Philippines to maximize oil supply amid US-Iran ceasefire, says Marcos

The Philippines will take advantage of the two-week ceasefire between the United States and Iran to secure as much as possible the country's petroleum supply, President Ferdinand ''Bongbong'' Marcos Jr. said on Wednesday.

Marcos made the remark hours after the US and Iran agreed to a two-week ceasefire agreement, which included, among others, the opening of the Strait of Hormuz, where 20% of the world's oil supply passes through.

Two White House officials also confirmed that Israel has agreed to the two-week ceasefire and to suspend its bombing campaign on Iran. The agreement includes a cessation of Israel's campaign in Lebanon

The US and Israel launched joint airstrikes against Iran on February 28, prompting Iran to retaliate by firing missiles at other oil-rich Middle East countries, where the Philippines sources 98% of its crude oil supply.

''So we will take full advantage of the two weeks to increase our supply as much as possible and to continue to make whatever arrangements are possible. We are all hoping and praying that the two-week ceasefire will extend further if the talks go well,'' Marcos said. 

''I think that everybody around the table is willing and desirous, gusto nila na matapos na itong gulo na ito. So hopefully all the parties will come together,'' he added.

Marcos also hoped that this would bring down oil prices since the global market would be more open.

''Maybe if it is extended further than that with the prospect of an even better situation following, then prices will start to follow,'' Marcos said.

Further, Marcos said this ceasefire would also allow Filipino seafarers to work.

Reuters reported that US President Donald Trump had agreed to a two-week ceasefire with Iran, less than two hours before his deadline for Tehran to reopen the Strait of Hormuz or face devastating attacks on its civilian infrastructure.

Trump's announcement on social media represented an abrupt turnaround from earlier in the day, when he issued an extraordinary warning that "a whole civilization will die tonight" if his demands were not met.

Earlier on Wednesday, Energy Secretary Sharon Garin told House members that the Philippines cannot simply keep buying large volumes of oil to build up its reserves because it has a limited storage capacity.

“The government planned to purchase up to two million barrels – equivalent to about 10 days of supply – but we’ve only procured one million so far because we don’t have enough storage. We are only good for about 60 days in total – 57.8 days for gasoline and 47.26 days for diesel,” she said during a House hearing.

The Philippines has relied on private oil companies for supply and storage since the Oil Deregulation Law was enacted in 1998.

Garin said this underscored the need to revisit the law in order to strengthen the government’s ability to respond in times of crises. —NB/JMA, GMA News