos/story/
