Senator Chiz Escudero on Tuesday urged faster action on a proposed regional fuel-sharing agreement as ongoing instability in the Middle East continues to threaten oil supply and prices across Southeast Asia.
Escudero said the Philippines, currently chairing the Association of Southeast Asian Nations (ASEAN), is in a strategic position to advance the ASEAN Petroleum Security Agreement (APSA), which would enable member states to assist one another during fuel shortages.
Under the plan, countries could share petroleum supplies if a member experiences a shortfall of at least 10%. The framework is modeled after global energy alliances designed to stabilize supply and protect economies during crises.
“The current volatility in the Middle East highlights the urgency of a regional action, with oil prices rising and supply chains vulnerable. We have to act as one ASEAN,” he said.
Escudero emphasized that oil-producing members like Brunei, Indonesia, and Malaysia would play a key role in ensuring the agreement’s effectiveness, particularly by providing emergency reserves.
“Fuel-sharing is not only about barrels of oil. It is also about trust, reciprocity and the assurance that no member-state will be left behind,” Escudero added.