President Marcos said the signing of eight landmark petroleum service contracts (PSCs) worth over $200 million would reduce the Philippines’ near-total dependence on imported fuel and secure its long-term energy future.
Speaking at the signing ceremony in Malacañan, the President said the government is “doing everything” to secure the country’s energy future and ensure that ordinary Filipinos no longer bear the brunt of rising global oil prices.
“Ginagawa po namin ang lahat upang matigil ito (We are doing everything to stop this),” he said.
Marcos admitted that the Philippines remains “heavily dependent” on imported petroleum, with ne
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