Manila: Direct government-to-government (G2G) oil procurement and supply diversification could help blunt the impact of the global fuel shock, Senator Imee Marcos said Sunday. Marcos emphasized that the state should directly purchase oil from producing countries and sell it at controlled prices to ease pressure on consumers, particularly transport workers, farmers, and fisherfolk.

According to Philippines News Agency, Marcos highlighted past government interventions during earlier oil crises, noting that direct negotiations once helped stabilize supply and prices. In the 1970s, the government engaged in direct G2G oil imports at deeply discounted 'friendly' rates to mitigate the shocks of 1974 and 1979. Marcos questioned why this strategy, proven effective in the past, is not being employed currently.

Marcos pointed out that other oil-importing countries are already securing supply through direct deals and expanded partnerships. She cited Indonesia, Sri Lanka, Vietnam, Thailand, and Malaysia as examples. She stressed the importance of a broader sourcing strategy that reduces reliance on traditional routes and intermediaries, particularly those vulnerable to disruptions such as the Strait of Hormuz.

Marcos advocated for shifting to non-Middle Eastern suppliers and strengthening direct partnerships with regional producers like Malaysia, Brunei, and Indonesia. She argued that reliance on intermediaries in refining hubs such as Singapore, South Korea, and China should be reduced.

Marcos warned that the ongoing conflict driving the oil shock could have long-term effects, underscoring the need for decisive measures to shield Filipino consumers.