MANILA, Philippines — President Ferdinand Marcos Jr. on Wednesday called for the immediate activation of the ASEAN Framework Agreement on Petroleum Security Coordinated Emergency Response Mechanism and proposed a regional study on joint oil stockpiling to strengthen energy security amid ongoing disruptions.
Marcos made the proposals during his intervention at the Asia Zero Emission Community Plus Online Summit hosted by Japanese Prime Minister Sanae Takaichi.
He urged member states to implement and test the APSA emergency response mechanism through a full simulation exercise, which the Philippines offered to host or co-chair.
Marcos also proposed advancing a regional study on joint oil stockpiling, citing existing models identified by the Economic Research Institute for ASEAN and East Asia, including national reserves, ticket stockpiling systems, and joint arrangements with crude exporters.
He further called for the establishment of a mutual recognition mechanism for emergency fuel allocation protocols to streamline assistance among countries during supply disruptions.
Marcos said recent energy disruptions in Asia highlight the need to strengthen regional energy security systems.
Fuel prices in the Philippines declined on Tuesday following several weeks of increases, but global oil prices rose again after talks between the United States and Iran collapsed over the weekend.
