Senator Imee Marcos has called on the government to adopt a more aggressive “government-to-government” (G2G) oil procurement strategy to shield Filipino consumers from the escalating global energy crisis.
The senator expressed frustration over the administration’s perceived inaction, particularly regarding untapped opportunities to secure fuel from non-traditional sources like Russia during active sanctions waiver periods.
“Why hasn’t there been a G2G deal with Russia during the sanctions waiver period? The waiver was even extended to May 16, yet the government has remained idle,” Marcos asked.
“Even Petron, a private company, was able to secure 2.48 million barrels of Russian crude. If a private corporation can do it, why can’t the Philippine government?”
SHIFTING THE SOURCING STRATEGY
Marcos emphasized that the Philippines must diversify its supply chain to reduce its heavy reliance on the Middle East, particularly with the ongoing instability in the Strait of Hormuz.
She suggested that the government should purchase oil directly from supplier nations and sell it domestically at controlled, subsidized rates to assist transport workers, farmers, and fisherfolk.
The lawmaker pointed to regional neighbors as examples of more decisive action:
- Indonesia: Planning to import 150 million barrels of Russian crude this year.
- Sri Lanka: Fast-tracking G2G deals to solve domestic shortages.
- Vietnam, Thailand, and Malaysia: Actively negotiating investment and supply agreements with Russia and Brunei.
LESSONS FROM THE PAST
Drawing parallels to the energy shocks of the 1970s, Marcos reminded the administration that direct diplomacy once saved the Philippine economy from similar disasters.
“In the 1970s, the government didn’t just wait for the market to stabilize. We negotiated direct G2G oil imports at deeply discounted ‘friendly’ rates to abate the shocks of 1974 and 1979. This strategy worked then; why aren’t we doing it now?”
Marcos warned that without a shift from intermediaries in hubs like Singapore and South Korea to direct partnerships with regional producers like Malaysia and Brunei, the country remains vulnerable.
“The Iran war is a crisis all too real for most Filipinos. Sadly, we are bereft of the strong, decisive leadership that should lessen our people’s burdens from a global oil shock that will take years to resolve,” she emphasized.