PRESIDENT Ferdinand Marcos Jr. has ordered the release an emergency fund of P20 billion to the Department of Energy (DOE) to secure the country’s fuel supply and shield Filipinos from the impact of the global oil crisis, the Department of Budget and Management (DBM) said Wednesday.
In a statement, the DBM said the funding, sourced from the Malampaya Gas Fund under the Special Account in the General Fund, was released through a Special Allotment Release Order and Notice of Cash Allocation to support the government’s Emergency Energy Security Program.
The P20-billion intervention will fund the strategic procurement of fuel products — including diesel, gasoline, and liquefied petroleum gas — to boost the national fuel inventory, stabilize pump prices, and ensure uninterrupted operations across transport, logistics, agriculture, emergency response, and other critical sectors, the DBM said.
The program will be implemented by the Philippine National Oil Company–Exploration Corp., which has already initiated procurement activities to immediately augment domestic supply.
Acting Budget Secretary Rolando Toledo said the swift approval reflected the president’s clear directive to ensure that “no Filipino is left vulnerable to fuel disruptions.” “This is about protecting the daily life of every Filipino — from the jeepney driver and delivery rider, to our farmers, frontliners, and ordinary families. When there is a fuel problem, the entire economy is affected. We can’t wait,” Toledo said.
“Under the president’s directive, we are moving with urgency to ensure that fuel remains available, prices are moderated, and essential services continue uninterrupted. This is government acting ahead of the crisis — not reacting after the damage is done,” he added.
“This is not just funds. This is security — security in travel, in employment, and in the daily lives of Filipinos,” Toledo said.
“Every peso we release here is meant to keep the economy moving, keep goods flowing, and keep services running. This is what fiscal discipline looks like — using public funds where they matter most, at the time they are needed most,” he added.
As global uncertainties continue to affect energy markets, the Marcos administration is taking a firm and proactive stance — ensuring that the Philippines remains resilient, prepared, and protected, Toledo said.
Enough for 45 days
In an address Wednesday, the president said the country has a sufficient supply of oil and petroleum products for at least 45 days, and that it would procure an additional 1 million barrels to add to its stockpile.
“We have no problem with the oil supply,” he said in Filipino. “We can be sure that at least for 45 days we will be all right. I think that we can be fairly confident — we can be confident that after the 45 days, additional deliveries would have already arrived here in the Philippines. We will have already a flow of oil, not just one delivery, not just two deliveries but a flow of petroleum and petroleum-related products. Right now, because of the situation, we are asking for everything. We are asking for crude oil, also gasoline, diesel — diesel is of course the most important here in the Philippines. There’s also kerosene and then jet fuel to keep the planes flying,” he added.
He added that 23 power projects will also come online in 60 days.
Marcos said that while the government has no control over the price of oil in the international market, it will continue to provide assistance to citizens and affected sectors.
This includes free rides, train discounts, reduction in terminal and aeronautical fees, cash assistance for drivers, and toll discounts.
The chief executive also urged the public not to panic despite his earlier issuance of Executive Order 110 declaring a state of national energy emergency.
The declaration, he reiterated, was merely to give the government “more options” to mitigate the effects of the soaring price of oil and petroleum products triggered by the war in the Middle East.
Meanwhile, the country is also in talks with Washington to secure waivers and exemptions that will allow it to obtain oil from US-sanctioned countries, Ambassador Jose Manuel Romualdez said Wednesday.
Asked if imports of oil from Venezuela and Iran were part of the discussions, Romualdez said “all options are being considered.” Asked what has been the response from the State Department, the ambassador said: “Work in progress.”
Temporary measures
The country has temporarily increased coal-fired generation due to energy supply pressures and allowed the temporary and limited use of cheaper but dirtier Euro II fuel to ensure supply.
At least two Russian ESPO crude cargoes are heading to the Philippines this month, while a cargo of Abu Dhabi Murban crude is expected to arrive at its Bataan terminal on April 8, according to Kpler, a private data, analytics, and technology firm specializing in providing real-time, actionable intelligence on commodity and shipping markets.
The shipment would be the country’s first imports of Russian crude oil in five years, following a 30-day waiver issued by the United States.
Washington on Friday also issued a 30-day sanctions waiver for the purchase of Iranian oil already at sea. The waiver applies to oil loaded on any vessel on or before March 20 and discharged by April 19, including tankers under sanctions.
Sen. Imee Marcos said the Philippines should secure oil importation from fellow members in the Association of Southeast Asian Nations (Asean) to lessen the impact of the oil crisis. She urged the government to engage more with regional and global partners following Malacanang’s declaration of a state of national energy emergency. “Who are we even talking to? Have we reached out to Indonesia, Malaysia, Australia, as well as China and India?” the senator, a critic of her brother’s administration, asked.