Malacañang on Wednesday assured Filipino Workers overseas that the government will provide them assistance if they lose their jobs as a result of the oil price downtrend and possible freezing of output by oil producers.
“Labor and Employment Secretary [Rosalinda] Baldoz has already made certain statements—proactive statements—on making sure that our OFWs will find some assistance by way of looking for alternative markets, by way of livelihood assistance, if in case they decide to come home,” said Presidential Spokesperson Edwin Lacierda.
Lacierda expressed hope the oil price situation will stabilize in a manner that will not exacerbate the situation of OFWs.
Saudi Arabia has agreed with Russia to freeze oil output if they are joined by other large producers, in the first coordinated move to try to reduce a near record supply glut and halt the collapse in prices.
After watching oil prices fall 70 percent since mid-2014, Saudi Arabia’s powerful oil minister Ali al-Naimi said an output freeze by some of the world’s major producers should start to stabilize the market.
The deal was reached at a behind-closed-doors meeting in Doha with Opec members Qatar and Venezuela.
Mohammad bin Saleh al-Sada, Qatar’s energy minister, said that the deal was still contingent on other major producers agreeing to join the freeze, which will probably complicate efforts.
In a bid to bring the most reluctant Opec members on board, Venezuela oil minister Eulogio del Pino, who has led the diplomatic push for a deal, will travel to Tehran on Wednesday to meet officials from Iran and Iraq.
Bijan Zanganeh, Iran’s oil minister, said that the country would not give up its share of the market, according to Iranian news agency Shana. The country has only just started raising exports following the lifting of sanctions last month.
Naimi said after the meeting: “Freezing now at the January level is adequate for the market, we believe . . . We recognize today the supply is going down because of current prices. We also recognize that demand is on the rise.”