Ex-finance chief urges government to secure funds, storage for oil

MANILA, Philippines — Carlos Dominguez III, the Duterte-era secretary of finance, pressed the Marcos administration to secure funds and storage facilities for oil and other critical commodities to cushion the impact of the Middle East crisis.

The “minimum” response is to ensure financing and storage in place, including laid?up oil tankers, as the government accelerates procurement efforts.

“Make certain we have enough funds and storage for as much oil, food stuff, pharmaceutical supplies, fertilizer and agricultural chemicals as we can acquire,” Dominguez said.

The Department of Budget and Management has approved the release of a P20?billion emergency fund to the Department of Energy to procure fuel products, in a bid to extend the national inventory and stabilize prices.

A day after declaring a national energy emergency, President Marcos signed into law a measure to suspend fuel excise taxes on petroleum products once the average Dubai crude oil price hits or exceeds $80 per barrel for a month.

However, this also means P136 billion in forgone revenue if the government suspends from May to December.

“Ascertain that all government financial institutions are coordinated to ensure financial stability during this period,” Dominguez said.

He called on the government to implement effective conservation measures and to direct local government units to organize communities to ensure resilience.

Government agencies have been directed to step up power?saving measures in offices, complementing the four?day workweek arrangement already in place.

Some public transport operators are also cutting fuel use by shutting down engines and switching off air conditioners as part of broader energy?conservation efforts.

Dominguez also called on the administration to convene business groups, such as the Philippine Chamber of Commerce and Industry, to identify their needs, tap their ideas and resources to contribute to the nation.

“Push for the mobilization of all uniformed personnel to assist in this crisis situation,” he added.