Marcos: $200-M energy deals to cut PH oil imports

Manila Bulletin

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.  READ: https://mb.com.ph/2025/10/08/marcos-200-m-energy-deals-to-cut-ph-oil-imports  Subscribe to the Manila Bulletin Online channel! - https://www.youtube.com/TheManilaBulletin  Visit our website at http://mb.com.ph Facebook: https://www.facebook.com/manilabulletin Twitter: https://www.twitter.com/manila_bulletin Instagram: https://instagram.com/manilabulletin Tiktok: https://www.tiktok.com @manilabulletin  #ManilaBulletinOnline #ManilaBulletin #LatestNews

Transcript

00:00Behind life's ordinary moments is one resource that keeps our nation moving, that is, petroleum.

00:07While we are fully committed to lowering our dependence on fossil fuels,

00:12we cannot disregard the fact that it continues to be our main source of energy.

00:18It lights our homes, our industries, fuels our vehicles, takes our children to school,

00:23and the buses that carry our workers to their offices.

00:26It also supports the livelihood of our farmers and fishermen, making their work easier, faster, and more efficient.

00:35And yet, for all its importance, we remain heavily dependent on imported oil.

00:40Last year, we imported over 340,000 barrels of liquid fuel.

00:45This is equivalent to 99.68% of our entire petroleum supply.

00:51In contrast, we produced over 1,000 barrels, just 0.32% of our requirement.

00:59Our natural gas in 2024, over 46.15% of our requirement was imported,

01:07while only around 54% came from Malampaya.

01:11These numbers attest to our reliance on imported fuel,

01:14making us vulnerable to forces beyond our control.

01:18At pag nagtaas ang presyo ng gasolina o krudo sa pandaydigang merkado,

01:24ang mga ordinaryong Pilipino ang nahihirapan.

01:28Sapagkat ang langis ang nagpapagalaw sa ating ekonomiya,

01:32mula sa mga sasakyang naghahatid sa pagkain hanggang sa mga pabrikang lumilika ng kabuhayan.

01:39Kapag tumaas ang presyo ng langis,

01:41tataas ang pamasahe,

01:42ang presyo ng mabilihing at halaga ng kuryente.

01:45Ginagawa po namin ang lahat upang matigil ito.

01:50And that is why today's presentation of 8 Service Contracts

01:53is a deliberate step towards securing our energy future.

01:57Unlocking over $200 million in investment,

02:00these service contracts represent our continued effort

02:05to attain greater energy security,

02:08and therefore economic stability and self-reliance.

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