MANILA -- Pilipinas Shell said Monday its fuel supply was stable with millions under lockdown in the Philippines due to the COVID-19 pandemic, as it reported an 11-percent jump in net income for 2019.

The oil firm posted net income of P5.6 billion last year on the back of strong marketing delivery and refinery cost savings. Pilipinas Shell told the stock exchange that it would keep its balance sheet strong to respond to the pandemic and world oil price volatility.

"The company would like to assure its customers of the continued operations of Shell stations nationwide and the stable supply of fuel amid the community quarantine in Luzon and other parts of the country," it said.

Pilipinas Shell said it would position itself for economic recovery by conserving cash, shoring up working capital, revisiting the timing of planned capital expenditures and further reducing operating expenses.

The company has 1,126 sites in its retail network.