The Philippine government has secured 165 million liters of crude oil through the Philippine National Oil Corp. as part of a broader effort to shore up national fuel supplies, Energy Secretary Sharon Garin announced Thursday.
Speaking at a Malacañang press briefing on April 10, Garin disclosed that the procurement falls short of a larger volume target. “In fact, ang kabuuang —165 million liters po ang ina-acquire ng PNOC. Ang target nito kasi is 318 million liters, 2 million barrels,” she said.
The oil was sourced from Malaysia, Singapore, India, and Oman. While Garin did not give a specific delivery timeline, she confirmed the volume is committed and will arrive. The purchases are intended to supplement the existing supply of private oil companies operating in the country.
The country’s current stockpile now stands at 50 days’ worth of supply — well above the standard 30-day buffer. Garin was careful to note that the figure is not a countdown to depletion, explaining that actual stock levels fluctuate continuously based on how much fuel is being consumed and replenished at any given time.
For liquefied petroleum gas, the Philippines has turned to India, Argentina, and Canada as sourcing alternatives, further reducing dependence on Middle Eastern suppliers.
Garin emphasized the importance of supply diversification even as the Strait of Hormuz has remained open during an ongoing ceasefire between the US-Israel and Iran, noting that the window of relative stability does not diminish the need to broaden where the country draws its energy from.
