A lawmaker is urging the government to use the upcoming ASEAN Summit as a platform to address rising oil prices, calling for stronger regional cooperation to cushion the impact of global supply disruptions.
With Southeast Asian leaders gathering from May 6 to 8, the lawmaker said the Philippines, as ASEAN chair, should take the lead in pushing coordinated measures to mitigate the effects of the ongoing oil crisis, particularly on vulnerable economies like the Philippines.
“Our ASEAN neighbors are coping more effectively than we are. The Leaders’ Summit in Cebu is a golden opportunity to focus on oil or ‘liquid gold’ and our dependence on Middle East importation,” Senator Imee Marcos said, emphasizing the need for a unified regional response.
Among the measures she proposed is activating the ASEAN Petroleum Security Agreement to allow emergency fuel sharing among member-states, along with improved coordination and real-time information exchange on fuel reserves, supply risks, and pricing trends.
The senator also highlighted the importance of strengthening infrastructure and trade linkages across the region. This includes accelerating the development of the ASEAN Power Grid, expanding intra-ASEAN trade in oil and petroleum products, and maintaining open and stable trade policies to prevent supply disruptions.
Beyond immediate solutions, she stressed the need for long-term strategies to reduce dependence on imported fuel. She called for increased investments in renewable energy, stricter energy efficiency standards, and the adoption of alternative technologies such as electric vehicles and biodiesel.
“For once, let this government rise to the occasion and use our ASEAN chairmanship, an opportunity that comes only once every 11 years, to lead decisively and abate the suffering of the Filipino people,” she said.
The Philippines is hosting this year’s ASEAN meetings under the leadership of President Ferdinand Marcos Jr., with energy security expected to be among the key issues on the regional agenda.