President Ferdinand "Bongbong" Marcos Jr. has revealed that the Philippines currently maintains a 51-day oil supply buffer, as the government ramps up efforts to secure fuel stocks amidst the ongoing conflict in the Middle East. In a video message delivered on Tuesday, March 31, 2026, Marcos detailed proactive steps to ensure energy stability and mitigate potential disruptions.
Immediate Procurement and Funding Initiatives
The Philippine National Oil Company-Exploration Corp. (PNOC-EC) has already placed an order for 1.04 million barrels of diesel, with 142,000 barrels delivered this week. The remaining shipments are scheduled to arrive throughout April, bolstering the nation's reserves. To further enhance supply security, the Department of Budget and Management (DBM) has released P20 billion to fund the procurement of up to two million additional barrels of oil. This procurement is equivalent to an extra 10 days of buffer supply, extending the overall cushion.
President Marcos earlier assured the public that the country's crude oil supply is sufficient until June 30, providing a critical window for strategic planning. He emphasized that these measures are part of a comprehensive response to the looming oil crisis triggered by escalating tensions in the Middle East.
Regulatory and Policy Measures for Stability
In terms of the broader energy situation, Marcos cited Executive Order 110, which authorizes the Department of Energy (DOE), PNOC, and PNOC-EC to expedite oil procurement processes. Additionally, he signed Republic Act 12316 on March 25, enabling the temporary suspension of excise taxes on oil when deemed necessary. The Development Budget Coordination Committee (DBCC) is set to meet this week to assess the potential implementation of this tax suspension, aiming to alleviate financial pressures on consumers.
Under EO 110, the DOE may also recommend actions to the Energy Regulatory Commission (ERC) regarding the Wholesale Electricity Spot Market (WESM) to stabilize electricity prices. Marcos noted that starting March 26, the ERC has temporarily suspended the WESM. This suspension facilitates the optimal dispatch of cheaper energy sources, such as renewables, enhancing cost-efficiency and reliability.
"The government will also have control over pricing in the WESM. The ERC is currently working on this," Marcos added, highlighting efforts to prevent price volatility and ensure affordable energy for Filipinos.
Long-Term Energy Security and Future Prospects
For long-term energy security, Marcos pointed to the successful drilling and testing of the Camago-3 gas well, which is projected to produce up to 60 million cubic feet of gas daily. This development represents a significant step towards reducing dependency on imported fuels and fostering domestic energy production.
President Marcos assured that the government remains vigilant and responsive to the challenges posed by the Middle East conflict. By combining immediate buffer stocks, regulatory adjustments, and long-term infrastructure projects, the Philippines aims to safeguard its energy sector against external shocks and ensure a stable supply for its citizens.
