MANILA — Senate President Pro Tempore Panfilo “Ping” Lacson said the Maharlika Investment Corp.’s (MIC) plan to develop an expanded oil storage facility is a positive step toward securing the country’s fuel supply, but warned it may not lead to lower oil prices.

Lacson said the initiative could help prevent potential shortages in domestic oil supply, particularly amid global uncertainties, but expressed concern over the profit-driven nature of the MIC.

“This is one good move to obviate the possible shortage of our domestic supply of oil. However, I cannot help but be apprehensive since the Maharlika Investment Corporation is an investment entity that is designed to earn profit – hence while it may help ensure continuous supply of oil, it may not be able to help bring down the prices of oil products,” he said.

The proposal was earlier presented by MIC president and chief executive officer Rafael Consing Jr. during a House panel hearing. Under the plan, the facility will be developed through a consortium arrangement.

Consing said the state-run Philippine National Oil Company (PNOC) is expected to provide land or other assets, while the MIC and private investors will finance the project. Operations will be handled by the private sector.

Lacson earlier called on the government to look beyond traditional cash assistance or “ayuda” and consider more targeted interventions to support Filipinos affected by rising fuel costs linked to the ongoing Middle East conflict.

He also suggested studying models used by other economies, including Taiwan, which has implemented subsidy mechanisms to help cushion the impact of fuel price increases.