MARCOS: PH LOOKING FOR NEW OIL SOURCES AMID GLOBAL SUPPLY DISRUPTION
President Ferdinand Marcos Jr. said the Philippines is actively seeking new sources of oil as global supply faces renewed disruption, according to initial information from recent Palace briefings. He indicated that the government is monitoring international energy markets and exploring options to cushion the domestic economy from potential price shocks. While he did not disclose specific supplier countries or companies, Marcos emphasized that ensuring a steady flow of fuel remains a priority for his administration.
Based on preliminary reports, the President’s remarks come amid heightened volatility in global oil prices driven by geopolitical tensions and supply chain constraints. Philippine economic planners have repeatedly cited imported fuel costs as a major factor behind inflation and transport fare adjustments. The country relies heavily on foreign oil, making it particularly sensitive to swings in international benchmarks such as Dubai and Brent crude. As of now, there are no confirmed details on any new long-term supply deals, but officials have signaled that talks with various partners are ongoing.
Energy authorities are also said to be reviewing existing procurement arrangements to identify gaps and opportunities for diversification, according to initial information from sector briefings. This includes assessing the mix of spot purchases and term contracts that local refiners and importers use to meet demand. Analysts note that diversifying supply—whether by source country, contract type, or fuel blend—can help reduce exposure to sudden disruptions. However, they add that any shift in supply strategy typically takes time to negotiate and implement.
For consumers, the search for alternative oil sources is closely tied to pump prices and transport costs, which directly affect household budgets. Based on preliminary reports from industry monitors, local fuel prices have mirrored global trends in recent months, with periodic rollbacks followed by sharp increases. Transport groups and business organizations have been watching developments in the global market, aware that sustained price spikes could influence fare petitions, logistics costs, and overall economic activity. As of now, there are no confirmed details of any new government subsidy schemes linked specifically to the latest supply concerns.
Marcos has previously highlighted energy security as part of broader economic resilience efforts, which also cover power generation and renewable sources, according to initial policy statements. Officials have mentioned that, alongside sourcing more oil, the government is looking at measures to encourage efficiency and manage demand in critical sectors
