READ: Philippines-China oil and gas development deal


Posted at Nov 24 2018 03:26 PM | Updated as of Nov 24 2018 03:31 PM

China's President Xi Jinping and Philippine President Rodrigo Duterte toast during a State Banquet in Malacañang on Nov. 20, 2018. Mark Cristino/Pool via Reuters

MANILA - The Philippines and China signed this week a memorandum of understanding on joint oil and gas development.

The deal, signed during Chinese President Xi Jinping's state visit to Manila, is essentially an "agreement to agree," as described by Foreign Affairs Secretary Teodoro Locsin Jr.

Here is the full text of the memorandum of understanding: