WARNING that the Middle East crisis has heightened instability in global energy markets, Sen. Sherwin Gatchalian on Tuesday called for the accelerated implementation of the Asean (Association of Southeast Asian Nations) Petroleum Security Agreement (Apsa).
The country, he said, is in a prime position to lead the region toward energy resilience, being this year’s Asean Summit host. It should place the operationalization of Apsa at the top of the agenda to shield member states from potential supply shocks.
One intervention he cited is the Coordinated Emergency Response Measures (CERM), where Asean member states shall endeavor to supply petroleum to any member state facing a critical shortage of at least 10 percent of normal domestic needs for 30 straight days. ‘The ongoing conflict in the Middle East highlights just how easily external shocks can compromise our energy supplies, threatening the economic growth of ASEAN member states,’ said Gatchalian, chairman of the Senate PROTECT ad hoc committee.
Signed in 2009, Apsa employs the principle of mutual aid and assistance among Asean member states during times of energy emergency to stabilize petroleum supply.
‘As host of the Asean Summit this year, we have a platform to activate this long-inactive agreement,’ he said, speaking mostly in Filipino.