The exploration agreement between the Philippine government and Israeli oil firm Ratio Petroleum Limited is still under review at the Office of the President, Malacañang said.
President Rodrigo Duterte hasn’t signed the agreement during his Israel visit due to constitutional requirements that need to be looked at, Presidential Spokesperson Harry Roque said.
In addition, the agreement should be “in writing and signed by the President and reported to the Congress,” added Roque.
“Hindi po napirmahan (It was not signed), it is still for study of the Office of the President, but it is an agreement in principle, but the requirement is it has to be in writing signed by the President and reported to Congress,” Roque said.
Roque said the deal will be signed “as soon as possible.“
“Sa lalong mabilis na panahon po (As soon as possible). (Energy) Sec. (Alfonso) Cusi was there, the only reason he went there was to focus on this negotiation,” Roque said.
Energy Department Secretary Alfonso Cusi is in charge of the signing agreement.
Roque said the investor will help the Philippines explore for energy in the Palawan area in order to provide energy security.
He did not mention further details but said the installment will be an area somewhere in the east of Palawan.