Senator Francis “Chiz” Escudero has filed Senate Bill No. 1993 proposing the creation of a government-owned crude oil storage facility to cushion the Philippines from global fuel shocks.
The National Strategic Fuel Reserve would initially be funded with ₱60 billion and store enough crude to cover 90 to 180 days of national consumption.
The reserve would only be tapped during severe supply disruptions, sharp international price spikes, or a declared state of calamity or emergency.
Escudero said the facility would stabilize fuel supply without interfering with private sector operations and help protect essential sectors such as transport, agriculture, and power generation.
The measure also aims to enable a Targeted Fuel Relief Program, providing direct cash aid or fuel vouchers to farmers, fisherfolk, public transport operators, and small businesses most affected by crises.
Source: PhilNews24 | March 19, 2026
GOVERNMENT-OPERATED OIL DEPOT INITIATIVE INTRODUCED IN SENATE
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