Philippines' Marcos says interested in renewing talks with China

President Ferdinand Marcos Jr. said in an interview with Bloomberg TV that the Philippines is interested in renewing talks with China on joint oil and gas exploration in the South China Sea to expand and diversify its sources of energy.

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The Southeast Asian country seeks a compromise with China, which is claiming parts of the South China Sea are within Philippine territory, and insists that any agreement must not violate his nation's laws.

While the Philippines and China can't agree on which nation's law would apply, we continue to explore, perhaps there can be other ways that we can do it, Marcos said. There have been examples around the region where there are similar views on exclusive economic zones and baselines where they have managed to have joint explorations with the Chinese, with the Americans. In June, Marcos'predecessor Rodrigo Duterte ended talks with Beijing on oil and exploration in the South China Sea, with then-foreign affairs chief Teodoro Locsin saying that discussions had gone as far as it is constitutionally possible to go. Marcos has pledged to foster closer ties with China, calling the relationship advantageous for both nations. He described Beijing as Manila's strongest partner in the pandemic recovery, and his top diplomat earlier expressed openness to resume talks on oil exploration.

His new government has been ramping up protests against China's alleged incursions in the South China Sea, as he pledged not to cede territory. The resource-rich waters that serve as a key shipping passage have locked the two countries in a dispute.

Marcos met with US President Joe Biden earlier in the day, where they spoke about freedom of navigation in the South China Sea. Biden also reaffirmed the US ironclad pledge to defend its former colony days after Marcos said he can't see the Philippines future without America.

Marcos wants to expand its renewable energy capacity within the Philippine South China Sea territory to provide the country with interim fuel supply and provide interim fuel supply.

Marcos said that the Philippines will not be exempt from war if a war occurs between the mainland and the island because of its proximity to China and Taiwan.

The defense of the country is going to be the first priority, but we can't act independently, he said. We are putting much of our efforts into partnerships with our allies and partners because the Philippies are not militarily sufficiently capable to fight a war by ourselves. Marcos Jr. said the Association of Southeast Asian Nations will have a very large part to play and should be the main actor when it comes to defense and security around the region. None of Wall Street's Bosses Reassert Themselves With the Return of Annual Culls