The Department of Energy (DOE) said the Philippines’ strategic petroleum reserve is now “forthcoming” as the country moves to strengthen energy security amid a global oil crisis.

In a Facebook post on Tuesday, June 2, Energy Secretary Sharon Garin said the project will enable the country to store up to one million barrels of oil per storage tank once completed.

Garin said the construction of industrial oil storage facilities is expected to cost around ₱5 billion.

Each tank is projected to provide up to five days of additional fuel reserves, which can be tapped in the event of major disruptions in the global oil supply chain.

Garin said the initiative is designed to ensure a more stable and secure fuel supply for the country during international energy shocks.

“Tinatrabaho na natin ang mga kinakailangang permits at clearances mula sa Department of Environment and Natural Resources (DENR) upang siguraduhing ligtas at maayos ang pagpapatayo nito,” Garin said.

“Simple lang ang layunin: mas handang Pilipinas, mas matatag na suplay ng langis, at mas protektadong bawat Pilipino,” she added.

The DOE is also coordinating with the the Maharlika Investment Corporation to explore funding options for the national oil reserve program.

A technical mission involving Japanese government institutions and private sector partners is also expected by the end of the year to support planning and feasibility studies.