00:00And amid the fuel crisis caused by the Middle East conflict, the Philippines has suspended spot sales of electricity under
00:06a decree of National Energy Emergency to address the fallout from the war.
00:10According to the Energy Regulatory Commission, the suspension that aims to ensure fair distribution of critical supplies is expected to
00:17remain in effect until the conditions are suitable for the safe resumption of normal market operations.
00:22A modified pricing scheme that should be finalized by April 1st will be adopted as historical market prices no longer
00:30reflect current conditions marked by geopolitical tensions and fuel supply constraints.
00:35Let's recall that on Tuesday, Philippine President Ferdinand Marcos Jr. declared a year-long national emergency as fuel supplies begin
00:44to dwindle and prices spike amid the U.S.-Israeli war on Iran.
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