According to an international survey of business executives commissioned by E3G, We Mean Business Coalition, and the Global Renewables Alliance, fuel insecurity is the most-cited vulnerability of the Philippine economy. The survey, reported by BusinessWorld, found that 92% of respondents from the Philippines pointed to the country’s reliance on fossil fuel imports as a key weakness.
The survey highlights the Philippines’ vulnerability to global energy price fluctuations and supply disruptions, given its heavy dependence on imported oil and gas. This dependence is seen as a structural risk that could undermine economic stability and growth, especially in times of geopolitical tensions or market volatility.
Industry observers note that accelerating the transition to renewable energy and improving energy efficiency could help mitigate this vulnerability. The findings underscore the need for policy measures to diversify energy sources and reduce import reliance, aligning with global efforts to shift toward cleaner energy.