The Department of Budget and Management (DBM) has approved the release of ₱20 billion to the Department of Energy (DOE) to strengthen the country’s fuel reserves.
According to the DBM, the funds—sourced from the Malampaya Gas Fund—will be used to purchase diesel, gasoline, and LPG.
The goal is to boost national inventory, stabilize pump prices, and ensure uninterrupted operations in critical sectors such as transport, logistics, agriculture, and emergency response. The Philippine National Oil Company–Exploration Corporation (PNOC-EC) has already begun the procurement process.
Budget Secretary Rolando Toledo underscored the urgency of the move, saying:
“This is about protecting the daily life of every Filipino—from the jeepney driver and delivery rider, to our farmers, frontliners, and ordinary families. Kapag may problema sa fuel, apektado ang buong ekonomiya. Hindi puwedeng maghintay.”
He added,
“Every peso we release here is meant to keep the economy moving, keep goods flowing, and keep services running.”
This comes after the DOE authorized the temporary use of lower-grade petroleum products last week to safeguard supply. On Tuesday, the agency assured the public that current inventories remain sufficient and do not yet warrant a crisis declaration despite rising fuel costs.
President Ferdinand Marcos Jr., however, announced that the Philippines is working to secure fuel supplies from Russia.
Hours later, he declared a state of national energy emergency, citing “imminent danger” to the availability and stability of energy supply.