MALATE, Manila — Amidst the growing threat and negative impact of the ongoing conflict in the Middle East, Senate President Vicente 'Tito' Sotto III cited that it's about time that a national strategic petroleum reserve is established as a means of ensuring energy security for the Philippines.

Speaking at a media forum in Malate, Sotto pointed out that the recent exchanges of attacks among Middle Eastern countries that have affected key roads, straits and oil refineries, it has become clear that the resulting increase in today's petroleum prices would adversely affect Philippine economy in the coming days.

"This why I have filed Senate Bill No. 1934, also to be known as the Philippine Strategic Petroleum Reserve Act, in order to establish a strategic petroleum reserve owned and managed by the national government through the Department of Energy (DoE) and mandated to maintain petroleum stocks equivalent to at least 90 days of the country’s average national consumption,” he explained.

“At present, the country does not maintain a comprehensive, state-managed strategic petroleum reserve capable of cushioning prolonged supply interruptions,” the Senate President added.

In Sotto's proposed measure, it is stated in its explanatory note that ourcountry remains heavily dependent on imported petroleum products to sustain transportation, agriculture, manufacturing, power generation, logistics and essential public services so it is incumbent on the state to address them in preparation of the looming crisis.

"This structural dependence exposes the country to external supply shocks arising from geopolitical conflicts, regional instability, maritime disruptions, sanctions regimes, climate-related disasters, and speculative volatility in global oil markets," he noted.

Under SB 1934, reserve facilities are to be established nationwide to store crude oil and refined petroleum products, including diesel, gasoline, jet fuel, liquefied petroleum gas and other energy products deemed critical by the energy department.

And to ensure its legality and effectivity, Sotto clarified that the emergency release of petroleum products from the reserve will be authorized by the President on the recommendation of the Strategic Energy Security Council under circumstances that including but not limited to severe supply disruptions, declaration of a national emergency, extraordinary price volatility threatening economic stability and natural disasters.

In ending, he stressed that preparedness is not optional but a responsibility that is clearly asserted with “the establishment of a law that secures a forward-looking investment in national stability, economic continuity and sovereign resilience.”