SAN JUAN CITY, Philippines — President Ferdinand Marcos Jr. has moved to allay public anxiety over the impact of the escalating Middle East conflict, asserting that the Philippines remains in “good shape” regarding its essential commodity reserves. Following a direct inspection of the Agora Market in San Juan on Wednesday, the President declared that there is currently no shortage in the supply of food, petroleum products, or agricultural fertilizers, despite the volatile global landscape.
The President’s assessment comes as a reassurance to a public grappling with record-high fuel price adjustments and fears of a domino effect on the cost of basic goods. Marcos noted that despite the “double whammy” of rising energy costs and regional instability, the government has successfully kept market operations and inventory levels stable.
“Right now, we don’t have a problem in food supply. We don’t have a problem in the supply of petroleum products, including fertilizer for the farmers,” President Marcos told reporters. “Our vendors are cooperating, and they are keeping the prices at normal levels as of this moment.”
To maintain this stability, the administration is executing a multi-pronged strategy:
- Strategic Fuel Inventory: The Department of Energy (DOE) confirmed that the country holds a 50- to 60-day buffer stock for most petroleum products. This includes 50.5 days for diesel and 51.5 days for gasoline, providing a critical cushion against the Iranian blockade of the Strait of Hormuz.
- Diversifying Oil Sources: The Philippines is actively talking to non-traditional fuel suppliers outside the Middle East, including potential agreements with suppliers in Southeast Asia, Japan, and South Korea to reduce dependence on Gulf crude.
- Fertilizer Security: To protect the upcoming harvest season, the government is securing alternative fertilizer sources—including potential deals with China—to ensure that local farmers are not sidelined by the disruption of Middle Eastern exports.
- Market Monitoring: The President warned “profiteers” and “hoarders” that the government will pursue legal action against those who exploit the crisis to artificially inflate food or fuel prices.
While the supply remains sufficient, the President acknowledged that the “inevitable effect” of global price hikes remains the primary challenge. To address this, he has certified as urgent a bill granting him emergency powers to suspend or reduce fuel excise taxes if Dubai crude averages $80 per barrel for a month—a threshold that has already been breached.
The government has also fast-tracked the distribution of ₱5,000 to ₱6,500 in cash assistance to tricycle and jeepney drivers, with plans to expand the subsidy nationwide by April.
As the “Amihan” weakens and the dry season sets in, the President urged Filipinos to practice energy conservation and carpooling to help manage national demand. “We are able to keep everything at normal levels for now,” Marcos added, “but we must remain vigilant and ready to adjust as the global situation evolves.”