Senate Committee on Energy Chairman Senator Erwin Tulfo has called on the Department of Energy (DOE) and the Philippine National Oil Company (PNOC) to streamline administrative processes required to set up a national strategic oil stockpile.
Speaking during the panel’s second hearing on proposed amendments to the Oil Deregulation Law, Tulfo revealed that foreign governments—including the United Arab Emirates, Saudi Arabia, and Japan—are ready to finance and build local petroleum storage infrastructure once regulatory approvals are cleared.
“UAE expressed that they’re very willing and interested to build their oil depot here. They said that they will construct it using their own budget, but we will definitely benefit from it,” Tulfo told DOE and PNOC representatives.
DOE Oil Industry Management Bureau Director Dino Abad confirmed the UAE’s proposal, stating that the agency has created the Philippine Strategic Petroleum Reserve Team to coordinate with interested foreign partners.
“These foreign countries want to fully understand our aspirations so when they build here, they will consider concerns. On our end, our concern is that we will have a reserve right to be prioritized once a crisis hit,” Abad said.
PNOC Deputy Manager Antonio Buenviaje informed the panel that parallel state initiatives are underway. Pressed by Tulfo regarding a timeline for operationalization, Buenviaje indicated that facilities are projected to be ready by 2027.
Private oil sector representatives noted that maintaining strategic reserves would buffer domestic fuel costs against international market volatility.
Tulfo emphasized that removing bureaucratic bottlenecks remains essential to securing investments from global petroleum producers.
“We must strengthen our country’s energy security. With that, our government should streamline the steps and processes for permits and approvals so international major oil producers will be encouraged to build their reserves here,” Tulfo said.
“We need adequate reserves. We need to build our capacity to withstand external shocks,” he added.