President Ferdinand Marcos Jr. announced that there is no final agreement between the Philippines and Russia regarding the supply of petroleum products.
According to the President, the Philippines will continue to seek alternative sources of oil to ensure sufficient supply, especially during times of crisis. However, he noted that the Russian government is open to expanding relations with the Philippines in terms of petroleum product supply.
The President explained that previous transactions with Russia were only temporary and did not have a fixed system. He said that a more organized mechanism is currently being developed to provide the country with additional sources of oil in case of global supply disruptions.
President Marcos also clarified that no decision has been made yet on whether the Philippines will regularly source oil from Russia, as there are political and geopolitical considerations that need to be studied.
