Senate President Pro Tempore Panfilo Lacson has endorsed a 60-40 joint oil and gas exploration agreement with China in the West Philippine Sea to counter fuel supply shocks from the Middle East conflict. He stressed that any deal must adhere to the 1987 Constitution's 60-40 foreign ownership limit. Lacson also urged government action against abuses in the energy sector.
In an interview on radio dzBB yesterday, Lacson expressed full support for a joint energy venture with Beijing in the resource-rich West Philippine Sea. "Yes. Four-square behind, I am supporting it. It would otherwise be a wasted opportunity. We will become rich there," he said. He added that the agreement must clearly state the 60-40 sharing to affirm China's recognition of Philippine sovereignty.
The senator urged the executive branch to invoke emergency powers against hoarding and profiteering, citing the Oil Industry Deregulation Act and related laws. He demanded updates on actions against gas stations that raised prices illegally without DOE or ERC approval.
Former Bayan Muna Rep. Neri Colmenares opposed the idea, likening it to the unconstitutional 2005 Joint Marine Seismic Undertaking. "Joint exploration is being repackaged as a solution to high energy costs, but the reality is that China uses these deals to normalize its illegal presence," he stated.
Lacson noted delays in tax relief from RA 12316, effective April 12, due to a one-month monitoring period. He rejected suspending VAT, which could cost P320 billion, and suggested using P230 billion in unobligated funds for transport and low-income aid. Separately, Sen. Imee Marcos filed SB 2005 to lower income taxes by doubling exemptions.
