By Betheena Unite
President Marcos revealed that discussions on joint oil and gas exploration with China have “moved forward” and are “making progress.”
Stressing the urgent need to diversify the country’s oil sources amid the Middle East crisis, Marcos said the Philippines must explore available options and take advantage of them.
When asked about the status of the talks, Marcos replied, “We’re making progress.”
He explained that the parties are working through the joint exploration discussions and have already moved past “several issues” that initially confronted them.
“We have to find new ways. That’s why, as I said, this discussion has gained prominence. And where are we at now? I think we have moved forward,” Marcos said during the Foreign Correspondents Association of the Philippines (FOCAP) Presidential Luncheon in Manila on Friday, Aug. 14.
“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,” he added.
Marcos said there is no definite timeline for the joint exploration but disclosed that “all parties involved want it to succeed.”
“That depends on how the discussions go,” he said when asked how likely it is to happen under his term.
“I think the sense that I get is that all parties involved want it to succeed. And that’s always a very good sign. I could not give you a definite timetable,” he added.
According to the President, the parties are now working on defining the terms of reference for the possible joint venture.
“Like any joint venture, whether government‑to‑government or purely commercial, you have to define between yourself and between the parties the terms of reference,” he said.
“That’s what we are doing now. And we’re working through that, and we’re making progress,” Marcos added, stressing that the discussions are being held with the view of actually making the joint venture possible.
“We wouldn’t be making these discussions. We wouldn’t be having these discussions if it was not with the view to actually, at the end, have such a joint exploration,” he said.
