Senator Imee Marcos urged the government to pursue direct government-to-government (G2G) oil procurement and diversify the country’s fuel supply sources to cushion Filipinos from rising global oil prices triggered by tensions involving the United States and Iran.
In a statement on Sunday, Marcos criticized what she described as the administration’s lack of urgency in responding to the ongoing global oil shock, saying the government should directly negotiate with oil-producing countries to secure cheaper fuel supplies and stabilize domestic prices.
She said the government could import oil directly and sell it at controlled prices to ease the burden on sectors heavily affected by rising fuel costs, including transport workers, farmers, and fisherfolk.
The senator questioned why the Philippines had not entered into a G2G agreement with Russia during the sanctions waiver period, noting that the waiver had been extended until 16 May.
“[The government has remained idle. Even Petron, a private company, was able to secure 2.48 million barrels of Russian crude. If a private corporation can do it, why can’t the Philippine government?” Marcos said.
Citing the country’s experience during the oil crises of the 1970s, Marcos said past administrations actively negotiated discounted oil imports through direct diplomatic channels rather than relying solely on market forces.
“In the 1970s, the government didn’t just wait for the market to stabilize. We negotiated direct G2G oil imports at deeply discounted ‘friendly’ rates to abate the shocks of 1974 and 1979,” she said.
Marcos also pointed to moves by neighboring countries to secure alternative energy supplies. She said Indonesia plans to import 150 million barrels of Russian crude this year, while Sri Lanka, Vietnam, Thailand, and Malaysia have pursued direct supply and investment agreements with Russia and other oil exporters.
The senator said the Philippines should study how other oil-import-dependent countries are managing supply disruptions and develop a broader sourcing strategy that reduces dependence on traditional routes such as the Strait of Hormuz.
She also urged the government to strengthen direct partnerships with regional producers, including Malaysia, Brunei, and Indonesia, instead of relying heavily on intermediaries based in refining hubs like Singapore, South Korea, and China.
“The Iran war is a crisis all too real for most Filipinos,” Marcos said.
She went on. “Sadly, we are bereft of the strong, decisive leadership that should lessen our people’s burdens from a global oil shock that will take years to resolve.”