With at least 98 percent of its oil source from the gulf, the Philippines beccame the first country in the world to declare a state of Energy Emergency.

President Ferdinand Marcos said Filipinos need not panic for his decision to sign the declaration, saying that efforts are being processed to “assess and alleviate the situation.”

“It is also pecautionary so that we are ready for whatever comes next,” he stressed.

“All options available to us we are now exercising, in terms of fuel subsidies, cuts in our fees in our ports, cuts in charges,” he said.

According to the chief executive, government is pursuing to secure new sources of oil as Iran continues to place the State of Hormuz on stranglehold, with oil tankers unable to sail outside Middle East.

Among the new sources of oil being tapped by the country are China,South Korea and Japan.

Russia crude has already arrived.

However, prices of oil products continue to soar at unprecedented levels, prompting jeepney drivers to declare a strike that partially crippled transportation on Thursday (March 26).

The strike was triggered by the president’s decision to put on hold fare rate hikes previously approved by the Department of Transportation.

Apparently, addressing this issue will now hinge on Marcos move to suspend government’s enforcement of the excise tax on fuel.

Congress has granted the president the authority to do just this and its up to the president how he would exercise this power. He has promised to sign the bill granting him such authority immediately.