Metro Manila (CNN Philippines, January 5) — President Ferdinand Marcos Jr. told Chinese President Xi Jinping that the Philippines wants to continue the negotiation on the joint oil exploration in the West Philippine Sea (WPS), Malacañang said on Wednesday.
According to the Office of the Press Secretary, Marcos said continuing the negotiation on the joint exploration in the WPS “is very important to the Philippines.”
“I really hope—I would very much like, as you have suggested, Mr. President, to be able to announce that we are continuing negotiations and that we hope that these negotiations will bear fruit because of the pressure upon not only China, not only the Philippines but the rest of the world to move away from the traditional fronts of power,” Marcos said during his bilateral meeting with Xi.
Marcos also said he believes there are “vast opportunities” that the Philippines and China can seize as the economies of the world change, which would benefit the two countries.
He earlier said Beijing’s refusal to acknowledge Manila’s rights over the WPS impedes talks on a possible joint oil and gas exploration in the area.
In 2018, the Philippines and China signed a memorandum of understanding on the joint exploration. After four years, the Department of Foreign Affairs announced the termination of talks.
The DFA, then under the Duterte administration, said the goal of developing the oil and gas resources was not achieved.
During Xi’s meeting with Marcos, the Chinese President also promised to assist the Philippines in developing the administration’s priority areas, such as agriculture, fisheries, energy, and infrastructure, inking several other agreements with the country.
China has been the Philippines’ major trading partner, posting a total trade of $29.1 billion from January to September 2022.
RELATED: Marcos state visit to China ‘very important’ to PH economy, says business group
