MANILA, Philippines — President Ferdinand Marcos Jr. announced that the Philippines is actively seeking alternative oil sources in response to rising global prices caused by ongoing tensions in the Middle East.
“In terms of supply, we are in good shape. We have stockpiles in the country, and additional shipments are already on their way,” Marcos told reporters in New York on Wednesday (Manila time).
He added that the government is negotiating with countries that are not traditional oil suppliers, hoping to secure new agreements and increase the nation’s inventory.
Marcos acknowledged the unpredictable nature of the conflict, noting that the uncertainty surrounding its duration poses challenges for ensuring a steady oil supply. He previously assured the public that current petroleum stockpiles are sufficient for 50 to 60 days.
Regarding measures to mitigate the impact of rising oil prices on basic goods, Marcos said the government is working to keep prices stable, though some price increases are unavoidable. He cited fluctuations in global oil markets, with prices briefly exceeding $100 per barrel before dropping below $90 on Tuesday, which may allow the government some flexibility to provide subsidies for affected sectors.
elamigo/xf
