MANILA – The Department of Budget and Management (DBM) has allocated a PHP20 billion emergency fund for the Department of Energy's (DOE) Emergency Energy Security Program, which involves procuring as much as two million barrels of fuel to boost domestic supply.
In a statement on Thursday, the DOE said the fund will be transferred to the Philippine National Oil Corp. (PNOC) and PNOC Exploration Corp. to purchase refined petroleum products, LPG supply augmentation, and domestic inventory stock building.
"This decisive action demonstrates the administration's firm resolve to protect the Filipino people from external supply shocks and to ensure the continuous, adequate, and reliable availability of fuel across the country," the department said.
It added that the allocation "will strengthen the government's ability to respond promptly to supply disruptions, preserve market stability, and support the uninterrupted operation of critical sectors, including transport, food logistics, power generation, and industry."
The funding is in line with President Ferdinand R. Marcos Jr.’s directive to ensure fuel security amid the global supply issue due to the conflict in the Middle East.
"This is a strong intervention by the President to strengthen the country’s fuel security amid global oil market disruptions," Energy Secretary Sharon Garin said.
"The government is taking concrete and proactive steps to secure fuel supply, maintain orderly market conditions, and protect the welfare of every Filipino motorist."
The department noted that ensuring fuel supply "is not only an economic imperative – it is about ensuring that Filipinos can continue to move, work, and keep essential services running." (Joann Santiago-Villanueva/PNA)