Manila [Philippines], March 25: The Philippines has become the world's first country to declare a state of national energy emergency in response to the conflict in the Middle East.
President Ferdinand Marcos Jr said he had signed an executive order to safeguard energy security, citing the "imminent danger posed to the availability and stability" of the country's energy supply. The US-Israel war with Iran and the effective closure of the Strait of Hormuz - a key shipping route - have sent shock waves through global energy markets, causing shortages and price rises. The Philippines imports 98% of its oil from the Gulf, and the price of diesel and petrol has more than doubled in the country since the war broke out on 28 February.
On Tuesday, Marcos said the move would give the government the legal authority to impose measures to ensure energy stability and protect the broader economy. (Agencies)
Source: Qatar Tribune
