DOF: PH gov’t to secure 2 million barrels of oil to boost buffer

The government, through the Philippine National Oil Company-Exploration Corp. (PNOC-EC), is eyeing to secure at least two million barrels of oil to boost the country’s buffer amid price and supply uncertainties resulting from the Middle East crisis.

In his remarks during the InvestPH Investors Conference, Finance Secretary Frederick Go acknowledged that fuel prices have been rising and that “volatility is expected in the short term.”

The DOF Secretary said the administration is preparing interventions to respond to the petroleum situation.

“PNOC-EC will be procuring two million barrels of oil from the global market as a precautionary measure to add to our oil buffer stock,” Go said.

Earlier, Energy Secretary Sharon Garin said the Philippines has fuel stockpiles good for the next 50 days. 

Go said the government is focusing on “what we can influence – the reforms we implement, the programs we launch, and the decisions we make domestically,” as “we recognize that there are things beyond our control.”

“But we will not be defined by what we cannot change. Our ultimate goal remains clear: We will continue to balance immediate relief with long-term fiscal stability, ensuring that the Philippines emerges stronger and more self-reliant,” he said.

He cited the interventions being done so far to provide immediate relief to vulnerable sectors amid the oil price shock.

READ: Surging oil prices: What the gov't has done so far? 

“This includes expediting fuel subsidies for transportation, farmers, and fisherfolk. The Libreng Sakay Program will also be reintroduced to ease commuting costs,” Go said.

“In addition, the budget for the Assistance to Individuals in Crisis Situations or AICS will be aggressively released to the public,” he added.

The DOF Secretary noted that the government is also working with fuel firms to stagger pump price hikes, similar to past successful interventions.

He then cited the bills granting emergency powers to the President to reduce fuel excise taxes, subject to certain conditions and the proposed amendment to the Biofuels Act which would temporarily suspend mandatory biofuels blending in the country.

“The passage of both bills will help mitigate the impact of fuel price increases on consumers,” he added. — JMA, GMA Integrated News