MANILA — Senate President Vicente Sotto III urged lawmakers to repeal the Oil Deregulation Law and create a government-managed fuel reserve to protect consumers from volatile prices and improve the country’s energy security.

Sotto said the proposals remain relevant amid continuing global oil market fluctuations. He pointed to the repeal of Republic Act No. 8479, the Oil Deregulation Law, and the Philippine Strategic Petroleum Reserve Act, which aims to establish a state-managed petroleum stockpile.

“I voted against the laws that I felt during that time would have a very difficult or potential impact on the country,” he said.

The Senate leader also highlighted past efforts to explore domestic energy sources, including a proposed joint oil exploration initiative with China in the West Philippine Sea during former President Rodrigo Duterte’s administration.

“Sa buong mundo, bakit sa Pilipinas lang walang oil? Bakit lahat ng mga bansa meron, so hindi nahahanap… sabi namin, pumasok tayo sa joint venture ng oil exploration sa West Philippine Sea, so gusto niya, pero ewan ko ‘yung mga kasama niya, hindi natuloy eh,” Sotto said.

He said the proposals aim to reduce dependence on imported fuel and boost long-term energy resilience.

The Senate is studying measures to reform the oil sector, including targeted fuel subsidies for vulnerable sectors, expanding social protection programs to offset rising transport and food costs, mechanisms to adjust fuel taxes during sharp price spikes, and strengthening government oversight of oil pricing.

Lawmakers are also considering supply diversification through alternative sources and government-to-government agreements, alongside long-term solutions such as increasing renewable energy use and reducing reliance on imported fuel.