Marcos exploring sourcing oil from Russia

President Ferdinand ''Bongbong'' Marcos Jr. said the Philippines is exploring the possibility of securing fuel supply from Russia amid the present energy challenges.

Marcos made the remarks in an interview with Bloomberg when asked if the Philippines is getting a commitment from China or Russia for added petroleum supply amid the Middle East crisis. 

Marcos said the government is “still working on that,'' noting that China has always been the Philippines’ trading partner and that the government is trying to increase fuel supply.

“Russia is not a traditional supplier of crude oil to the Philippines or any energy supply, but we are exploring that as well,” Marcos said.

“Basically, we are trying anything, everything to secure supply because that’s the one thing that we can do about. The pricing is going to be a much more difficult challenge because everyone is a price taker when it comes to oil,'' he added. 

Marcos said the Philippines is encouraged to talk with China and Russia regarding its energy requirements because current contracts are already being honored, stressing that the country secured such commitments from its partners around the world.

When asked about its sources, Marcos said the Philippines has been sourcing fertilizer from Indonesia and China; refined fuel from Japan and South Korea; and oil from Malaysia.

In terms of the Philippines’ current fuel supply, the President said: “I think we’re doing better than a month in terms of fuel supply — maybe 45 days more or less, depends on diesel or gasoline.”

A Reuters report also said that the Philippines is working with Washington to secure waivers and exemptions so it can obtain oil from US-sanctioned countries to ensure supply.

The Philippines, which relies heavily on imported fuel, on Tuesday declared a state of national energy emergency to deal with the fallout from the Middle East war, including oil procurement.

"We are working with the State Department to get waivers or exemptions to purchase oil from US-sanctioned countries," Philippine Ambassador to the US Jose Manuel Romualdez told Reuters in an exchange of phone messages. — RSJ, GMA Integrated News