President Bongbong Marcos said ASEAN leaders are discussing the creation of a regional fuel reserve system to strengthen energy security and protect member-states from supply disruptions during crises.
Speaking after the 48th ASEAN Summit in Cebu, Marcos said the proposed setup would work like ASEAN’s emergency rice reserve program, where countries can help each other during shortages.
The President said the reserve may cover different fuel products, from crude oil to jet fuel and other refined fuels.
According to Marcos, ASEAN countries face different energy situations, with some nations having fuel surpluses while others struggle with shortages.
He said the reserve system could serve as an emergency buffer during wars, geopolitical conflicts, or trade disruptions, including possible problems in the Strait of Hormuz.
Marcos added that while member-countries will continue securing their own fuel supplies, ASEAN is also working on a cooperative mechanism where countries can tap shared reserves during emergencies.IMT
