President Ferdinand Marcos Jr. assured the public that the Philippines has sufficient oil supply despite escalating tensions in the Middle East.
Speaking before members of the Philippine media delegation in New York, Marcos said the country currently has adequate fuel inventory, with additional shipments already on the way.
“Well, first of all, in terms of supply, we are in good shape. Not only do we have inventory in the Philippines, we also have some supplies that are already in transit,” Marcos said.
The President said the government verified whether shipments currently en route were passing through high-risk areas amid concerns over possible disruptions in the region.
“Ang pinaaral ko lang, kung ‘yung mga in transit baka naman nandoon sila sa lugar ng peligro para maging accurate ‘yung kalkulasyon natin, pero hindi naman daw,” he said.
Marcos noted that the possible closure of the Strait of Hormuz — a key global oil shipping route — is not yet factored into the current supply assessment.
“So far, the closing of the Strait of Hormuz is not included in the calculations,” he added.
To ensure continued supply, Marcos said the Philippines is also exploring alternative sources of petroleum products and has begun discussions with countries that are not traditional suppliers.
“Naghahanap tayo ng iba’t ibang lugar na makapagbigay ng supply sa atin. 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,” he said.
Despite stable supply levels, Marcos acknowledged that the ongoing conflict could still push prices of fuel and basic commodities upward.
“We’re trying to keep prices down but there’s an inevitable effect,” he said, adding that uncertainty remains over how long the conflict in the Middle East will last.
Meanwhile, the House committee on ways and means on Tuesday approved an unnumbered substitute bill that would allow the President to suspend or reduce excise taxes on fuel amid the conflict involving the United States, Israel, and Iran.
Under the proposal, the President may reduce fuel excise taxes for up to six months if the average price of Dubai crude oil exceeds $80 per barrel for one month before the suspension.
Oil prices in the Philippines are also expected to rise this week, with increases estimated between ₱17 and ₱24 per liter. However, Energy Secretary Sharon Garin said the adjustment will be implemented gradually over seven days instead of a single-day hike.
