Senate President Pro Tempore Panfilo Lacson has urged the Marcos administration to study the possibility of entering into a joint energy venture with China, including exploration in the West Philippine Sea, amid global oil supply risks caused by tensions in the Middle East.
Lacson, however, stressed that any agreement must strictly comply with the constitutional provision limiting foreign ownership to 40 percent.
“Yes. Four-square behind, sinusuportahan ko. Kasi sayang eh. Yayaman tayo doon,” Lacson said in an interview when asked if the administration should consider joint exploration.
Under Section 2, Article XII of the 1987 Constitution, the State may enter into co-production, joint venture, or production-sharing agreements with Filipino citizens or corporations with at least 60 percent Filipino ownership.
Lacson noted that while the West Philippine Sea is believed to hold vast reserves of natural gas and oil that could help meet the country’s energy needs, the Philippines lacks the technical and financial capacity to pursue exploration alone. China, he said, has the technology and equipment necessary for such operations.
He recalled that during the Duterte administration, he, then-Senate President Vicente Sotto III, and former Senator Gringo Honasan discussed the matter with the former president, who was “very supportive” of the initiative.
“Ang mahalaga lang sa atin, on paper sa agreement, sa MOA or whatever na pipirmahan, maliwanag emphasized doon 60-40. Pag pumayag ang China, panalo na tayo dahil ibig sabihin nire-recognize nila ang sovereignty ng Pilipinas sa West Philippine Sea o kung saan man ang area na ma-explore,” Lacson said.