The government has established systems to ensure a continuous oil supply in the Philippines despite ongoing tensions in the Middle East, according to the Department of Energy (DOE).
During a press briefing in Malacañang, Energy Secretary Sharon Garin said that even before the formation of the UPLIFT Committee and the declaration of an energy emergency, the President had already directed agencies to secure sufficient oil supply for the country.
Under the Philippine National Oil Company (PNOC), the government has begun purchasing its own oil supply to supplement the stocks of oil companies operating in the country.
At the same time, oil companies are coordinating with the Department of Foreign Affairs (DFA), which is tasked with communicating with ambassadors and foreign partners in case oil companies encounter difficulties in importing fuel from other countries.
As of now, the government has acquired about 165 million liters of oil that are confirmed to arrive in the country. This is part of the target of 318 million liters, equivalent to about 2 million barrels.
The oil supply is being sourced from various countries, including Malaysia, Singapore, India, and Oman, to reduce reliance on the Middle East and the Strait of Hormuz.
Due to these measures, the country’s oil inventory has increased to 50 days, higher than the usual 30-day supply.
Garin clarified that the 50-day inventory does not mean that supplies will run out after that period, as new stocks continue to arrive while consumption continues nationwide.
According to the DOE, these actions are part of a whole-of-government approach to ensure adequate and uninterrupted oil supply across the country.
