China and Philippines plan joint exploration of oil and gas fields in the South China Sea

Almaty. July 28. Silkroadnews – China and the Philippines plan joint exploration of oil and gas fields in the South China Sea, Australian SBS reports.
“During a visit to Manila this week, China’s foreign Minister Wang Yi and his Filipino counterpart Alan Cayetano announced plans for joint exploration in the South China Sea to search for oil and gas”, report said.
The major goal of this move is, as noted, to reach an agreement and develop common rules for cooperation between the two countries. The Philippines promised to hold consultations with other ASEAN countries before the conclusion of the agreement, yet Alan Caetano stated it would benefit the whole region.
“The first tangible and easily seen product is the peace and stability not only in the West Philippine Sea and South China Sea, but in the whole region”, he said.
Such a move, it is reported, is a turning point in frosty relations with the PRC lasting for about a year after the UN-backed Hague ruled in favor of the Philippines against China’s claims to the most of the disputed waters last July.
The publication notes, while the former president of the Philippines Benigno Aquino III took a tough stance towards China regarding the disputed waters, the current head of the state Rodrigo Duterte  has spent his first term in office setting up the relations with Beijing.
The Philippines hopes that closer ties with China will mean an increase in Chinese investments volume to boost economy and security of the Phillipines.
Beijing has already promised to transfer nearly $3 million to restore the cities affected by fighting in the south of the country, as well as to donate 3,000 rifles.
Manila began to move away from its traditional ally, the US, toward China after the former President Barack Obama criticized R. Duterte for his controversial fight against drugs last July.
Despite this, the US retained a strong military presence in the region.
Next week, the foreign ministers of ASEAN and China will meet in Manila and to endorse a draft code of conduct in the South China Sea.
On the eve of the meeting, China called on the countries of South-East Asia to unite and “say no to outside forces”, namely, the US intervention in the region’s affairs.