President Arroyo to visit Saudi Arabia, US for more oil supply

Philippine President Gloria Macapagal-Arroyo is set to begin her oil supply-generated trip to Saudi Arabia and the United States next month, a local newspaper reported Thursday.

President Arroyo, according to Manila Bulletin, will appeal oil-producing countries to increase oil supply at affordable prices to the Philippines, which is facing the looming oil crisis, when she attends the summit of world leaders in New York City next month.

Executive Secretary Eduardo Ermita told the newspaper that Arroyo will arrange dialogue with leaders of petroleum-producing countries since they are also scheduled to attend the world summit.

Prior to the New York summit, Arroyo will make a state visit to Saudi Arabia, the country which is among the biggest petroleum-producing countries and homing a million overseas Filipino workers (OFWs), the report said.

According to the energy department, as a net oil importer, the Philippines' oil import recorded a surge of 27.2 percent increase in the first five months of this year to 2.308 billion US dollars from 1.815 billion dollars in the same period last year.

Earlier, Energy Secretary Raphael Lotilla said that if the oil world market price increases by another 10 dollars per barrel, the country's oil import bill would soar to 5.5 billion dollars.

In view of the oil crisis, President Arroyo issued an Executive Order mandating all government departments and agencies to reduce their monthly consumption of electricity and petroleum products by 10 percent.

Other energy-saving measures include the implementation of organized bus routes and reduced use of artificial illumination.

To realize the 60 percent energy self-supply by 2010 set by President Arroyo last year, the government has been speeding its study and widespread of utilization of alternative fuel, such as coco biodiesel, ethanol, natural gas and autogas.

Source: Xinhua