Philippines launches $333-MM fund to boost fuel security
The Philippine energy ministry said on Thursday it is activating a 20-billion peso ($333-MM) emergency fund to strengthen fuel security amid continued volatility in oil prices due to the conflict in the Middle East.
"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 energy department said.
Under the program, the government plans to buy up to 2 MMbbl of fuel to support domestic supply and purchase refined petroleum products and liquefied petroleum gas.
President Ferdinand Marcos Jr. said on Wednesday the country has around 45 days' worth of oil supply.
The Philippines imports almost all of its crude from the Middle East, with Saudi Arabia its biggest supplier, making it vulnerable to oil price shocks and supply disruptions.
($1 = 60.0690 Philippine pesos)
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