The Philippine government must urgently prepare for the potential fallout of a shutdown of the Strait of Hormuz, a vital global oil transit route, warned Manny SD Lopez, Lead Convenor of the People’s Constitutional Reform Initiative (PCRI).
Lopez stressed that a prolonged closure would pose a serious threat to the country’s energy security and economic stability.
According to him, 85 to 90 percent of the Philippines’ oil supply comes from Gulf States such as Saudi Arabia, Kuwait, and the United Arab Emirates, all of which rely on the Strait of Hormuz.
If the passage were blocked for more than 30 days, Lopez cautioned, the Philippine economy could face severe disruption.
He further pointed out that the nation’s strategic oil reserves are alarmingly low, less than 30 days’ worth, and remain under the control of private oil distributors.
In stark contrast, Japan holds reserves equivalent to 253 days of consumption, China about 200 days, Vietnam more than 60 days, and Thailand around 63 days.
Lopez warned that if the Strait of Hormuz were obstructed or mined amid escalating Middle East tensions, the Philippines would suffer significant economic setbacks, leading to greater hardship for its people.
