It's high time the state-owned Philippine National Oil Co. (PNOC) invested in critical coastal petroleum storage facilities--something that the country could have immensely benefited from amid the current global fuel crisis.

Thus, said House Minority Leader 4Ps Party-list Rep. Marcelino “Nonoy” Libanan in a statement Sunday, March 29.

“The oil crisis caused by the U.S.-Israeli war on Iran clearly underscores the urgent need for the government, through PNOC, to establish its own emergency fuel reserves,” Libanan said

“We need a government-managed buffer stock of key petroleum products—particularly diesel, gasoline, and jet fuel—that can be rapidly deployed during times of crisis,” the ranking congressman added.

Libanan specifically urged PNOC to prioritize the construction of coastal storage facilities in the Visayas and Mindanao. He said this would ensure more balanced and accessible fuel distribution across the country.

As a potential model, the veteran congressman cited the Subic Bay Freeport Zone facility of Philippine Coastal Storage and Pipeline Corp. (PCSPC).

PCSPC’s 160-hectare complex has a storage capacity of 6.3 million barrels—approximately one billion liters—of fuel products. It serves Luzon, including much of Metro Manila, through an extensive network of clients in the petroleum sector.

The Subic facility is owned by I Squared Capital, a United States-based private equity firm specializing in large-scale global infrastructure projects.

“Developing coastal petroleum storage facilities is fully aligned with PNOC’s core mission, and a national buffer stock would help extend the country’s ability to withstand severe global or domestic energy disruptions,” Libanan noted.

PNOC was established in 1973 in response to the global energy crisis triggered by the Arab oil embargo, with a mandate to ensure stable energy supply and promote self-sufficiency.

The Department of Energy (DOE) recently authorized PNOC to procure up to two million barrels of buffer fuel in response to ongoing instability in the Middle East and Malacañang’s declaration of a state of national energy emergency.

An initial shipment of 22.58 million liters—equivalent to approximately 142,000 barrels—of diesel arrived in the country on March 26.

PNOC has so far secured 165.7 million liters of fuel, with deliveries scheduled throughout April, according to DOE Secretary Sharon Garin.