President Marcos Directs Formation of Crisis Committee to Address Global Oil Price Disruption
President Ferdinand "Bongbong" Marcos Jr. has taken a proactive step by ordering the official creation of a crisis committee to oversee government efforts in managing the looming global oil crisis. This announcement was made by Palace Press Officer Undersecretary Claire Castro during a press conference on Monday, March 23, 2026.
Committee to Focus on Supply and Price Stability
In her statement, Castro emphasized that the committee will be tasked with identifying the needs of Filipinos amid the ongoing Middle East conflict and ensuring the steady supply of essential goods such as food and fuel. She clarified that the President acted swiftly, even before suggestions were made, to establish this committee officially. "We are just waiting for the document as it is now being finalized," Castro added.
Castro maintained that the Philippines is not currently experiencing an oil crisis in terms of supply. Instead, she noted that the situation involves price disruption due to the Middle East turmoil. Quoting Energy Secretary Sharon Garin, Castro explained, "There are two types of crises—supply and price. Right now, if we talk about supply, we cannot say there is a crisis in supply. Maybe there is a price disruption due to the ongoing oil crisis in the Middle East."
Government Measures to Cushion Impact
In a video statement, President Marcos assured the public that National Government programs are in place to cushion the effects of the Middle East turmoil. Over the past two weeks, fuel prices have increased significantly, with diesel reaching over P100 per liter. Despite this, Marcos highlighted that the fuel supply remains stable, and food supply and prices are also steady.
"We are closely monitoring the prices of other goods. The other day, we also went to the market to check the prices of basic or prime commodities. By God's grace, they are still stable and there is not much abuse," Marcos stated. He further assured that no one is selling above the suggested retail price and that the government will continue coordinating with manufacturers of critical basic commodities.
Support for Affected Sectors
The President also addressed concerns about fare hikes in public utility vehicles, explaining the reasons for preventing such increases. He pledged continued assistance to drivers, operators, fishermen, and farmers who are affected by the oil price increase. "We understand the clamor of our fellow citizens in this sector who are protesting. But I want to reiterate to you, you will not be left behind. The government will not abandon you," Marcos affirmed.
He cited existing government initiatives, including free ride programs and railway discounts for affected commuters. Marcos called for unity, stating, "We all need to help one another. Let us remember our love for our fellow citizens. Let us not forget that if we neglect one of us, we neglect the entire nation. You can expect that the government is here as your refuge and support."
This move underscores the administration's commitment to mitigating the economic impact of global events on Filipino citizens, ensuring that essential supplies remain accessible and affordable during these challenging times.
