President Marcos confirms Philippines has a 51-day supply of fuel

President Ferdinand Marcos Jr. has confirmed that the Philippines currently maintains a 51-day oil supply.

The Philippine National Oil Company-Exploration Corporation (PNOC-EC) has ordered 1.04 million barrels of diesel, with a portion already delivered and the remainder scheduled to arrive in April.

“Nag-order na ang PNOC-EC ng 1.04 milyong bariles ng diesel. Mayroon ding 142,000 na bariles na [na-deliver] ngayong linggo. Ang natitira ay darating sa buwan ng Abril,” President Marcos said in an address to the nation.

Furthermore, the Department of Budget and Management (DBM) has released ₱20 billion for the procurement of up to two million additional barrels to bolster our buffer stock.

“Nai-release na ng DBM ang PhP20 bilyon para sa procurement ng hanggang dalawang milyong bariles ng karagdagang langis. Sampung araw ito na dagdag sa ating buffer stock. Sa ngayon, may 51 days tayo na supply dito sa bansa,” the President said.

The key administrative measures include:

• Executive Order No. 110: Expedites oil procurement processes through the Department of Energy (DOE), PNOC, and PNOC-EC;

• Republic Act No. 12316: Grants the President authority to suspend oil excise taxes if necessary, pending assessment by the Development Budget Coordination Committee (DBCC);

• WESM suspension: The ERC has temporarily suspended the Wholesale Electricity Spot Market (WESM) to implement optimal dispatch from cheaper energy sources and stabilize electricity prices.

“Simula March 26, pansamantalang sinuspinde na ng ERC (Energy Regulatory Commission) ang WESM. Ibig sabihin, ipatutupad na ang optimal dispatch ng mas murang energy source tulad ng renewable,” said the President.

“Magkakaroon din ng kontrol ang gobyerno sa presyuhan sa WESM. Kasalukuyan itong inaayos na ng ERC,” he said.

As for long-term solutionss, the President cited the successful drilling at the Camago-3 well is expected to produce up to 60 million cubic feet of gas daily.

To assist those affected by rising fuel costs, the government has implemented several relief programs:

• 50% fare discounts on LRT-2 and MRT-3.

• "Libreng Sakay" programs in Metro Manila, Metro Cebu, and Metro Davao.

• Temporary toll discounts for public utility and food transport vehicles on major expressways.

• ₱2.5 billion in fuel subsidies for over 1.4 million drivers and operators.

• Direct cash aid for transport workers, with additional nationwide distribution starting April

-Paraluman News