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(Bloomberg) – Manila’s special envoy to Washington says the Philippines expects the United States and its allies to play a key role in its plans to explore oil and gas resources in the disputed South China Sea.
Jose Manuel Romualdez (Photographer: Andrew Harnik/AFP/Getty Images)
Philippine Ambassador to the United States Jose Manuel Romualdez said the country seeks to leverage its deepening security relationship with the United States for broader economic benefits.
“When the time comes to start the investigation, we will have options to see how we can secure the expedition,” Romualdez said in an interview in Manila. “We are working closely with our allies, not only the United States, but also Japan and Australia,” he said.
The Philippines is exploring several options to exploit the resource-rich South China Sea, almost all of which is claimed by China. According to the U.S. Energy Information Administration, this body of water is estimated to contain large amounts of oil and gas.
He said on March 5 that inviting U.S. companies to invest in exploration and development, as well as talks with countries like Vietnam that have overlapping claims to China, were among the possible courses of action. .
The Philippines imports almost all of the fuel it needs and has long sought to begin energy exploration in disputed waters, including through a partnership with China. However, negotiations between Manila and Beijing have stalled due to rising tensions, with coast guard vessels from both countries recently colliding again at sea.
Chinese Foreign Ministry spokesperson Wang Wenbin said at a regular press conference on Monday that any efforts to develop resources in the South China Sea “must not undermine China’s maritime rights and interests and sovereignty.” “We advocate negotiations and dialogue to appropriately resolve maritime disputes, including resource development,” Wang said.
Amid the conflict with China, the Southeast Asian country is pursuing a new strategy to protect its territorial and economic interests. It has also recently signed several security agreements with countries such as the United Kingdom, Australia, and Canada.
calculated method
Currently, the Philippines and its allies are “acting in a calculated manner” on oil and gas, which the envoy said is likely to materialize within President Ferdinand Marcos Jr.’s term of office, which ends in 2028. He declined to provide details of the plan. “This is part of our energy package,” he said, referring to a broader strategy to lower electricity prices, which are among the highest in the region, to attract investors.
Romualdez said the Philippines is building security alliances amid tensions with China and hopes these partnerships will generate more trade and investment. “We have all these defense relationships, but the bottom line is economic prosperity. If we don’t have economic security, we can have all these defense deals, but what does it mean for us? It makes no sense,” said the envoy, who is a cousin of Marcos.
China is also keen to profit from its oil and gas-rich waters. President Xi Jinping has called on the military to coordinate its maritime strategy with economic development, potentially escalating the conflict with the Philippines.
In a wide-ranging interview ahead of this week’s U.S. trade and investment mission, Mr. Romualdez said Mr. Marcos was trying to leverage his growing influence on the international stage to win business for the country. Over the past year, Mr. Marcos has deepened security ties with the United States. The Philippine leader addressed the Australian Parliament last month and is scheduled to deliver a keynote address at a regional security forum in May.
Marcos met with U.S. Commerce Secretary Gina Raimondo on Monday before flying to Germany to meet with Prime Minister Olaf Scholz along with other Southeast Asian leaders. Raimondo is leading a delegation including about 20 American executives to Manila to strengthen economic ties and encourage investment in the increasingly important ally.
“President Marcos is working very hard to seize these investment opportunities that are now open to us because we are at the center,” Romualdez said. European countries are also showing interest, he added.
Raimondo said U.S. companies participating in the trade and investment mission hosted by President Joe Biden will invest more than $1 billion in the Philippines. Raimondo will head to Thailand from Manila, where he hopes to strengthen ties in areas such as supply chain diversification.
Although the Philippines has an advantage due to its strong relationship with the United States, investment competition among Southeast Asian countries is fierce. Marcos will need to prove that the government can provide a business-friendly environment, including cutting red tape and lowering electricity bills, the envoy said.
Romualdez said the high cost of electricity remains one of the biggest obstacles for investors and one of the motivations for the Philippines to explore its own energy resources.
Defense Secretary Marcos said earlier this year that it was increasingly urgent for the Philippines to explore resources in disputed waters as major gas fields near depletion.
Last month, the country’s foreign minister signaled that Manila was open to energy talks with China, insisting that Manila would not cede control of any business to China.
For Philippine Ambassador Romualdez, the time for being soft on China is over.
“What’s ours is ours and we’re not going to stop,” he said of the country’s plans to explore for resources in its exclusive economic zone. “When I think it’s time to do it, I’ll do it,” he said.
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