MANILA: Philippine President Ferdinand Marcos Jr called for the immediate activation and testing ‌of the ASEAN Petroleum Security Agreement (APSA), saying it should ⁠be implemented while there is an oil crisis due to the West Asia ‌conflict.

Speaking at the Asia Zero Emission Community (AZEC) Plus online ‌summit hosted by Japan, ‌Mr. Marcos ⁠said the closure of shipping routes ⁠had exposed the vulnerability of Asian economies that are heavily dependent on imported petroleum.

Mr. Marcos offered ‌the Philippines as host or co-chair of the first APSA emergency simulation exercise, saying the mechanism exists ‌and it should be tested now. He proposed a regional study on joint ⁠oil stockpiling.

He wanted fuel companies to have larger emergency reserves, including raising ‌mandatory stocks of petroleum to 30 days from 15 days and of liquefied petroleum gas to ⁠21 days from seven days.

Mr. Marcos said the Philippines is pursuing a risk-calibrated oil procurement strategy to ‌reduce heavy reliance on West Asia supply routes and choke points. – Reuters