Philippine President Ferdinand Marcos Jr. signed Executive Order No. 110 this week, declaring a state of national emergency with a targeted focus on the energy sector, as disruptions to oil transit through the Strait of Hormuz threaten supply chains across Asia. According to the order, approximately 98% of all oil bound for the Philippines passes through the Strait of Hormuz, leaving the country acutely exposed to the ongoing conflict. Philippine authorities report current fuel reserves sufficient for approximately 45 days at normal consumption levels. Executive Order 110 grants the government authority to fast-track fuel procurement from alternative suppliers — including Russia — control fuel prices to prevent profiteering, ensure orderly distribution of essential goods, form a contingency response committee, authorize advance payments on supply contracts, and activate a whole-of-government support framework covering livelihoods, industry, food, and transport sectors. The emergency declaration is initially set for a one-year duration. The Philippines' action follows parallel measures across the region. South Korea launched a nationwide energy-saving campaign encouraging bicycle use and shorter showers. Japan announced it would begin releasing oil from emergency reserves equivalent to a 30-day supply. Thailand and Vietnam have also called on citizens to reduce energy consumption. China, which sources over 35% of its energy through the Strait and approximately 15% of its oil directly from Iran, holds an emergency buffer estimated at four months of supply. Analysts have drawn comparisons to the 1973 Arab Oil Embargo, which, combined with U.S. dollar devaluation, contributed to a stagflationary period lasting until 1981. The United States is comparatively less exposed, with only approximately 7% of its oil imports transiting the Strait of Hormuz. Source: https://www.zerohedge.com/geopolitical/philippines-declares-state-emergency-energy-crisis-looms