Philippines

The Philippines faces high energy security risks due to its 95% oil import dependency and moderate exposure to the disrupted Strait of Hormuz. Gasoline prices at $1.38/L are straining household budgets, and the government's jeepney fuel subsidies are severely impacting the national budget. With only 42 days of oil reserves, the nation's resilience is limited, exacerbated by a 68% increase in fertilizer costs contributing to moderate food risk. The outlook suggests continued economic pressure and potential social unrest as the conflict persists, requiring difficult decisions on subsidy reform or further fiscal strain.