The Philippine National Oil Company Exploration Corp. has begun sourcing the volumes from global markets to strengthen buffer stocks.
Go said 2 million barrels is equivalent to about 10 days’ worth of supply.
“We recognize that things are beyond our control, but we will not be defined by what we cannot change. Our focus is on what we can influence,” he added.
Go addressed members of the investment community at InvestPH, the flagship investment conference of The Philippine Stock Exchange, on Tuesday.
Philippines to diversify oil importation sources
He said the procurement should help ease oil shortage fears as the US-Iran war continues to disrupt global supply.
Go said they are also seeking new fuel suppliers to diversify a base that is concentrated on four countries: Korea, Japan, Singapore and China.
“Some of the measures that we discussed last Sunday, I think we will be able to expand our network of global suppliers to a much larger source,” Go said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
