FFCCCII welcomes possible PH, China joint oil and gas exploration

The Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) on Thursday expressed support for possible discussions regarding joint oil and gas explorations between the Philippines and China in the West Philippine Sea.

In a statement, FFCCCII president Victor Lim said that the decision to engage with the partnership amid territorial disputes was a “mature and pragmatic approach to statecraft.”

“We firmly believe that practical cooperation in energy security offers a viable pathway to securing a stable, affordable and sustainable energy future,” he said.

The statement followed after the Chinese Embassy reported “positive progress” after “in-depth discussions” held regarding joint explorations.

The embassy said that the opportunity would deliver benefits both to the regions and citizens of China and the Philippines.

However, an earlier statement from the Department of Foreign Affairs (DFA) clarified that the discussions between China and the Philippines remain “focused on re-establishing the Joint Coast Guard Committee on Maritime Cooperation” and will not be involving “sensitive operational areas.”

The FFCCCII encouraged all necessary stakeholders to also support the new development in the name of regional stability and the interest of the country.

While talks with China to “reset” the relationship between the two countries and partake in joint oil explorations are ongoing, more than 700,000 barrels of Russian crude oil has arrived in the Philippines to address the country’s national energy emergency. — Jiselle Anne C. Casucian/BM, GMA Integrated News