Passing through Strait of Hormuz is ‘risk management’ — Energy chiefA vessel containing 142,000 barrels or 22.57 liters of diesel procured by the government as seen in a Deparmtent of Energy-released image on March 26, 2026. MANILA, Philippines — Energy Secretary Sharon Garin said that Iran’s agreement to grant safe passage for Philippine-bound energy supplies through the Strait of Hormuz is a “risk management” by the government to secure the country’s oil supply. “This is risk management because in a time of global tension, risk reduction is already a meaningful gain,” she said. However, this does not guarantee the reduction of oil prices, nor will it resolve the country’s challenges in energy, according to Garin. “This development will not immediately bring down fuel prices, nor does it resolve our long-term structural challenges in energy.

Source: Philippine Star April 05, 2026 14:32 UTC