The Philippines should be open to partnerships with foreign corporations in finding new oil and gas sources within the West Philippine Sea, senatorial candidate Gilbert "Gibo" Teodoro said on Thursday.
The former defense secretary made the pitch as he expressed his support to efforts aimed at exploring the WPS as long as the deals adhere to the Constitution.
“The Constitution states that in terms of oil, maritime, and other resources in our territorial sea and exclusive economic zone, the State can only enter into financial and technical assistance agreements with foreign corporations. It doesn’t state countries but foreign corporations,” Teodoro said.
Teodoro said the government should also accelerate discovery and drilling activities for new oil and gas sources to lessen its dependency to imported oil and gas.
He pointed out the price of oil and gas remains volatile.
Likewise, Teodoro added that pursuing oil and gas exploration activities in the West Philippine Sea will likewise reflect the Philippines’ gain from The Hague ruling.
The 2016 ruling showcases the Philippines' victory in its arbitration case against China before the Permanent Court of Arbitration (PCA) in The Hague, Netherlands.
The ruling invalidated China's nine-dash line claim that covers nearly the entire South China Sea where some parts are within the jurisdiction of the country's exclusive economic zone (EEZ).