Abbey M.

International Energy Agency (IEA) chief Fatih Birol warned Monday that the global economy is under a "major threat" from the energy crisis triggered by the Middle East war, stressing that no country will be spared from its consequences.

Speaking at the National Press Club in Canberra, Australia, Birol likened the current crisis to the oil shocks of the 1970s and the economic fallout from Russia's invasion of Ukraine in 2022, describing it as the equivalent of two oil crises and one gas crash combined.

"The global economy is facing a major, major threat today, and I very much hope that this issue will be resolved as soon as possible," Birol said, adding that collective global action is urgently needed.

The warning comes as US President Donald Trump and Tehran continue to trade threats now four weeks into the war. Trump has demanded that Iran reopen the Strait of Hormuz, a critical waterway through which roughly 20 percent of the world's oil and gas shipments pass.

The blockade has nearly brought petroleum shipments through the strait to a halt, sending oil prices surging.

President Ferdinand Marcos Jr. said he still needs to carefully determine how to use the emergency power recently granted to him by Congress before taking any action on the fuel excise tax.

Both the House of Representatives and the Senate have passed their respective versions of a measure granting the President emergency power to suspend or reduce the excise tax imposed on petroleum products. However, Marcos stressed that the move requires thorough study.

"Oh, that depends. Marami – that's a very complicated calculation. We will see. Depends on the trends. We have to watch the trends on oil prices. We just have to look. It's very hard to say because it's all speculation. We don't know how long this will last for."

("It depends on many factors — it's a very complicated calculation. We will have to watch the trends on oil prices. It is difficult to say at this point, as much of it remains speculation, and we do not yet know how long the current situation will last.")

President Ferdinand Marcos Jr. conducted an inspection of the Agora Market in San Juan City, accompanied by other government officials, as part of the government's ongoing price and supply monitoring efforts amid the continuing conflict in the Middle East.

The President expressed satisfaction with the results of his inspection, assuring the public that there is no cause for concern over food supply and the prices of basic commodities.

"Well, nandito tayo at iniikot namin ang mga iba't ibang palengke para tiyakin na ang presyo naman ng pagkain natin ay hindi biglang tataas. At nagpapasalamat din kami sa mga vendor dahil ay pumayag naman sila na hindi itataas ang presyo at hindi sila mag-price gouging at hindi sila magsasamantala dito sa krisis na nangyayari sa Middle East. Kaya patuloy naman ang pag-inspeksyon natin para tiyakin na ang food supply – hindi lamang ang food supply, kundi ang presyo ng pagkain ay at the very least ay makikita natin na ma-maintain lang natin sa dating level."

("We are here visiting various markets to ensure that food prices do not suddenly rise. We are also grateful to the vendors for agreeing not to raise their prices and not to engage in price gouging or take advantage of the crisis happening in the Middle East. So we will continue our inspections to ensure that the food supply — not just the food supply, but also food prices — will at the very least be maintained at their previous levels.")

At the Agora Market, the cheapest well-milled rice was spotted at P48 per kilo, while premium rice ranged from P56 to P68 per kilo. A rice retailer interviewed at the market said prices were raised by only one peso this week, attributing the slight increase to higher transportation costs brought about by the recent mega fuel price hike.

The President also assured the public that the supply of petroleum products and fertilizers for farmers remains sufficient.

The Department of Energy (DOE) assured the public that the country's oil supply is expected to last until May, particularly if government agencies continue their fuel conservation efforts.

The DOE also confirmed that electric companies have sufficient power supply to meet the anticipated increase in demand as the dry season sets in.

Energy Secretary Sharon Garin said there will be no power supply problems in the country despite the ongoing difficulty in sourcing oil from the Middle East. She noted that most power plants in the Philippines do not rely on petroleum products.

"If there's ever any curtailment or blackout in off-grid areas, it is not because of lack of supply. We have checked over the weekend and the past few days how much supply they have, and they have sufficient supply for one to two months. Instead of diesel, we are also highly relying on coal," Garin said.

The secretary added that aside from domestic coal mining operations, the DOE has also ensured that coal importation will not face any disruptions.

Meanwhile, the DOE confirmed that the country's petroleum supply remains adequate. The agency attributed this to conservation measures observed by approximately 90 percent of government agencies, which helped extend the petroleum product supply through May.

Patrick Aquino, Director of the DOE Energy Utilization Management Bureau, said the shift to work-from-home arrangements and compressed work weeks has yielded measurable results.

"We can confirm that when our agencies shifted to work from home and compressed work week, and observed these practices, we have seen that they can generate more than ten percent savings. I think the target of the directive under Memorandum Circular 114 is closer to twenty percent," Aquino said.

The DOE also reported that there are no longer any gasoline stations reported to be running out of fuel products to sell.

The department added that it continues to coordinate with the Philippine National Police to prevent oil hoarding, and that anyone caught engaging in the practice will be apprehended.

When the price of almost everything goes up at once, people start looking at their daily habits differently. Rising fuel prices, higher electricity bills, and more expensive goods at the market — this is the reality many Filipinos are waking up to every day, and the pressure to find ways to stretch every peso has never been more urgent.

Interestingly, some Filipinos have managed to cut their transportation costs down to almost nothing — not through any special trick, but because they traded their commute for a walk or a run. For many, the shift started long before the price hikes, driven by a desire to get fit or live more actively. What they did not know then was that they were also quietly preparing themselves for exactly this kind of economic pressure.

Walking or running to your destination means zero fuel cost, zero fare, and zero parking fee. For anyone covering short to medium distances daily, those savings add up to hundreds of pesos a month — money that could go toward groceries, bills, or whatever the budget is currently short on. 

And the financial relief does not stop at transportation. Less driving also means less wear and tear on vehicles, lower maintenance costs, and a smaller carbon footprint to boot.

But conservation goes beyond transportation. The same principle applies to electricity, water, and even food. 

Turning off lights in empty rooms, unplugging appliances on standby, and reducing unnecessary energy use at home can meaningfully cut monthly bills, a relief that matters when inflation is chipping away at purchasing power from every direction.

The shift in habits is also being driven by policy. The government's adoption of a compressed workweek and work-from-home arrangements has already shown measurable results — the Department of Energy reported that agencies observing these practices managed to cut energy consumption by more than 10 percent. Fewer working days in the office means fewer commutes, less fuel burned, and lower demand on the power grid. It is a small structural change with a surprisingly large ripple effect.

At the same time, commuters who still rely on public transportation are feeling the squeeze from another direction. The Land Transportation Franchising and Regulatory Board (LTFRB) has approved fare increases for PUVs today, adding yet another layer of financial pressure on daily commuters. 

For many, the math is becoming harder to ignore when fares go up and fuel prices follow, choosing to walk or run to work stops being a lifestyle option and starts being a practical necessity.

Experts have long said that the best buffer against an energy crisis is not just supply, it is demand management. When people consume less, prices stabilize more easily. 

When communities adopt conservation as a norm rather than a last resort, the economy becomes more resilient from the ground up. The Department of Energy has already seen this in action, and the ripple effect of collective, conscious effort is real.

The people who saw this coming and adjusted early did not just save money. They built a habit that will serve them long after prices eventually settle. 

For everyone else, the window to start is still open, and with fares rising, fuel prices climbing, and the cost of daily life showing no signs of easing, there has never been a better time to put on a pair of sneakers and head out the door.