JAKARTA - The Philippines is adding energy reserves amid the still-unresolved Middle East conflict. President Ferdinand R. Marcos Jr. said his country's fuel supply reserves now stand at 51 days after the government accelerated the securing of oil stocks.
As reported by the Philippine News Agency (PNA) quoted on March 31, Marcos in a national address on Tuesday said PNOC-EC or Philippine National Oil Co. - Exploration Corp. has ordered 1.04 million barrels of solar. Of that amount, 142,000 barrels have arrived this week, while the rest are scheduled to arrive in April.
The Philippine government also allocated 20 billion Philippine pesos through the Department of Budget and Management for the procurement of up to two million additional barrels of oil. The move is considered to add a 10-day supply cushion.
"Currently, we have a 51-day supply in the country," Marcos said.
Previously, Marcos also ensured that the supply of Philippine crude oil was still sufficient until June 30.
To respond to the energy emergency, the Philippine government relied on Executive Order 110 which authorized the Department of Energy, PNOC, and PNOC-EC to expedite the procurement of fuel. Marcos also signed Republic Act 12316 which opens the possibility of temporary suspension or reduction of taxes on petroleum products, depending on the assessment of the Development Budget Coordination Committee.
Pressure is also occurring in the electricity sector. Marcos said the Energy Regulatory Commission suspended the Wholesale Electricity Spot Market temporarily since March 26 to contain the price volatility of electricity.
He said the move would allow the use of cheaper energy sources, including renewable energy, while giving the government more room to control prices in WESM.
For the long term, Marcos highlighted the Camago-3 gas well in the Malampaya project. The well is said to be able to produce up to 60 million cubic feet of gas per day to help maintain electricity supply and reduce energy costs.
The Philippine government has also prepared social cushions, ranging from fuel assistance and financial assistance for transportation workers, a 50 percent fare discount on Metro Rail Transit 3 and Light Rail Transit 2, to the expansion of the free transportation program.
In addition, the government provides a discount on toll rates for public transport vehicles and food transporters. Starting April 15, the RORO terminal rate for agricultural cargo is also pegged at 1 Philippine peso to reduce logistics costs.
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