PRESIDENT Ferdinand “Bongbong” Marcos Jr. announced on Friday that the Philippines currently possesses a sufficient supply of crude oil, which is projected to last until June 30, 2026.
Speaking at the sidelines of the opening of the NAIA Expressway Phase II, the President reassured the public that while the current supply is adequate, the government remains committed to actively seeking alternative sources to further bolster the nation’s energy reserves.
This assurance comes at a critical time, as the country navigates a global energy landscape marked by price volatility and supply chain disruptions.
President Marcos elaborated on the economic advantages of importing crude oil compared to finished fuel products. He explained that when the Philippines imports crude oil for domestic refining, the overall cost is generally more favorable. This strategy allows the country to leverage its refining capabilities, potentially leading to more cost-effective fuel prices for consumers. Importing refined products like diesel, on the other hand, incurs higher costs due to the added value and processing already completed elsewhere, making domestic refining a more economically prudent approach.
The President’s statement follows his earlier declaration of a state of national energy emergency on March 24, 2026. This declaration was a direct response to the continuous and significant increases in oil product prices, largely attributed to ongoing geopolitical conflicts impacting global supply chains, particularly the Strait of Hormuz. The emergency declaration signaled the government’s intent to take decisive actions to manage the crisis and protect the economy and its citizens from the adverse effects of escalating fuel costs.
The assurance of a stable crude oil supply until mid-2026 provides a much-needed reprieve for the Philippines as it confronts the challenges of the global energy crisis.
While the current supply is deemed sufficient, the ongoing search for additional sources underscores a proactive and strategic approach to energy security. This commitment to diversifying supply and optimizing refining processes reflects the administration’s dedication to ensuring the nation’s energy needs are met reliably and affordably.
