Bro the agreement will be sign during his state visit to China, all the necessary documents is done including the joint oil exploration deal, then a day before his departure there is news of some investigation about his family illegal wealth. The rest is history as China was taken aback by Marcos indecisiveness, they were right about being cautious, after his visit China, the Chinese defer new loan and canceled their previous aid and investment commitment. They have seen his true character and wasn't impressed.That's right bro. The Philippines adopted the zero sum game mentality of it's colonial master. No sharing, just a winner takes all mentality. The PH has insufficient national power to do it against fellow SEA nations, let alone China. But one dose of that American Kool-Aid, and the PH can suddenly confront everyone. Be it Malaysia, or China.
I recall that the PH was supposed to conduct co-exploration of O&G in the SCS with China under Duterte. But Bong Bong Marcos tore up that deal and wanted to do it unilaterally. The Western media would like to have us think that Co-exploration of O&G in the SCS is impossible. No it's not, it has been done before for many years. Malaysia and Thailand did it over an area of overlapping EEZs near the Gulf of Thailand. By following the American way, the PH gets nothing except some Jai PH, and more aggressive bullying from China.
Fishermen wars are common in the SCS. It's even common around the world. Indonesia, Malaysia, and Vietnam regularly clash over fishing waters. But when it comes to the PH wrt China, it becomes a diplomatic and national defence issue. The PH is behaving more like that Jai Hind nation than a mature one.
Deals can always be made with China, but the PH and BBM just have too much ego for it. So the PH will have to be made an example for stupid diplomacy.
So why take the risk? There is another country that offer a better return of investment and good will which is Indonesia.