Philippines, AZEC strengthen regional oil stockpiling push
The Philippines is collaborating with the Asia Zero Emission Community (AZEC) to improve regional oil stockpiling and energy security. Additionally, the Philippines and Japan have signed a memorandum to cooperate on nuclear power development.
Why it matters
These initiatives are vital for the Philippines to mitigate risks associated with its heavy dependence on imported petroleum and to diversify its energy portfolio.
MANILA, Philippines - Hormuz-dependent Philippines is helping advance the Asia Zero Emission Community (AZEC)'s push to strengthen oil stockpiling systems across the region.
Energy Secretary Sharon Garin said AZEC member countries adopted a ministerial work program aimed at strengthening oil stockpiling, supporting closer cooperation and capacity building in oil reserve management.
The initiative is intended to help participating countries improve their ability to respond to potential supply disruptions.
"For the Philippines, this cooperation is particularly important given our dependence on imported petroleum," Garin told a press conference following the 4th AZEC Ministerial Meeting yesterday.
Strengthening the region's oil stockpiling capabilities would help countries better prepare for supply emergencies and manage the impact of disruptions in global markets, she said.
The Philippines co-chaired this year's AZEC meeting with Japan. The 11-member bloc also includes Australia, Brunei, Cambodia, Indonesia, Laos, Malaysia, Singapore, Thailand and Vietnam.
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