Manila, Oct. 8 -- President Ferdinand R. Marcos Jr. on Wednesday led the signing of eight new Petroleum Service Contracts (PSCs) worth USD207 million to boost the country's energy security and reduce its dependence on imported fuel.

The contracts - covering exploration areas in Palawan, Sulu, Cagayan, Cebu, and Central Luzon - mark the largest batch of PSCs awarded in Philippine history, including the country's first-ever native hydrogen exploration deals.

"These service contracts represent our continued efforts to attain greater energy security, economic stability, and self-reliance," Marcos said during the ceremony in Malacanang.

The President noted that the Philippines remains "heavily dependent on imported oil," citing that 99.68 p...