Philippines Increases Fuel Imports to Stabilize Prices

In 2026, the Philippines faces a severe energy crisis due to geopolitical tensions in the Middle East, which have driven global oil prices above $100 per barrel.

Since the country relies on imports for 90% of its oil, President Ferdinand Marcos Jr. declared a National Energy Emergency.

To address this, the government has boosted fuel reserves to a 51-day supply and is actively sourcing oil from new partners like the U.S. and Colombia.

While targeted subsidies are helping transport workers and farmers, critics argue that current laws, such as the Oil Deregulation Law, leave the economy too vulnerable to global market volatility.

Experts suggest that to ensure long-term stability, the nation must shift its focus toward renewable energy investments and reduce its heavy dependence on foreign oil.