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Philippines Considers Strategic Oil Reserve for Energy Security
Philippines Raises Need for Strategic Oil Reserve
The Philippine government is actively considering the establishment of a strategic oil reserve to prepare for future international energy crises. Energy Secretary Sharon Garin emphasized that the government should have such a system to stabilize domestic oil supply. This measure is seen as a way to secure long-term energy security, drawing on difficulties experienced during past global oil crises.
Amending 'Oil Deregulation Law' to Build Infrastructure
Secretary Garin highlighted the need to amend the Oil Deregulation Law for the efficient establishment and operation of the strategic oil reserve system. The proposed amendment aims to build the necessary infrastructure and legal framework for the reserve system, preparing for potential instabilities in the international oil market. Various experts are offering their opinions on the Philippines' oil reserve strategies as discussions continue.
*Source: YouTube: ABS-CBN News (2026-03-22)*
