President Ferdinand Marcos Jr. on Friday confirmed that oil and gas exploration talks between the Philippines and China are moving forward, with both sides continuing discussions on possible joint exploration of resources in the West Philippine Sea (WPS).
Speaking at a presidential luncheon hosted by the Foreign Correspondents Association of the Philippines (FOCAP), Marcos said the discussions have gained renewed attention amid the global energy crisis and the need to secure alternative sources of petroleum products.
“We have to find new ways... this discussion has gained prominence. And where are we at now? I think we have moved forward. There were several issues from the beginning that we are slowly working through. And I can see this new possibility that there will be such joint exploration,” Marcos said.
“The sense that I get is that all parties involved want it to succeed, and that is always a very good sign,” he added.
Marcos said the recent energy crisis, partly triggered by conflicts in the Middle East, has highlighted the need for the government to explore other potential sources of energy and prepare for similar disruptions in the future.
According to the President, the two sides are gradually discussing key issues surrounding the proposed joint exploration, including the terms of reference and conditions that would govern the possible agreement.
Marcos said he sees a possibility that the negotiations could eventually lead to an agreement, noting that the parties involved appear interested in making the discussions successful.
However, the President said he could not provide a definite timetable on when a possible joint exploration agreement could be finalized, including whether it could be completed before the end of his term.
