PH oil supply in 'good shape' amid Middle East conflict —Marcos

President Ferdinand ''Bongbong'' Marcos Jr. on Wednesday (Manila time) said that the Philippines' oil supply is in good shape amid the continuing tension in the Middle East. 

Speaking before the Philippine media delegation in New York City, Marcos said the government is waiting for some supplies that are still in transit. He, however, ensured that the incoming supply of oil products will not pass through ''dangerous'' areas.

''Well, first of all, the – we are still… As we explained, I explained the first time I met with you, in terms of supply, we are in good shape. And not only do we have inventory in the Philippines, we also are awaiting some supplies coming in that are in transit,'' Marcos said.

''Ang pinaaral ko lang, kung ‘yung mga in transit baka naman nandoon sila sa lugar ng peligro. So, para maging accurate ‘yung kalkulasyon natin pero hindi naman daw. ‘Yung pagsara ng Strait of Hormuz, hindi kasama doon sa kalkulasyon so far. So, that – so in terms of supply…but you know, that doesn't mean that we're not doing anything,'' he added.

(I just told them to determine if those in transit will pass through dangerous areas. But according to officials, they won't.)

The Philippines will also look for other oil suppliers, Marcos said, noting that the government is already in the process of talking to other countries about supply of petroleum products.

''Naghahanap tayo ng iba’t ibang lugar na makapagbigay ng supply sa atin (We are looking for other areas which can provide oil supply for us). We are talking to many other countries who we normally do not buy oil from but hopefully we will be able to come to an agreement with them and that we will get further supply from them,'' he said. 

On Tuesday, the House ways and means panel approved an unnumbered substitute bill allowing the President to suspend or reduce excise tax on fuel amid the conflict between the US-Israel forces and Iran.

The bill specifically allows the President to reduce excise tax on fuel products for six months at the maximum, provided that the average Dubai crude oil price exceed US$ 80 per barrel for one month immediately preceding the suspension or reduction of the excise tax. 

Oil prices are set to increase by P17 to P24 per liter this week, but the hike will be spread over seven days instead of being implemented in a single day, according to Energy Secretary Sharon Garin. —AOL, GMA Integrated News