The Philippines imports just about all of its fuel needs and has been trying to begin looking for raw materials within the disputed waters for years, including: through partnership with China. However, negotiations between Manila and Beijing have stalled because of heightened tensions, and their coast guard ships recently collided again at sea.
Calculated way
As the Philippines builds its security alliances amid tensions with Beijing, it wants those partnerships to lead to more trade and investment, Romualdez said. “While we have all these defense ties, the bottom line is economic prosperity. If we don’t have economic security, we can make all these defense agreements and it won’t mean anything to us,” said the envoy, Marcos’ cousin.
In a wide-ranging interview before a U.S. trade and investment mission this week, Romualdez said Marcos was trying to use his growing international influence to win contracts for the country. Over the past year, Marcos has deepened security relations with the US. The Filipino leader addressed the Australian Parliament last month and will be the keynote speaker at a regional security forum in May.
‘These are red lines’: Philippines will not allow China to remove disputed outpost on shoals
‘These are red lines’: Philippines will not allow China to remove disputed outpost on shoals
“President Marcos is very, very keen to take advantage of these investment opportunities that are opening up to us now because we are in the center,” Romualdez said. He added that even European countries are showing interest.
Raimondo said Monday that her country’s alliance with the Philippines is “ironclad” and that U.S. firms are desirous to do business with the Southeast Asian country.
She said in the course of the official visit that greater than $1 billion in latest investments could be announced, including in areas akin to solar energy and electric vehicles.
While the Philippines’ strong relationship with the U.S. is a bonus, competition for investment amongst Southeast Asian countries is intense. Marcos must prove his government can provide a positive business environment, including less bureaucracy and lower electricity costs, the lawmaker said.
According to Romualdez, high energy costs remain one in every of the most important obstacles for investors and are one in every of the incentives motivating the Philippines to explore its own energy resources.
What’s ours is ours and we cannot stop. We will do it once we feel it’s time
Marcos’ defense chief earlier this 12 months said it was increasingly urgent for the Philippines to proceed looking for resources within the disputed waters as a key gas field neared depletion.
Last month, the country’s foreign secretary signaled openness to energy talks with Beijing, while maintaining that Manila wouldn’t cede control of any enterprise to China.
For Philippine ambassador Romualdez, the time for gentleness towards Beijing has passed.
“What’s ours is ours and we won’t stop,” he said of the nation’s plans to explore resources in its exclusive economic zone. “We will do it when we feel it is our time,” he said.
Additional reporting by Reuters
