The Philippine government has secured safe passage for energy shipments through the Strait of Hormuz, a critical global oil route, as part of ongoing risk management efforts, Energy Secretary Sharon Garin announced Saturday.
Garin cautioned, however, that the development would not immediately lower domestic fuel prices.
In a social media post, she said the Philippines now has “a safe and preferential access” to the strait, reducing risks of supply disruptions, strengthening protection for Philippine-linked cargo, and enhancing safety for Filipino seafarers amid ongoing U.S.-Israeli tensions with Iran.
“This is Risk Management, because in a time of global tension, risk reduction is already a meaningful gain,” Garin said.
She also emphasized managing expectations: “This development will not immediately bring down fuel prices, nor does it resolve our long-term structural challenges in energy. Those remain priorities that we continue to address.”
The safe passage was secured following a phone conversation between Foreign Affairs Secretary Ma. Theresa Lazaro and Iranian Foreign Minister Seyed Abbas Araghchi.
According to the Department of Foreign Affairs, Araghchi assured that Iran will permit the “safe, unhindered, and expeditious passage through the Strait of Hormuz of Philippine-flagged vessels, energy sources, and all Filipino seafarers.”
The Strait of Hormuz is a strategic waterway through which around 20% of the world’s oil and liquefied natural gas pass, making the agreement a significant step in safeguarding the Philippines’ energy supply.