The Philippines activates a $333 million emergency fund to buy fuel and boost reserves, aiming to shield the country from volatile oil prices and supply disruptions.

MANILA: The Philippines is activating a 20 billion peso (RM1.6 billion) emergency fund to strengthen national fuel security.

The move is a direct response to continued volatility in global oil prices due to the conflict in the Middle East.

“This decisive action demonstrates the administration’s firm resolve to protect the Filipino people from external supply shocks,” the energy department said.

It added the fund aims to ensure the continuous, adequate, and reliable availability of fuel across the country.

Under the programme, the government plans to buy up to two million barrels of fuel to support domestic supply.

It will also purchase refined petroleum products and liquefied petroleum gas.

President Ferdinand Marcos Jr. said on Wednesday the country currently has around 45 days’ worth of oil supply.

The Philippines imports almost all of its crude from the Middle East, with Saudi Arabia its biggest supplier.

This heavy reliance makes the nation particularly vulnerable to oil price shocks and supply disruptions.

 The Sun Malaysia