Oil Prices For ASEAN May Decline

Higher oil prices may be mitigated in the member countries of the Association of Southeast Asian Nations (ASEAN), including the Philippines, if an agreement is reached with the Gulf Cooperation Council (GCC), according to an official from the Department of Foreign Affairs (DFA).

Talks on potential cooperation in the supply of oil will be among the topics discussed during the ASEAN-GCC Summit in Riyadh, Saudi Arabia.

DFA Assistant Secretary for the Office of ASEAN Affairs, Daniel Espiritu, stated that talks on potential cooperation in the supply of oil will be among the topics discussed during the ASEAN-GCC Summit in Riyadh, Saudi Arabia, on October 20.

"If the two original organizations can cooperate on that and ensure a continued and reliable supply, despite the fluctuations in energy economics and geopolitical instabilities, we can guarantee ASEAN a consistent volume of supply throughout the year," Espiritu said.

"With that, we can mitigate the higher oil prices in the ASEAN region," he added.

Espiritu's statement followed a question about whether the Philippines can anticipate further reductions in oil prices in the country following President Ferdinand R. Marcos Jr.'s participation in the GCC Summit in Riyadh on October 20, which is expected to assist in addressing the energy and food security needs of Filipinos.

During his visit to Saudi Arabia, President Marcos will meet with the Filipino community and establish additional business agreements.

Espiritu noted that President Marcos will also discuss the resolution of unpaid salaries for over 10,000 overseas Filipino workers (OFWs) in Riyadh during the bilateral meeting between the Philippines and Saudi Arabia.

Officials from the DFA, the Department of Trade and Industry (DTI), and the Department of Migrant Workers (DMW) will accompany President Marcos to the GCC Summit, along with a few business delegations, to invite Arab investors to the Philippines.

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