Marcos: Philippines has sufficient oil supply

Marcos: Philippines has sufficient oil supply

Philippines’ Oil Supply Remains Stable Amid Global Tensions, Government Assures

The Philippine government has affirmed that the country’s oil supply remains sufficient despite rising global energy prices linked to Middle East conflicts. President Ferdinand R. Marcos Jr. directed agencies to monitor and prevent price gouging on oil and essential commodities, emphasizing safeguards against market abuses.

According to a report by , local oil supply is currently "okay," though price spikes have been observed due to global market volatility. The government has implemented measures to ensure transparency and stability, with officials urging businesses to avoid unjustified price increases.

Meanwhile, the Philippines has made a significant natural gas discovery near the Malampaya field, offshore Palawan. The find, estimated at 98 billion cubic feet, could supply power to approximately 5.7 million homes annually and bolster domestic energy security. While distinct from oil, the discovery underscores efforts to diversify energy sources and reduce reliance on imported fuels. The project, led by the SC 38 Consortium, includes Filipino and international partners and aims to extend the Malampaya field's operational lifespan.

The government's dual focus on maintaining oil supply stability and advancing natural gas exploration reflects broader goals to enhance energy resilience. With the Malampaya field accounting for 40% of Luzon's power needs, the new gas reserves are expected to mitigate future supply risks.

For investors, these developments highlight the Philippines' strategic approach to balancing immediate energy demands with long-term sustainability. However, global geopolitical tensions and market dynamics will remain critical factors influencing regional energy prices.

(https://www.facebook.com/pnagovph/posts/president-ferdinand-r-marcos-jr-has-ordered-concerned-agencies-to-prevent-price-/1331870605656057/): Presidential Communications Office
(https://www.facebook.com/bncphl/posts/president-ferdinand-marcos-jr-has-directed-concerned-government-agencies-to-guar/122261555246354398/): BNC Bilyonaryo
(https://businessmirror.com.ph/2026/03/02/local-oil-supply-okay-but-price-spikes-seen/): BusinessMirror
(https://www.scmp.com/week-asia/economics/article/3340880/philippines-new-gas-find-fuels-energy-diversification-hopes): SCMP
(https://www.philstar.com/headlines/2026/01/19/2502013/philippines-finds-new-gas-field-east-malampaya-says-marcos): Philippine Star