South China Sea: US part of Philippines’ ‘calculated’ plan to tap oil, gas in waters disputed by China

The country is seeking to parlay its deepening security ties with Washington into broader economic benefits, said Philippine Ambassador to the US Jose Manuel Romualdez.

The Philippines imports almost all its fuel needs and has been trying for years to start energy exploration in the disputed waters, including through a partnership with China. Negotiations between Manila and Beijing have, however, stalled amid heightened tensions, with their coastguard vessels recently clashing again at sea.

As the Philippines builds its security alliances amid tensions with Beijing, it wants these partnerships to yield more trade and investment, said Romualdez. “While we have all these defence ties, the bottom line is economic prosperity. If we do not have economic security, we can have all these defence agreements, and it would mean nothing to us,” the envoy, a cousin of Marcos, said.

In a wide-ranging interview ahead of the US trade and investment mission this week, Romualdez said Marcos is trying to leverage his rising influence on the global stage to win deals for the country. Over the past year, Marcos has deepened security ties with the US. The Philippine leader last month addressed the Australian parliament and in May will be the keynote speaker at a regional security forum.

“President Marcos is very, very keen on trying to catch these investment opportunities open to us now because we’re in the centre,” Romualdez said. Even European countries are taking interest, he added.

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Why is the Philippines aligning itself with the US after years of close China ties under Duterte

While the Philippines’ strong relations with the US is an advantage, competition for investment among Southeast Asian nations is intense. Marcos has to prove that