Manila, July 2 -- The proposed Philippine Strategic Petroleum Reserve (PSPR) could give the country more than an emergency fuel stockpile, with the Department of Energy (DOE) saying it may also position the Philippines as a regional storage hub for oil companies seeking supply points outside traditional routes.

During the Senate Committee on Energy hearing on Thursday, DOE Secretary Sharon Garin said the reserve would strengthen national security, improve supply confidence during global disruptions, and attract foreign firms willing to build or use storage facilities in the country.

Garin said the government is in talks with several parties, including the Maharlika Investment Corp. (MIC), Philippine National Oil Co. (PNOC), Japanese en...