In the sinuous corridors of Philippine power, a new voice has emerged, wielding the weight of both wealth and wisdom. Ramon Ang, the influential tycoon behind Petron, has sounded a clarion call to the nation’s leaders: protect our oil reserves in the West Philippine Sea, or suffer the consequences. In a dramatic plea delivered at the Philippine Economic Briefing, Ang implored Cabinet members and government officials to safeguard the country’s territorial integrity, invoking the specter of soaring power prices should these reserves fall into foreign hands.

Ang’s argument is both compelling and urgent. Drawing on his experience in the petroleum industry, he highlights the stark reality that oil prices in the Philippines remain artificially inflated compared to neighboring Southeast Asian countries. The reason? Government subsidies on oil and power, a luxury afforded by nations with their own oil production, such as Malaysia. Indeed, Malaysia’s ability to subsidize oil prices stems from its robust oil production, averaging a staggering 1 million barrels per day—an enviable feat that the Philippines can only dream of.

But dreams alone will not secure the Philippines’ energy future. Ang’s call to action is grounded in a sobering assessment of the country’s current oil production capabilities: a meager 6,000 barrels per day, a mere drop in the ocean compared to the regional average. Without a vigorous pursuit of oil independence, the Philippines risks languishing in the shadows of its more resource-rich neighbors, shackled by high energy costs and dependent on foreign imports.

Yet, amidst Ang’s impassioned plea for protectionism, a dissenting voice emerges from the ranks of government. Socioeconomic Secretary Arsenio Balisacan, while refraining from directly addressing Ang’s calls to safeguard the West Philippine Sea, rejects the notion of oil subsidies outright. Instead, he argues for a more targeted approach, focusing aid on vulnerable sectors rather than blanket subsidies that benefit the wealthy. Balisacan’s skepticism towards subsidies is not without merit, as history has shown the pitfalls of such interventions. The ill-fated Oil Price Stabilization Fund, launched under the Marcos Sr. regime, led to fiscal woes and ultimately failed to alleviate the burden on ordinary Filipinos.

However, Balisacan’s cautious approach risks overlooking the broader imperative of energy security and economic competitiveness. While subsidies may have their drawbacks, they have proven effective in other countries as a means of stabilizing energy prices and stimulating economic growth. Take, for instance, the case of Norway, whose generous subsidies on renewable energy have catapulted it to the forefront of the global green economy. Similarly, countries like Saudi Arabia and Kuwait have leveraged their vast oil reserves to subsidize fuel and power, driving down costs for their citizens and fueling economic expansion.

In the face of geopolitical uncertainties and economic challenges, the Philippines stands at a crossroads. Will it continue to rely on foreign imports and vulnerable energy markets, or will it seize the opportunity to chart a course towards energy independence and economic prosperity? The answer lies not in timid half-measures, but in bold, visionary leadership that dares to defy convention and embrace innovation.

As the nation grapples with the daunting task of securing its energy future, one thing is clear: the time for action is now. The West Philippine Sea may hold the key to unlocking the country’s energy potential, but it will require unwavering resolve and strategic foresight to navigate the treacherous waters ahead. In this high-stakes game of geopolitics and economics, the fate of the nation hangs in the balance. Will the Philippines rise to the challenge, or will it be left adrift in a sea of uncertainty? The answer lies in the hands of its leaders—and the choices they make today will shape the destiny of generations to come.