THE Department of Energy (DOE) on Monday said it is partnering with the Maharlika Investment Corp. (MIC) to help fund a national oil reserve program.
The MIC is the state-owned corporate body managing and investing the Maharlika Investment Fund (MIF), the Philippines’ first sovereign wealth fund, mandated by Republic Act 11954 to drive national socioeconomic development.
“The Philippines is currently working on the establishment of a national Strategic Petroleum Reserve Program, including the development of new stockpiling facilities. We have already met with the Philippine National Oil Company (PNOC) and Maharlika Investment Corp. to identify what are the possible options for us to achieve this,” Energy Secretary Sharon Garin said in an online media briefing.
All parties are finalizing an agreement that will define their respective roles in the program, the DOE said.
“The role of MIC will mostly be for funding, [and to] undertake related feasibility studies for the reserve program, and to look for partners for the operations of the possible storage facilities. The PNOC will also be assisting as it the expert in this field and [it] also has land sites for the new storage facilities,” Garin said.
Initial assessments indicate that the program may be implemented in phases, which will allow the government to gradually build strategic inventories over time, the DOE said.
A technical mission comprising Japanese government institutions and private sector partners will visit the Philippines later this year to support planning and feasibility activities for the program, the DOE said.
