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Ken Isaac Boltiador
BACKGROUND:
On February 28, 2026, the United States, alongside Israel, engaged in strikes against Iran. The escalating conflict led to retaliatory strikes against neighboring countries. This, consequently, also led to Iran's blockade of the Strait of Hormuz, wherein 20 percent of the world's oil passes through. The blockade's global implications has affected the Philippines by driving costs upward.
As of Mid-March, Iran has allowed non-US and -Israeli ships to sail through the Strait (Feng & Wallace, 2026). This recent development eases the constraint on ships registered by other nations, hence may ease global oil price spikes. This recent development has economic implications for the Philippines.
The Philippine Demand for Oil
Table 1. Power Generation by Gigawatt Hours in the Philippines (1990-2020). Data gathered from the Open Data Philippines portal. Access Data Here.
The Philippine Demand for oil mainly stems for oil as an intermediate good in the production of other goods and services.
Based on the most recently-available data, the Philippines is not reliant in oil for energy production. Table 1 shows that since the year 2000, oil-based power generation in the Philippines was overtook by coal-based production, and has since lost its dominance in energy production in the Philippines.
Oil Demand in the Philippines
ANALYSIS:
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IMPLICATIONS:
(Insert Implications here)
POLICY RECOMMENDATIONS:
(Insert Policy recommendations Here)
SOURCES:
Feng, R., Wallace, J., & Dave/Reuters, A. (2026, March 17). How some ships are sneaking through the Strait of Hormuz. The Wall Street Journal. https://www.wsj.com/world/middle-east/how-some-ships-are-sneaking-through-the-strait-of-hormuz-70e18ff6
ODPH - View Public Dataset. (n.d.).https://data.gov.ph/index/public/dataset/Power%20Generation%20by%20Fuel%20Source,%201990-2020/mhb14dc0-8tio-af0u-6nac-euxrn6bz48rm
WEO. (2001, October 14). https://data.imf.org/en/datasets/IMF.RES:WEO?indicator_id=POILAPSP
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