Senator Imee Marcos has called on the government to aggressively pursue direct government-to-government (G2G) oil procurement to cushion the impact of the ongoing global oil crisis. 

Marcos pointed this out as she questioned the government’s inability to pursue a G2G deal with Russia.

The President’s sister noted that a G2G transaction should be the government’s key strategy in response to the Middle East crisis, as she criticized the administration’s passive response to the oil supply dilemma. 

Moreover, it is important for the government to diversify its sources of oil supply, and buy directly from supplier countries and sell these at lower, controlled prices.

“Why hasn’t there been a G2G deal with Russia during the sanctions waiver period? The waiver was even extended to May 16, yet the government has remained idle,” she asked. 

“Even Petron, a private company, was able to secure 2.48 million barrels of Russian crude. If a private corporation can do it, why can’t the Philippine government?” the senator noted. 

Marcos said the government should buy oil directly from supplier countries and sell it at lower, controlled prices.

Doing so would help ease the burden on Filipinos, especially hard-hit sectors such as transport workers, farmers and fisherfolk, she said.

Marcos further recalled how direct diplomacy enabled the Philippines to weather previous global oil shocks in the past. 

“In the 1970s, the government didn’t just wait for the market to stabilize. We negotiated direct G2G oil imports at deeply discounted ‘friendly’ rates to abate the shocks of 1974 and 1979. This strategy worked then; why aren't we doing it now?,” Marcos asked.

She also lamented how several other countries are already moving aggressively, while the Philippines is still lagging behind in securing fuel imports. 

“Indonesia is planning to import 150 million barrels of Russian crude this year; Sri Lanka fast-tracked direct G2G deals to address fuel shortages; while Vietnam, Thailand, and Malaysia are actively negotiating supply and investment agreements with Russia and other exporters such as Brunei,” she said.

The Philippines, she said, should benchmark against other oil-import-dependent nations and study how they are mitigating supply disruptions.

“Our government must have a sourcing strategy beyond traditional routes vulnerable to disruption, particularly the Strait of Hormuz, by shifting to non-Middle Eastern suppliers,” she said. 

“At the same time, we should strengthen direct partnerships with regional producers like Malaysia, Brunei, and Indonesia instead of relying heavily on intermediaries in refining hubs such as Singapore, South Korea, and China,” the lawmaker further said.

“The Iran war is a crisis all too real for most Filipinos. Sadly, we are bereft of the strong, decisive leadership that should lessen our people’s burdens from a global oil shock that will take years to resolve,” she emphasized.