Manila: The Philippines now has a 51-day fuel supply buffer as the government accelerates efforts to secure oil stocks amid the ongoing Middle East conflict, President Ferdinand R. Marcos Jr. said Tuesday. ‘Nag-order na ang PNOC-EC (Philippine National Oil Co. – Exploration Corp.) ng 1.04 milyong bariles ng diesel. Ang natitira ay darating sa buwan ng Abril (PNOC-EC has ordered 1.04 million barrels of diesel. the remaining deliveries will arrive in April),’ Marcos said in a national address.
According to Philippines News Agency, President Marcos noted that an initial 142,000 barrels were already delivered this week. The Department of Budget and Management (DBM) has released PHP20 billion for the procurement of up to two million additional barrels of oil, equivalent to 10 more days of buffer supply. ‘Sa ngayon, may 51 days tayo na supply dito sa bansa (At present, we have a 51-day supply in the country),’ Marcos said. He assured that crude oil supply is sufficient until June 30.
To address the energy emergency, Executive Order 110 was cited by the President. This order authorizes the Department of Energy (DOE), PNOC, and PNOC-EC to fast-track fuel procurement. Additionally, Republic Act 12316 was signed, allowing the temporary suspension or reduction of excise tax on petroleum products, subject to assessment by the Development Budget Coordination Committee (DBCC).
Regarding electricity, Marcos announced that the Energy Regulatory Commission (ERC) has temporarily suspended the Wholesale Electricity Spot Market (WESM) starting March 26 to stabilize power prices. ‘Ibig sabihin, ipatutupad na ang optimal dispatch ng mas murang energy source tulad ng renewable. Magkakaroon din ng kontrol ang gobyerno sa presyuhan sa WESM (This means optimal dispatch of cheaper energy sources, such as renewables, will be implemented. the government will also have control over pricing in the WESM),’ he said.
As a long-term measure, the President highlighted the Camago-3 gas well under the Malampaya project, capable of producing up to 60 million cubic feet of gas per day to help stabilize electricity supply and costs. The government is also implementing support measures, including providing fuel and financial assistance for transport workers, offering a 50 percent fare discount in Metro Rail Transit 3 and Light Rail Transit 2, and expanding ‘Libreng Sakay’ programs.
Additional interventions include toll discounts for public utility and food transport vehicles, and a PHP1 RORO terminal fee for agricultural cargo starting April 15 to reduce logistics costs.
