PRESIDENT Ferdinand Marcos Jr. on Thursday said the Philippines was looking for alternative sources of petroleum products as part of the government’s efforts to ensure a steady supply amid the war in the Middle East.
Speaking to reporters in Mariveles, Bataan, Marcos maintained that the country’s current stocks of oil and essential goods remained sufficient, saying that concerned government agencies were focusing on keeping prices as stable as possible.He also said that existing suppliers have committed to continue honoring contracts, particularly for petroleum-based products such as fertilizer.“For food, we can do more. We are looking for additional ways to lower food prices. As for oil, there’s nothing much we can do about that, but at least we are making sure that the supply will be available,” Marcos said.“So even if we have stock, the Philippines continues to look for more — because we really source from the Middle East. So we are looking for alternative sources of oil,” he added.Despite global uncertainties, the president said the public should not worry as the government would be able to “soften the blow.” “The problem is that the price of oil is very volatile, we cannot fully anticipate so we are still adjusting right now,” Marcos said.China, home to the world’s biggest oil refining sector, said it was ready to work with Southeast Asia in addressing energy problems stemming from the war in Iran and called on the parties involved to immediately cease military operations.China’s show of willingness to work with the region of more than 700 million people would be welcome relief to Southeast Asian oil importers after an order by Beijing earlier in March to ban Chinese exports of diesel, gasoline and jet fuel.The ban would worsen shortages and further hike prices for some of China’s strategic partner-nations in Southeast Asia, which have already been reeling from supply cuts brought on by the US-Israeli war against Iran.“The situation in the Middle East has disrupted global energy security,” said Chinese foreign ministry spokesman Lin Jian at a regular news conference when asked if South-east Asian nations had reached out to China for help.“The countries involved should immediately cease military operations to prevent regional instability from having a greater impact on global economic development,” said Lin.“China is willing to strengthen coordination and cooperation with Southeast Asian countries to jointly address energy security issues,” Lin added.Any easing of Beijing’s ban could help soothe fuel jitters in countries from the Philippines to Cambodia.
