The Department of Budget and Management (DBM) of the Philippines has approved the release of a PHP20bn (USD330m) emergency fund to the Department of Energy to secure the country’s fuel supply amid disruptions in the global oil markets due to geopolitical tensions in the Middle East (Filipino government press release, 25/03/2026).
The funds are destined to support the country’s Emergency Energy Security Program, which aims to stabilise fuel availability, prevent supply shortages, and cushion the effects of volatile global oil prices. In particular, the Philippines aims to procure strategic fuel products such as diesel, gasoline and LPG. The money will be sourced from the Malampaya Gas Fund under the Special Account in the General Fund (SAGF), and the program will be implemented by the Philippine National Oil Company–Exploration Corporation (PNOC-EC), which has started the procurement activities.
Additionally, the Energy Regulatory Commission (ERC) has suspended the Wholesale Electricity Spot Market (WESM) to establish a government-set pricing system to reduce the impact of volatile fuel prices (Daily Tribune, 26/03/2026). The new scheme proposes technology-specific pricing to reflect actual fuel costs and prevent distortions caused by previous benchmarks, with coal having a fixed rate, natural gas being paid according to contracted prices and oil on administered prices. Renewables will be compensated under administered pricing with preferential dispatch.
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