President Ferdinand Marcos Jr. has taken advantage of the ASEAN Summit meeting in Cambodia to appeal to his American counterpart to step up efforts to address soaring fuel prices.
“We appeal as well to the United States to use its global influence to help ease the current global plight of rising fuel prices that we all have to deal with,” Marcos said during the ASEAN-US Summit with American President Joe Biden.
“We also encourage the US’ long-term support for the implementation of the ASEAN Plan of Action on Energy Cooperation,” he added.
Marcos earlier pointed to external factors, such as Russia’s invasion of Ukraine and the corresponding trade sanctions, as the culprit for soaring fuel costs.
Inflation in the Philippines averaged 7.7% as of October 2022, with the monthly print the fastest in over a decade.