As Filipinos line up at nearly depleted gas stations, endure fuel price increases of seven to 13 pesos, and watch the government struggle to manage the crisis, the country faces one of its most serious energy challenges in recent history.
This crisis goes beyond calls for subsidies, excise tax cuts, or temporary work arrangements. The Philippines remains heavily dependent on imported crude oil, with roughly 95 to 98 percent sourced from the Middle East. The current oil shock highlights the country’s vulnerability to global supply disruptions
This is not a normal opinion column. And I am not here to demand subsidies, push for excise tax cuts, or another extension of the four-day workweek. I am here to state that this oil shock we are experiencing is the worst in our history books, with 95 to 98 percent of our crude oil imported from the Middle East. This will be a test of patience for all of us, and it will be included in our history to experience such an oil crisis.
For decades, the Philippines has relied on a resource it neither controls nor sufficiently refines. Every conflict in the Middle East affects local fuel prices, while a weakening peso further increases costs. Despite the country’s abundant renewable resources, investment in alternative energy has often lagged behind national demand.
While our volcanoes held untapped geothermal wealth, our winds spun uselessly over the longest coastline in Southeast Asia, and our sun baked the roofs of houses but still fed on power lines that needed fuel for our power plants.