President Ferdinand Marcos Jr. announced Tuesday that the country currently holds a 51-day oil supply, as the government intensifies efforts to secure reserves amid ongoing instability in the Middle East.
In a video message, Marcos revealed that the Philippine National Oil Company–Exploration Corporation (PNOC-EC) has ordered 1.04 million barrels of diesel fuel.
Of this, 142,000 barrels are set to arrive this week, while the remainder will be delivered in April.
“Nag-order na ang PNOC-EC ng 1.04 milyong bariles ng diesel. Mayroon ding 142,000 na bariles na ide-deliver ngayong linggo. Ang natitira ay darating sa buwan ng Abril,” the President said.
The President also noted that the Department of Budget and Management (DBM) has released ₱20 billion to procure up to two million more barrels of oil, which would extend the country’s buffer stock by at least ten days.
“Sa ngayon, may 51 days tayo na supply dito sa bansa,” he added.
Earlier, Marcos assured the public that crude oil reserves are sufficient until June 30. The government is now working to further strengthen its stockpile to cushion the impact of global market disruptions.
On March 24, Marcos signed Executive Order No. 110, declaring a national energy emergency. The directive grants the Department of Energy (DOE) authority to implement measures ensuring energy stability and adequate supply nationwide.