President Marcos is set to attend the first ASEAN-Gulf Cooperation Council (GCC) Summit in Riyadh, Saudi Arabia on Oct. 20.
Department of Foreign Affairs Assistant Secretary for the Office of ASEAN Affairs Daniel Espiritu on Monday said the summit proper would focus on the endorsement of a framework of cooperation between the Association of Southeast Asian Nations (ASEAN) and the GCC for 2024 to 2028.
Espiritu expressed hopes that Marcos’ trip would help pave the way for a rollback in prices of petroleum products if an agreement is reached on a stable supply of petroleum products in the region.
“Actually, we’re going far, far ahead already because so far we’re only… at this point, we’re still talking of possible cooperation on supply activities,” Espiritu said in a media briefing.
“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 more or less assure…. ASEAN has a continued and consistent volume of supply throughout the year,” he added.
Espiritu said the GCC is important as it is composed of highly developed Arab economies. At the same time, these countries were petrochemical powerhouses, as well as hub and logistics economies.
“Now, they can help ASEAN in addressing energy and food security – energy security because they’re petrochemical powerhouses – but also food security because some of the countries there, especially Qatar, are among the largest producers of fertilizers and they can fill up the slack or the deficit on the ASEAN side,” he said.
Pump prices of diesel and kerosene were expected to again be rolled back today (Tuesday), while those of gasoline would increase.
Espiritu said the President will also use his upcoming visit to Saudi Arabia to play up the Maharlika Investment Fund (MIF).
“Of course, part of the discussion could be the presentation of the Maharlika Fund to the Kingdom of Saudi Arabia and its businesses,” Espiritu said.