MANILA – Foreign Affairs Secretary Teodoro Locsin Jr. on Tuesday said the Philippines can “walk away from the table” if it can’t reach a profit-sharing agreement with China in connection with the oil and gas exploration in the West Philippine Sea.
“They’re not compelled to follow us, we are not compelled to follow them. If we cannot come to an agreement, we walk away from the table,” he said in an interview with GMA News that was aired on Unang Balita.
According to the memorandum of understanding on the exploration signed by the Philippines and China, the two parties “will try” to arrive at an agreement within 12 months.
Locsin said the Philippines will insist on a 60-40 profit sharing scheme with China.
The sharing arrangement is not included in the MOU, which was signed by Locsin and Chinese Foreign Minister Wang Yi during Chinese President Xi Jinping’s state visit to the Philippines last week.
During the interview, Locsin denied that the Philippines ceded “full control” to China as claimed by critics of the deal.
“The memorandum is a declaration of our mutual desire to explore oil and gas,” he said. (GMA News/PN)
