The Philippines is turning to the United States to build its oil stockpile amid the global energy crunch, with observers saying the move could also serve Washington’s military interests and deepen strategic ties.
A bilateral deal could deliver more immediate benefits than a broader Asean stockpile, which would entail coordination hurdles, analysts said, but questions remain over how quickly Manila could establish such a reserve and whether it would meaningfully reduce long-term dependence on imported fossil fuels.
The Philippines’ Department of Energy Secretary Sharon Garin met her US counterpart, Chris Wright, in Washington on October 15 to discuss cooperation. Her department said in a statement the talks intended “to explore expanded bilateral cooperation aimed at strengthening the Philippines’ energy security, diversifying energy supply and advancing the development of indigenous resources”.
As a net oil importer, the Philippines is among the Southeast Asian nations hardest hit by the global energy crisis. Over 95 per cent of its crude oil is imported from the Middle East, according to government data.