(BusinessWorld) PRESIDENT Ferdinand R. Marcos, Jr. on Thursday said the Philippines might explore for oil and gas in areas it claims in the South China Sea outside a government-to-government arrangement.
The Philippines has major differences with China on joint exploration talks, he told reporters.
“There might be other ways so it does not have to be (government to government,” he said. “We’ll have to find a way… because we need it already.”
Oil exploration talks between China and the Philippines under ex-President Rodrigo R. Duterte got canceled in June after the parties failed to reach a compromise.
Policy and investment analysts said exploration activities in the disputed waterway should be led by the government because it involves sovereignty issues.
“Exploration activities in disputed waters should always be led by the Philippine government because these activities involve issues relating to sovereign rights and international law,” Terry L. Ridon, an investment analyst, said in a Facebook Messenger chat.
“The private sector cannot afford to take financial and political risks over areas that remain in dispute to this day, despite the Hague arbitral ruling in 2016,” he said, adding that oil exploration is a sovereign act and private companies merely act as state agents… Read More
