00:00In the meantime, the Philippine National Oil Company or PNOC Exploration Corporation is set to procure 2 million barrels of
00:06fuel products.
00:07This to widen the country's buffer for oil reserves.
00:11Finance Secretary Frederick Goh said that the volume is equivalent to about 10 days of additional buffer stock in the
00:16country.
00:17The secretary added that the government is also expanding its sources of imported oil products.
00:23In fact, the Department of Finance and Department of Energy led a meeting with 16 oil companies last Sunday.
00:29The discussion included measures that may be implemented on an emergency basis, including the acquisition of oil at lower prices
00:37and the expansion of countries as oil sources.
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