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Manila Bulletin devider Philippines devider National devider ASEAN-GCC Summit might mitigate oil price fluctuations in PH — DFA exec

ASEAN-GCC Summit might mitigate oil price fluctuations in PH — DFA exec

Published Oct 16, 2023 05:22 am

The first ever talk between members of the Association of Southeast Asian Nations (ASEAN) and the Gulf Cooperation Council (GCC) might mitigate oil price fluctuations that have been experienced by the Philippines during the past two years.

Department of Foreign Affairs (DFA) Assistant Secretary Daniel Espiritu said that the upcoming ASEAN-GCC Summit to be participated by President Marcos on Oct. 20 will ​"indirectly​" address the constant ​fluctuation of oil price, which is mainly caused by shortages and regional instability.

​"If the two original organizations can cooperate on that and assure each other a continued and reliable supply in spite of what we called the vicissitudes of energy economics and the geopolitical instabilities, then we can​...assure ASEAN of a continued and consistent volume of supply throughout the year,​" Espiritu said in a press conference on Monday, Oct. 16.

​"Now… we can mitigate the higher prices of oil in ASEAN,​" he added.

​But Espiritu said the effect might not be felt immediately as the upcoming talk is just the beginning of the future cooperation that both blocs will take.

​Earlier this month, the Land Transportation Franchising and Regulatory Board (LTFRB) approved a provisional increase of P1 for modern and traditional jeepneys amid an unstable yet high price of oil in the country.

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Oil price ASEAN-GCC Summit Saudi Arabia
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