Energy Secretary Sharon Garin said local oil companies are negotiating with alternative suppliers outside the Middle East to ensure a stable petroleum supply for the Philippines amid rising geopolitical tensions.
Speaking before the House Committee on Ways and Means, Garin assured lawmakers that current petroleum stocks remain sufficient until April.
“All our [oil] companies are already talking to not just the current suppliers, but also suppliers from South America, America, and all the other, Australia, even as far as Africa. They are already talking to them and locking in orders,” she said.
“The stocks here and the ones coming na sigurado na, en route na, this is enough until April,” she added.
Garin emphasized that the challenge lies not in supply availability but in cost.
“I think it’s just a matter [of] how much we’re willing to pay for it,” she noted.
She clarified that the Philippines does not directly import petroleum from the Middle East, instead sourcing refined products from China, Japan, South Korea, and other Asian refineries.
“We don’t import directly from the Middle East, but we do buy from China these petroleum products, yung mga refined na. The refineries are in Southeast Asia like China, Japan, South Korea, and all others. There is a portion there we buy crude, but that’s for Petron only,” Garin explained.
However, she noted that Asia remains indirectly dependent on Middle Eastern oil, as most refineries in the region rely on crude from the area.
“Basically, around 90% of what is refined in the countries that we buy from are from the Middle East,” Garin said.