Manila: The Department of Budget and Management (DBM) has allocated a PHP20 billion emergency fund for the Department of Energy's (DOE) Emergency Energy Security Program, which involves procuring as much as two million barrels of fuel to boost domestic supply.

According to Philippines News Agency, the fund will be transferred to the Philippine National Oil Corp. (PNOC) and PNOC Exploration Corp. to purchase refined petroleum products, augment LPG supply, and build domestic inventory stock. The DOE stated that this action is aimed at protecting the Filipino people from external supply shocks and ensuring the continuous availability of fuel across the country.

The initiative will enhance the government's capacity to respond to supply disruptions, maintain market stability, and ensure the uninterrupted operation of critical sectors, including transport, food logistics, power generation, and industry. This funding aligns with President Ferdinand R. Marcos Jr.'s directive to secure fuel amid global supply challenges caused by conflict in the Middle East.

Energy Secretary Sharon Garin emphasized the significance of this intervention, stating that it strengthens the country's fuel security amid global oil market disruptions. The government is committed to securing fuel supply, maintaining market order, and protecting the welfare of Filipino motorists.

The DOE reiterated that ensuring fuel supply is crucial not only for economic reasons but also for ensuring that Filipinos can continue their daily activities and that essential services remain operational.