Philippines Prepares 20 Billion Peso Emergency Fund, Buys 2 Million Barrels of Fuel English: Philippines Prepares 20 Billion Peso Emergency Fund, Buys 2 Million Barrels of Fuel

Drivers queue at a gas station in Quezon City, Manila, Philippines. Photo: Philippine News Agency. (Dok PNA).

JAKARTA - The still volatile global energy prices prompted the Philippines to move quickly. The government has prepared an emergency fund of 20 billion Philippine pesos to buy up to 2 million barrels of fuel to strengthen domestic supplies amid the impact of the Middle East conflict.

The Philippine News Agency (PNA) reported on Thursday, March 26, that the funds were allocated by the Philippine Department of Budget and Management to support the Energy Department's Emergency Energy Security Program. This move shows that Manila is starting to prepare a supply cushion so that disruptions in the global oil market do not directly hit vital sectors in the country.

In its statement on Thursday, March 25, the Philippine Department of Energy said the funds would be channeled to the Philippine National Oil Corp. and PNOC Exploration Corp. The funds will be used to purchase refined petroleum products, increase the supply of liquefied petroleum gas, and strengthen domestic stock reserves.

The Philippine government considers this step important to contain the impact of supply shocks from abroad. The goal is not only to keep fuel available, but also to ensure that energy distribution remains stable when global markets are volatile.

The Energy Ministry stated that the allocation would strengthen the government's ability to respond quickly to supply disruptions, maintain market stability, and support the operations of important sectors such as transportation, food logistics, electricity generation, and industry.

The policy was carried out in line with President Ferdinand R. Marcos Jr.'s directive asking for the security of fuel supply to be strengthened amid global supply issues due to the conflict in the Middle East.

Energy Minister Sharon Garin told PNA that the decision was a strong intervention by the government to strengthen national fuel resilience when the world oil market was shaken. According to him, the government chose a direct step, namely securing supplies, keeping the market orderly, and suppressing risks that could burden the community.