Philippines to Boost Oil Reserves with Japan’s Aid

Manila, May 29 (Jiji Press)–The Philippines is set to strengthen its oil stockpiling system in response to the energy crisis caused by the tense situation in the Middle East, with support from Japan, as agreed by the leaders of the two countries at their summit in Tokyo on Thursday. Following the summit between Japanese Prime Minister Sanae Takaichi and Philippine President Ferdinand Marcos Jr., Japan’s industry ministry and the Philippines’ Department of Energy issued a joint statement vowing to advance relevant cooperation. As part of “Power Asia,” the Japanese government’s initiative to provide energy support to Asian nations, a team comprising representatives of the ministry, think tanks and private companies is scheduled to visit the Philippines as early as June to conduct a survey. The Philippines has been relying on the Middle East for over 90 pct of its oil imports. In March, it declared a national energy emergency in response to the de facto blockade of the Strait of Hormuz, a key oil shipping chokepoint. According to the department, the Philippines has oil reserves equivalent to about 45 days’ supply of gasoline and diesel. Japan expanded its oil reserves after the oil crises of the 1970s. The Japanese government and the private sector have secured oil reserves equivalent to more than 200 days of domestic consumption. The Philippine government aims to gain Japanese know-how about oil reserves. At a press conference after the summit, Takaichi said she was sure that the bilateral cooperation would “enhance regional self-reliance and resilience under an updated Free and Open Indo-Pacific vision.” END [Copyright The Jiji Press, Ltd.]