MANILA (UPDATE) — Russia is ready "to extend our helping hands" for the Philippines to meet its energy needs, Moscow's ambassador said on Monday, after his courtesy visit to President-elect Ferdinand Marcos Jr.

Russian Ambassador Marat Pavlov made the statement after Marcos' incoming national security said last week that his administration would "take a neutral stance" on Moscow's invasion of Ukraine, which has pushed up global oil prices.

"We are ready to cooperate with the Philippine side to extend our helping hands to satisfy the needs in sources of energy," Pavlov said in a press conference.

"We discussed this area of cooperation, and we found out that in this turbulent period of our life, the Russian Federation could extend its hand to help the Philippines in much needed oil, gas and other sources of energies," he said.

Pavlov did not give further details about Moscow's offer to Manila, noting that they "decided to continue our discussion a little bit further."

Marcos' office has yet to disclose how he responded to the offer.

The President-elect in May signaled his determination to adopt nuclear power, holding talks with South Korea's envoy on possibly reviving a mothballed $2.2-billion plant built during his father's dictatorship.

• Marcos reviewing South Korea recommendations on nuclear plant revival

The Philippines, regularly affected by electricity outages, relies on imported carbon-belching coal for more than half of its power generation.

This week, the Philippines is expected to see another fuel price hike, as European countries refuse to import oil from Russia due to its invasion of Ukraine. The COVID-19 lockdowns in China are also easing and pushing up oil prices.

• P4/liter price increase looms for diesel, kerosene

The Bangko Sentral ng Pilipinas in May raised its inflation outlook for the year due to persisting upward price pressures, including higher oil prices.

In March, Moscow warned that banning Russian oil in other parts of Europe would have "catastrophic" consequences, noting that the surge in oil prices may reach more than $300 per barrel.

— With a report from Agence France-Presse

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