Published June 1, 2026 7:16pm + Add GMA on Google Make this your preferred source to get more updates from this publisher on Google. The Maharlika Investment Corporation (MIC) and the Philippine National Oil Company (PNOC) are set to finalize this month an agreement that will serve as the framework for the planned national oil stockpiling program, a top official said Monday.According to Department of Energy (DOE) secretary Sharon Garin, the national stockpile will be headed by MIC as the funder and lead implementor backed by the PNOC, removing the need for the program to be funded by the general appropriations act (GAA).“We have been talking to MIC and PNOC already and they are drafting na or finalizing na the agreement on what are the roles of each agency or entity so that will be done within the month,” she said in a virtual briefing.Garin said the MIC will finance and undertake the project from the feasibility study to financing, and looking for possible partners on the funding and operations. The DOE earlier said the Japanese government has already pledged support.She did not give an indicative cost and timeline, but said that an estimated P5 billion would be needed to build a system that would carry some 500,000 to 1 million barrels.“Hindi naman kailangan na malaki kaagad eh, kailangan lang i-build up lang at may facilities tayo. Hindi lang naman kasi tangke ang itatayo,” she said.“You also need the pipes, the ports, all else that you need there, the equipment. Kailangan nandun para mas madali na ‘yung pag-expand nang pag-expand,” she added.(It does not need to be big right away, we just need to build up and have facilities. It will not just be tanks, you also need the pipes, the ports, all else that you need there, the equipment. It needs to be there so that the expansion will be easier.)Asked if the facilities will only be made available for the government, DOE undersecretary Alessandro Sales said these are still under discussion.“We’re still discussing, because stockpiling, there’s a lot of things to consider as well, not just the physical facilities,” he said.“We still want to maintain a system where in normal times, we are deregulated. So we would try to avoid the tension between government participating in the market when it’s normal times,” he added.During the Asia Zero Emission Community Plus Online Summit last month, President Ferdinand “Bongbong” Marcos Jr. called for a regional study on joint oil stockpiling.The Philippines, a net importer of fuel, has been in a state of national energy emergency since March due to the ongoing conflict in the Middle East. — BM, GMA News