Sotto Wants 90-Day Oil Stockpile So PH Won't Panic Every Time the Middle East Heats Up
Senate President Tito Sotto is pushing hard for the Philippines to build its own strategic petroleum reserve — basically a massive stash of oil and fuel that the government controls, so the country isn't left scrambling every time tensions flare up in the Middle East.
Under Senate Bill No. 1934 filed on March 4, the Department of Energy would be required to maintain petroleum stocks equivalent to at least 90 days of national consumption. That's diesel, gasoline, jet fuel, LPG — the works. Reserve facilities would be built nationwide to store both crude oil and refined products.
Sotto pointed out that right now, the Philippines has no comprehensive state-managed petroleum reserve. Private oil companies keep their own commercial inventories, pero hindi 'yon designed to serve as emergency national reserves. In other words, we're flying blind during supply disruptions.
Meanwhile, Senator Erwin Tulfo filed a companion bill (SB 1935) that would automatically suspend VAT and excise taxes on fuel once Dubai crude oil hits $80 per barrel. Tulfo said this would provide immediate relief especially to minimum-wage earners who get hit hardest by pump price spikes.
President Marcos has signaled support, saying he plans to ask Congress to give him authority to reduce excise taxes on petroleum products once prices cross the $80 threshold. With the Middle East situation still volatile, these bills could move fast.
Source: GMA News
