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Manila Bulletin devider Business devider Trade & Industry devider Fuel price hike: A wake-up call for Philippines to accelerate RE shift

Fuel price hike: A wake-up call for Philippines to accelerate RE shift

Published Jun 20, 2025 04:25 pm
Pump attendants serve motorists in a gasoline station along Commonwealth Avenue in Quezon City on Friday, June 20.
Pump attendants serve motorists in a gasoline station along Commonwealth Avenue in Quezon City on Friday, June 20.
The escalating tensions in the Middle East, which are expected to drive up fuel prices significantly, should prompt the Philippines to accelerate its transition to renewable energy (RE), according to a trade envoy.
George Freeman, the United Kingdom’s (UK) trade envoy to the Philippines, said that whenever a conflict emerges in the Middle East, price volatility is the inevitable outcome, as the region is a major player in the global oil supply.
“And I know people in the Philippines, people in the UK, may not think that the war in the Middle East is directly affecting them, but it is because it's putting the cost of oil up, the cost of every product that uses oil up,” he said in a media roundtable.
Based on four days of trading in the global oil market, gasoline prices could rise by ₱2.50 to ₱3.20 per liter next week.
Diesel prices are also expected to go up by ₱4.30 to as much as ₱4.80 per liter.
The Department of Energy (DOE) cited the ongoing conflict between Israel and Iran as the cause of this price surge.
Freeman said that most countries will bear the brunt of the increase in fuel prices, which further necessitates the urgency of shifting to renewable energy sources.
“If the Philippines is generating more of its own electricity from solar, wind, geothermal, it's much more secure and much less exposed to the price volatility internationally,” the official explained.
“The renewable transition is key for economic security and prosperity,” he added.
In a 2024 report by energy research firm BloombergNEF, the Philippines ranked as the second most attractive emerging hub for renewable energy (RE), only behind India.
The report cited the government’s firm commitment in generating clean energy, such as the goal of 35 percent RE in power energy by 2030, as a major contributor to its strong appeal for investors.
The Board of Investments (BOI) reported that investments for projects approved by the country’s investment promotion agencies reached a record-high of ₱1.9 trillion in 2024.
The RE sector topped all investment sectors with a massive ₱1.30 trillion.
“By investing in and attracting investment into these industries, you create new, clean jobs,” said Freeman, who previously served as the UK’s minister of state in science, innovation, and technology.
In the UK, he said its government aims to harness renewable sources such as wind and solar to make the country no longer dependent on the Middle East for oil.
Freeman said the UK is ready to provide some help to the Philippines in this regard through Octopus Energy, which has expressed interest in expanding in the Philippines.
Octopus Energy, the UK’s biggest energy supplier, is among the major players leading the European nation’s renewable transition.
“We’re investing heavily, and we want to bring that expertise here and to help the Philippines so that in 20 to 30 years, the Philippines isn't reliant on coal and isn't exposed to the same geopolitical supply chain risks,” Freeman said.
In 2024, the UK was the largest single investor in the Philippines, driven by investments in the RE sector.

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