For many Filipinos, the 1973 oil crisis is remembered as a time of long lines, rationed fuel, and tightening belts. But for retired sportsman Joey Romasanta, the memories are not entirely bleak.
Romasanta lived through the crisis in his twenties, working in an office in Makati. Unlike many motorists who queued for fuel, he was a commuter.
“The fare increase then was manageable, and take note, the population was much smaller than what we have now,” he recalled.
The Philippines then had about 40 million people—less than half of today’s population of more than 112 million. The peso was also far stronger, trading at less than P7 to the dollar, compared to beyond P60 today.
Public transportation, he said, was not much of a problem.
“The only line I saw was at gas stations where vehicles filled up their tanks,” he said.
Food was also easier on the pocket. There were no global chains like Starbucks or McDonald's yet. Instead, people flocked to places like Mamon Luk and neighborhood panciterias for a quick, affordable meal.
Shopping malls as Filipinos know them today did not exist, although Romasanta remembers that SM already had a store, far smaller than the sprawling malls that would later redefine retail in the country.
Entertainment centered on old movie houses clustered along Avenida Escolta, Recto, and Cubao.
He even remembers theaters in the 1960s with wooden seats.
“My mother would require me to take a bath outside the house because she was afraid that bedbugs I brought from the theater would infest our home,” he said with a grin.
By the 1970s, however, moviegoing had improved. Theaters such as Avenue, Ideal, State, Rialto, and Life introduced air conditioning, making them popular hangouts for film fans.
The silver screen was dominated by stars like Nora Aunor, Vilma Santos and Susan Roces, while male icons included Fernando Poe Jr., Joseph Estrada and Dolphy.
Music from artists like The Beatles and Neil Sedaka filled radios and jukeboxes.
Outside Joey’s relatively smooth routine, however, the wider picture was far harsher.
When the Organization of the Petroleum Exporting Countries (OPEC) imposed an oil embargo in 1973, global prices jumped from about $3 to nearly $12 a barrel. The government of Ferdinand Marcos responded by imposing nationwide gasoline rationing.
Motorists needed fuel coupons distributed through barangay officials, and long lines at gas stations became a familiar sight. Taxi drivers were ordered to wait at designated stands in busy areas such as Plaza Miranda, Escolta, Rizal Park, Cubao, and Makati instead of cruising for passengers. A “share-a-ride” campaign encouraged carpooling to conserve fuel.
Households felt the pinch as well. As LPG prices doubled, many families returned to cooking with firewood and charcoal. Electricity consumption was reduced, and even Christmas lights were kept modest to save power.
Inflation surged, with prices in 1974 rising by about 40 percent compared to the previous year. Transport became more expensive, food prices climbed, and families tightened their budgets.
During martial law, the government centralized control over the oil sector and created the Philippine National Oil Company to secure supplies.
Still, as Romasanta’s recollections suggest, Filipinos adapted. People shared rides, squeezed into packed jeepneys, cooked over charcoal stoves, and carried on with daily life—finding ways to cope as the country weathered one of its toughest economic periods.