-- Philippine President Ferdinand Marcos Jr. urged the immediate activation and testing of the ASEAN Petroleum Security Agreement (APSA) amid rising oil supply risks linked to the Middle East conflict, Reuters reported Thursday.
Speaking at the Asia Zero Emission Community (AZEC) Plus virtual summit, Marcos said recent shipping disruptions have highlighted the vulnerability of Asian economies reliant on imported fuel, and stressed that existing mechanisms should be put into action, according to the report.
He offered the Philippines as a potential host or co-chair for an APSA emergency simulation exercise and proposed a regional study on joint oil stockpiling, alongside efforts to strengthen domestic reserves. Marcos added that the government is working to expand strategic petroleum buffers and raise mandatory fuel stock requirements, while also diversifying procurement strategies to reduce dependence on Middle East supply routes, the news agency said.
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