Marcos pushes Asean oil stockpiling, emergency response plan

MANILA, Philippines — President Ferdinand Marcos Jr. on Wednesday urged the immediate activation of the Asean Framework Agreement on Petroleum Security (APSA) Coordinated Emergency Response Mechanism and a regional study on joint oil stockpiling to improve energy security in Asia during a time of energy disruption.

Marcos made the proposals during his intervention during the Asia Zero Emission Community Plus Online Summit, hosted virtually by Japanese Prime Minister Takaichi Sanae.

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“First, we call for the early activation and implementation of the APSA Coordinated Emergency Response Mechanism. The mechanism exists and it should be tested now, while the crisis is live and the lessons are immediate. The Philippines is willing to host or co-chair the first full APSA emergency simulation exercise,” he said.

The president also proposed the endorsement of a regional study on joint oil stockpiling, building on the work of the Economic Research Institute for Asean and East Asia (ERIA).

“ERIA has already identified viable models — national initiatives, ticket stockpiling arrangements, and joint stockpiling with crude exporters. Let us provide them the political commitment to move these from research to negotiation to implementation,” Marcos said.

Lastly, Marcos encouraged participating economies to define a mutual recognition mechanism of emergency fuel allocation protocols so that when a country faces a crisis, the process for receiving help is already clear and no time is wasted on administrative delays.

READ: Fuel price rolled back by as much as P23/L

“The energy disruptions of 2026 are testing Asia’s resilience. However, I believe they also are creating an opportunity for us to build the regional energy security architecture that our region has long needed,” he said.

Fuel price rollbacks by as much as P23 per liter took effect on Tuesday — a rare break from five weeks of surging hikes.

However, global oil prices resumed their surge the same day after the breakdown of peace talks between the United States and Iran over the weekend. /das