Manila: Chair of the House of Representatives Ways and Means Committee, Marikina 2nd District Rep. Miro Quimbo, stressed on Wednesday the urgency for the Philippines to pursue alternative energy sources and establish a national petroleum reserve as long-term strategies to mitigate the effects of oil price shocks and potential disruptions in petroleum supply.

According to Philippines News Agency, Quimbo highlighted in a news release that the current oil crisis, instigated by the conflict in Iran, should serve as a crucial 'wake-up call' for the nation. The Philippines' significant dependence on imported petroleum products renders it highly susceptible to geopolitical situations that are beyond its control. To address this vulnerability, the country is considering the accelerated development of domestically available alternative energy sources like geothermal and natural gas.

Quimbo emphasized the need to expedite the development of these alternative energy sources as a means for the country to either thrive or survive amidst such crises. In addition to the shift towards alternative energy, he is advocating for the establishment of a national fuel reserve, which would prepare and protect the Philippines against future oil crises.

He expressed optimism that these proposals would be prioritized and discussed before the adjournment of the First Regular Session in the first week of June. In a related effort, House Speaker Faustino 'Bojie' Dy III convened an emergency meeting on Sunday with the chairpersons of 13 House committees to develop a cohesive and robust government response to the current oil price crisis and potential future challenges.

These committees include agriculture, appropriations, aquaculture and fisheries resources, economic affairs, energy, foreign affairs, information and communications technology, labor and employment, overseas workers affairs, social services, trade and industry, transportation, and ways and means.