Manila: Shell Pilipinas Corporation is maintaining its PHP2 billion to PHP3 billion capital expenditure (capex) program for 2026, in line with last year's spending, to support fuel supply operations and modernize key infrastructure amid global market uncertainties, a company official said Tuesday.

According to Philippines News Agency, around 55 percent of that capex will be used for trading and supply to maintain and upgrade Shell Pilipinas' import terminals and infrastructure across the country. Reynaldo Abilo, Shell Pilipinas vice president for finance, treasurer, and chief risk officer, highlighted the continued modernization of their import terminal in Tabangao, Batangas as a major priority. This year's spending will also focus on expanding and improving the company's mobility footprint.

Abilo indicated that the company plans to end at the lower range of the capex for 2026 by the end of the year, aiming to optimize spending amid volatility and uncertainty in the energy market. Despite these challenges, Shell Pilipinas remains committed to their strategic goals and financial strength.

Meanwhile, Shell Pilipinas president and CEO Lorelie Osial addressed the government's current measures on oil prices amid the Middle East crisis. She stated that while investors' concerns over temporary government intervention in oil price movements are understandable, the downstream oil industry remains deregulated. Osial emphasized that the domestic oil market functions best when pricing signals reflect the underlying costs and associated risks, allowing participants to plan, invest, and operate sustainably.

Osial also expressed Shell Pilipinas' commitment to engaging constructively with the government and regulators, advocating for market-based mechanisms that coexist with consumer safeguards, particularly during periods of stress. Despite the influence of policy developments on market sentiment in the near term, the company's strategy and commitment to delivering sustainable shareholder returns remain unchanged.