THE Philippines currently has a 51-day oil supply buffer, as the government intensifies efforts to secure fuel stocks amid the ongoing conflict in the Middle East, President Ferdinand “Bongbong” Marcos Jr. said Tuesday, March 31, 2026.
In a video message, Marcos said the Philippine National Oil Company-Exploration Corp. (PNOC-EC) has already ordered 1.04 million barrels of diesel, with 142,000 barrels delivered this week.
The remaining shipments are expected to arrive in April.
The President said the Department of Budget and Management (DBM) has also released P20 billion to fund the procurement of up to two million additional barrels of oil, which is equivalent to an extra 10 days of buffer supply.
Marcos earlier assured the public that the country’s crude oil supply is sufficient until June 30.
Meanwhile, in terms of the country’s energy situation, the President cited Executive Order 110, which authorizes the Department of Energy (DOE), PNOC, and PNOC-EC to expedite oil procurement.
He also signed Republic Act 12316 on March 25, allowing the temporary suspension of excise taxes on oil when necessary.
Marcos said the Development Budget Coordination Committee (DBCC) is set to meet this week to assess the potential implementation of the tax suspension.
Under EO 110, the DOE may also recommend actions to the Energy Regulatory Commission (ERC) regarding the Wholesale Electricity Spot Market (WESM) to stabilize electricity prices.
“Simula March 26, pansamantalang sinuspinde na ng ERC ang WESM. Ibig sabihin, ipatutupad na ang optimal dispatch ng mas murang energy source tulad ng renewable,” said the President.
(Starting March 26, the ERC has temporarily suspended the WESM. This means the optimal dispatch of cheaper energy sources such as renewables will be implemented.)
“Magkakaroon din ng kontrol ang gobyerno sa presyuhan sa WESM. Kasalukuyan itong inaayos na ng ERC,” he added.
(The government will also have control over pricing in the WESM. The ERC is currently working on this.)
For long-term energy security, Marcos pointed to the successful drilling and testing of the Camago-3 gas well, which is projected to produce up to 60 million cubic feet of gas daily.
Marcos assured that the government remains responsive amid the looming oil crisis brought about by tensions in the Middle East. (TPM/SunStar Philippines)