Marcos says PH looking for other oil supply sources

MANILA, Philippines — President Ferdinand Marcos Jr. said the Philippines is now looking for other sources for its oil supply amid price crunches driven by the ongoing Middle East conflict.

“In terms of supply, we are in good shape. And not only do we have inventory in the Philippines, we also are awaiting some supplies coming in that are in transit,” Marcos told reporters in New York on Wednesday (Manila time).

“We are talking to many other countries [whom] we normally do not buy oil from, but hopefully, we will be able to come to an agreement with them and that we will get further supply from them,” he said.

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He cited the “volatility” of the conflict as a challenge for the country’s oil supply, saying there was uncertainty as to how long the conflict would last.

The president previously assured the public that the Philippines had a sufficient supply of petroleum products with stockpiles enough to last for 50 to 60 days.

Asked what measures the government was taking to soften the impact of oil price hikes on the price of basic goods, Marcos answered, “We’re trying to keep prices down, but there’s an inevitable effect.”

He noted that oil prices went above $100 per barrel but went down to below $90 on Tuesday.

“That gives us a little better chance of providing subsidies for our people, for providing support for the affected sectors,” Marcos added. /mr