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The Philippines claims that crude oil supplies are sufficient and is working to increase procurement. The Philippine Peso responds by rising.
Philippine Energy Minister Sharon Garin stated that the country has sufficient crude oil supplies and is working to purchase more crude oil.
She said at a briefing that the country’s fuel supply remains ample and at a “reassuring” level.
Garin: As of March 20, there is a 45-day supply of crude oil.
She mentioned that the Philippine National Oil Company (PNOC) has signed additional supply contracts and is actively seeking to procure more crude oil.
Following the news, the Philippine peso temporarily rose by 1% against the US dollar, trading at 59.68 pesos per dollar.