MANILA – The proposed Philippine Strategic Petroleum Reserve (PSPR) will serve as more than just an emergency stockpile, with the Department of Energy (DOE) saying it could also transform the Philippines into a major regional storage hub for foreign oil firms looking for alternative supply routes.
DOE Secretary Sharon Garin told the Senate Committee on Energy on Thursday that the proposed reserve serves a triple purpose: strengthening national security, ensuring supply reliability during global crises, and attracting foreign companies to develop or lease domestic storage facilities.
Garin said the government is in talks with several parties, including the Maharlika Investment Corp. (MIC), Philippine National Oil Co. (PNOC), Japanese entities, Middle Eastern firms, and other foreign companies interested in the project.
“One thing for sure, we need our own proper tanks,” Garin said, noting that the government may also develop additional facilities that can be leased to oil companies or built through business arrangements with private or foreign partners.
She said having a strategic reserve would give the country confidence in times of supply disruption and could help authorities better monitor prices because fuel would remain available in the domestic market.
