Manila: Malaca±ang said Saturday the government's swift and wide-ranging response to the global oil shock reflects President Ferdinand R. Marcos Jr.'s directive to cushion its impact on Filipino households and safeguard the country's energy supply.
According to Philippines News Agency, the Asian Development Bank (ADB) reported that the Philippines emerged as one of the most active countries in the Asia-Pacific in responding to the surge in global fuel prices. The Philippines adopted one of the most extensive sets of policy actions in the region to protect consumers and keep the economy moving, even as it recorded among the steepest increases in fuel prices.
Domestic fuel prices in the Philippines rose by almost 60 percent between Feb. 23 and April 20 amid the tensions in the Middle East. Despite this, the Philippines implemented seven out of eight major policy responses identified by the ADB across Asia-Pacific economies.
The Palace emphasized that while the crisis was driven by external factors, the government's response is anchored on the principle that global shocks should not turn into 'household disasters.' 'Government cannot control the conflict in the Middle East. It cannot dictate world oil prices. But it can control the speed, seriousness, and breadth of its response,' it said.
Under the President's directive, the government rolled out several contingency measures to address the rising fuel costs, including targeted subsidies, assistance to transport workers, support for vulnerable households, price monitoring, fuel supply safeguards, and accelerated renewable energy initiatives. 'This is not a crisis created by the Philippines, but it is a crisis felt by Filipino families,' Malaca±ang said.
The administration also implemented temporary tax relief through Executive Order 114, which suspends excise taxes on liquefied petroleum gas and kerosene for three months. To ensure a stable supply, the government has moved to diversify fuel import sources, build up inventories, secure supply buffers, and explore alternative trade routes amid disruptions in global energy markets.
The Department of Energy has also coordinated with oil companies to promote transparency in fuel pricing and manage price adjustments while encouraging conservation measures to temper demand. The Palace said the government's approach combines immediate relief with long-term strategies, including the continued push for renewable energy to reduce dependence on imported fuel.
'This is leadership in a crisis,' it said. 'Not one dramatic action, but many practical actions working together - to cushion the people today and prepare the country for tomorrow.'
