President Ferdinand Marcos Jr. said the Philippines is looking for alternative oil suppliers to ensure a stable fuel supply amid global market uncertainty, stressing that this effort is central to the government’s response to rising energy costs.
“We are talking to many other countries who we normally do not buy oil from, but hopefully we will be able to come to an agreement with them and that we will get further supply from them,” Marcos told reporters in New York on Tuesday, March 10 (New York time).
The President acknowledged that the main challenge is the unpredictability of global oil prices amid ongoing geopolitical tensions.
He noted that uncertainty over how long tensions could continue or escalate into broader conflict makes it difficult to accurately forecast oil prices, affecting planning for both oil suppliers and financial markets worldwide.
Despite the volatility, the President said the government remains committed to ensuring a stable and affordable oil supply for the country.
Alongside this strategy, Marcos announced he would certify as urgent a proposed emergency powers bill once Congress completes its committee reports.
“I will declare it as urgent because there’s no point declaring it as urgent before the committee report has been completed,” he said.
“The minute that you have completed your committee reports… that’s when the declaration of the bill as urgent really goes into effect,” he added.
Under the Constitution, the President’s certification allows Congress to bypass the requirement of three separate readings of a bill on different days, enabling lawmakers to fast-track legislation considered critical.
Marcos said the government’s request for emergency powers is intended to give the executive branch flexibility to act quickly if global oil prices surge.
He explained that the proposed measure would allow the government to exercise emergency powers if oil prices breach a certain threshold.
“When the price of oil… has breached $80 per barrel on average for a month, then the emergency powers can be exercised,” Marcos said.
The President clarified, however, that reaching the price threshold would not automatically trigger the use of emergency powers. (Argyll Geducos)
