The Department of Energy (DOE) ordered state-owned Philippine National Oil Company (PNOC) to conduct a study for stockpiling oil in the country.
Energy Secretary Zenaida Monsada said the study “will include the type of fuel, the volume and the location to store the stockpile.”
The move aims to take advantage of prevailing low oil prices in the global market.
She noted the study, which is targeted for completion this year, is one of the PNOC’s priorities for 2016.
The secretary said the Association of Southeast Asian Nations (ASEAN) jas also inquired about the status of the Philippines with its stockpiling, but stressed PNOC would implement it instead of the department.
The potential project will not be implemented this year with inventory costs a concern.
Monsada also noted other countries, such as Japan and the United States, required legislation for the scheme’s implementation.