An oil tanker replenishes the underground storage tank of a gasoline station in Quezon City on March 9, 2026. Finance Secretary Frederick Go said Tuesday (March 17, 2026) that the PNOC Exploration Corporation will procure 2 million barrels of oil to increase the country’s buffer stock. (PNA photo by Joan Bondoc)
The government is moving to strengthen the country’s energy security, with PNOC Exploration Corporation (PNOC EC) set to procure 2 million barrels of oil as part of a precautionary buildup of the Philippines’ buffer stock.
Finance Secretary Frederick Go announced the move on Tuesday during the InvestPH conference in Bonifacio Global City, Taguig, saying the additional supply is meant to ease concerns over possible shortages amid rising tensions in the Middle East.
“PNOC EC will be procuring 2 million barrels of oil from the global markets as a precautionary measure to add to our oil buffer stock,” Go said.
He noted that the planned purchase is equivalent to around 10 days of additional buffer stock, giving the country a wider cushion against supply disruptions and volatility in the international market.
According to Go, PNOC EC has already begun the procurement process and could secure the oil “anytime now,” as the government works to reassure the public that fuel supply remains stable despite global uncertainties.
PNOC EC serves as the upstream oil, gas and coal arm of the state-owned Philippine National Oil Company.
The government’s move comes as domestic fuel prices surged by as much as P23.90 per liter this week, driven by higher global oil prices linked to the ongoing Middle East conflict.
Beyond boosting reserves, Go said the administration is also pursuing emergency measures to diversify the country’s fuel sourcing options and soften the impact of elevated prices.
“Last Sunday, I, together with the Secretary of Energy, met with 16 oil companies and we came up with other measures that we can actually implement on an emergency basis. One, allow us to acquire oil at lower prices, and secondly, expand the network of countries that we can actually procure fuels from,” he said.
The twin strategy of building up reserves and widening the supplier base underscores the government’s effort to shield the economy from external shocks while maintaining adequate energy supply in the face of geopolitical risks.
