MANILA — The government, through the Philippine National Oil Company-Exploration Corp., is looking to secure at least two million barrels of oil to strengthen the country’s buffer against supply and price uncertainties triggered by the ongoing Middle East crisis.

Finance Secretary Frederick Go said during the InvestPH Investors Conference that rising fuel prices and short-term volatility require proactive measures.

“PNOC-EC will be procuring two million barrels of oil from the global market as a precautionary measure to add to our oil buffer stock,” Go said.

Earlier, Energy Secretary Sharon Garin noted that the Philippines has fuel stockpiles sufficient for the next 50 days.

Go said the government is focusing on domestic reforms, programs, and policy decisions to manage the crisis, while acknowledging external factors remain beyond control.

“But we will not be defined by what we cannot change. Our ultimate goal remains clear: We will continue to balance immediate relief with long-term fiscal stability, ensuring that the Philippines emerges stronger and more self-reliant,” he said.

He cited ongoing interventions to assist vulnerable sectors amid the oil price shock.

“This includes expediting fuel subsidies for transportation, farmers, and fisherfolk. The Libreng Sakay Program will also be reintroduced to ease commuting costs,” Go said.

“In addition, the budget for the Assistance to Individuals in Crisis Situations or AICS will be aggressively released to the public,” he added.

The Finance Secretary also noted coordination with fuel companies to stagger pump price hikes, a measure previously used successfully, and mentioned pending legislation granting the President emergency powers to reduce fuel excise taxes. A proposed amendment to the Biofuels Act would temporarily suspend mandatory biofuel blending.

“The passage of both bills will help mitigate the impact of fuel price increases on consumers,” Go said.