The Philippines is looking at ways to save on energy as tensions in the Middle East push global fuel costs higher, with the government suggesting people use their air conditioners less and shy away from non-essential travel.
The Southeast Asian nation imports nearly all of its oil requirements and the war in Iran could spur inflation that already hit a 13-month high in February.
President Ferdinand Marcos Jnr’s administration this week ordered government offices to set their air conditioners to no lower than 24 degrees Celsius (75 Fahrenheit) and adopt flexible work arrangements to help conserve fuel. Marcos, who plans to seek emergency authority from Congress to slash taxes on petroleum products, is also entertaining the idea of a four-day work week.
Advertisement
Vice-President Sara Duterte, meanwhile, has urged her supporters to refrain from organising motorcades or vehicle caravans when they protest against her political rival, Marcos. The mayor of Manila directed the city government to cut fuel consumption by shifting meetings online, switching power off by 5pm and banning non-essential travel.
The Philippines is widely seen by economists as one of the most vulnerable nations in the Asia-Pacific region to inflation and growth risks spurred by the Middle East conflict. The archipelago “tends to see a stronger inflation hit because retail fuel prices are more market-driven and subsidies are limited”, Deepali Bhargava, regional head of research at ING Bank, said.
04:04
How US-Israeli strikes on Iran are sending shock waves through global energy markets
How US-Israeli strikes on Iran are sending shock waves through global energy markets
Some government agencies have said they will provide fuel subsidies to fisherfolk, farmers and public transport drivers. There is also an app citizens can use to lock in energy prices ahead of time.
