Philippine President Ferdinand 'Bongbong' Marcos Jr. stated on Friday that the government is currently focused on taking immediate measures to ensure adequate oil supply in response to ongoing energy shocks caused by turbulence in the Middle East.
Marcos emphasized in a media interview after attending an event in Carcar, Cebu Province, that the government's top priority at present is seeking short-term solutions, and related discussions are ongoing.
When asked whether the administration is considering abolishing the Oil Deregulation Law to mitigate the impact of Middle East conflicts on the Philippine energy market, Marcos said that amending this law would require a long discussion process and could not deliver instant results. Therefore, the government's focus for now is on actions that can be implemented immediately.
"No option is being ruled out. We are reviewing and discussing all measures that could help lessen the shocks from the Middle East war," Marcos said. "But right now, we are concentrating on solutions that are feasible immediately. Amending the Oil Deregulation Law would need lengthy discussions and it's unclear when it would be implemented, so our focus is currently on things that can be acted on right away."
He also said that the government is actively seeking new sources of oil to strengthen the Philippines' energy reserves.
With oil prices continuing to climb, calls from various sectors of Philippine society to scrap the Oil Deregulation Law have been growing, hoping the government will retake control over fuel price regulation to protect the public from the impact of sharp international oil price fluctuations.
When asked whether the administration is considering abolishing the Oil Deregulation Law to mitigate the impact of Middle East conflicts on the Philippine energy market, Marcos said that amending this law would require a long discussion process and could not deliver instant results. Therefore, the government's focus for now is on actions that can be implemented immediately.
"No option is being ruled out. We are reviewing and discussing all measures that could help lessen the shocks from the Middle East war," Marcos said. "But right now, we are concentrating on solutions that are feasible immediately. Amending the Oil Deregulation Law would need lengthy discussions and it's unclear when it would be implemented, so our focus is currently on things that can be acted on right away."
He also said that the government is actively seeking new sources of oil to strengthen the Philippines' energy reserves.
With oil prices continuing to climb, calls from various sectors of Philippine society to scrap the Oil Deregulation Law have been growing, hoping the government will retake control over fuel price regulation to protect the public from the impact of sharp international oil price fluctuations.