ASEAN-GCC Summit can help mitigate oil prices in ASEAN member countries – DFA

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

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

“If the two original organizations can cooperate on that and assure each of a continued and reliable supply in spite of what we called the vicissitudes of energy economics and the geopolitical instabilities … we can assure ASEAN of a continued and consistent volume of supply through the year,” Espiritu said.

“Now, with that, we can mitigate the higher prices of oil in the ASEAN region,” he added.

Espiritu’s statement came after he was asked if the Philippines can expect more rollback on oil prices in the country following the attendance of President Ferdinand R. Marcos Jr. in the GCC Summit in Riyadh on October 20, which will help assist in the energy and food security needs of Filipinos.

President Marcos will meet the Filipino community and forge more business agreement at the sidelines of his visit to Saudi Arabia.

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

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