The MVP group of companies represented by Michael Toledo, a part of the Philippines delegation to Russia, is exploring the possibility of forging a partnership with Russian companies involved in oil, gas, mining and infrastructure.
The MVP group of companies was among the Philippine-based companies who supported the Duterte administration in building diplomatic and trade ties with Russia, which have foreign policy differences with US in the Syria crisis.
Known for its technical expertise in partnering with foreign countries, the MVP group of companies is also interested in exploring partnerships with China to explore oil and natural gas resources in the South China.
"It is imperative we start looking for sources of alternative gas now. We simply cannot leave with the three plants we have. We don't know if there are resources in the South China Sea and if we can enter," Manuel V. Pangilinan, who is a representative of Toledo, was quoted by Philippine Star.
Pangilinan operates Metro Pacific Investments Corp. Philippine Long Distance Telephone, Maynilad Water Services and MediaQuest Holdings.
Despite suspicion that the Philippines business sector is withdrawing trade partnership with the US, Toledo quoted Foreign Affairs Secretary Alan Cayetano who clarified "the Philippines is a friend to all and an enemy of none."
The Philippines delegation led by Duterte is on a four-day visit to Russia to discuss deals on security, military cooperation, trade, technology and tourism. Around 200 Philippines businessmen were also part of his delegation.
The Philippine Star reported the list of business executives participating in the Russia trip are Sabin Aboitiz, executive vice president of Aboitiz Equity Ventures; Walter Brown, chairman emeritus of A Brown Co. Inc.; Jose Leviste Jr., chairman of AG & P; Bernard Dy, president and CEO of Ayala Land Inc; Jorge Consunji, president and CEO of D.M. Consunji Inc.; Fernando Martinez, chairman and CEO of Eastern Petroleum Group of Companies; Jose Concepcion III, president and CEO of RFM Corp. and Presidential Adviser for Entrepreneurship; Manuel V. Villar, chairman of the Villar Group and Michael Tan, president of LT Group Inc.