Negotiations between the Philippines and China regarding a potential joint energy venture in the West Philippine Sea (WPS) are gaining momentum, President Ferdinand Marcos Jr. confirmed during a presidential luncheon hosted by the Foreign Correspondents Association of the Philippines (FOCAP).
Addressing members of the diplomatic press, Marcos highlighted that global energy market disruptions and geopolitical tensions in the Middle East have elevated the necessity for the Philippines to secure alternative, domestic fuel supplies.
“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.
According to the Chief Executive, both governments are currently working out foundational requirements, including the terms of reference and parameters that would govern a bilateral or commercial framework.
While expressing optimism over the shared intent of both nations to achieve a successful outcome, Marcos refrained from providing a fixed deadline for finalizing an agreement or guaranteeing its conclusion before the end of his presidential term.