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Philippine lawmakers’ call for oil deals with China prompts warnings of ‘a trap’
However, some analysts say that if both sides can agree on equitable oil and gas production, Filipinos could benefit from lower prices
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Philippine lawmakers have voiced hope that joint oil and gas exploration deals with China could proceed amid the global energy crunch, despite a former Supreme Court justice warning that accepting Beijing’s terms would be tantamount to “suicide” for Manila.
Senate President Vicente Sotto III earlier this week backed President Ferdinand Marcos Jnr’s intention to resume talks with China on such ventures, given the impact of the Middle East conflict.
In 2023, Marcos Jnr and Chinese President Xi Jinping agreed to restart talks on joint oil and gas development, but these have stalled since then.
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Sotto III on Monday said the oil exploration programme was previously proposed under former president Rodrigo Duterte.
Another Philippine lawmaker, Sherwin Gatchalian, also supported the idea and said the Philippines could tap China’s technology and experience, but stressed that safeguards should be in place to protect Manila’s interests and sovereignty.
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Ser Peña-Reyes, an assistant professor of economics at Ateneo de Manila University, said there were potential benefits from such a partnership. However, any deal between the two sides could deter Manila’s energy partnerships with Japan, the United States or European firms, he added.
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