Manila: Energy Secretary Sharon Garin has stated that there is no immediate need for the Philippines to import additional fuel products despite the recent escalation of military actions between the United States and Iran, attributing the decision to improvements in the global supply chain.

According to Philippines News Agency, Garin emphasized that the current international supply chain is robust enough to meet the country's needs without the necessity for the Philippine National Oil Company (PNOC) to increase imports. "I do believe there's no need for PNOC to buy more because the supply chain internationally is now set, it can provide. There are inflows going to the country as long as you're willing to pay the price," she explained to journalists during a press briefing conducted partly in Filipino and English.

Garin further elaborated that existing policies are sufficiently adaptable to respond to shifting market dynamics, with domestic fuel prices now set within a flexible range rather than being fixed. This approach aims to regulate fuel prices effectively and minimize the impact on consumers. "We always expect the worst so we prepare for the worst. So, the policies are there and we're quick to react to whatever happens," she added.

In addition to addressing the fuel supply situation, Garin discussed the government's ongoing fuel subsidy program for drivers and operators of public utility vehicles (PUVs). The program, which provides a PHP10 per liter fuel subsidy to eligible drivers and operators, is budgeted at PHP1.5 billion. As of July 13, it has served approximately 83,381 beneficiaries with subsidies totaling PHP267.7 million. Garin assured that the program's budget is sufficient for the time being, but decisions regarding its future will involve the Department of Economy, Planning, and Development (DEPDev) and the Department of Finance (DOF).