Duterte ends China oil talks, leaving big task ahead for new Philippines' president Marcos

China's President Xi Jinping, right, and Philippines' President Rodrigo Duterte wave to members of the media after inspecting the honour guard during a welcoming ceremony at the Malacanang palace grounds in Manila on Nov 20, 2018. - AFP

MANILA, June 25 (Bloomberg): Outgoing Philippine President Rodrigo Duterte has ended talks with China on oil exploration in the disputed South China Sea, his top envoy said, posing a challenge for incoming leader Ferdinand Marcos Jr. if he wishes to restart discussions. Related stocks fell.

"We got as far as it is constitutionally possible to go,” said Foreign Affairs Secretary Teodoro Locsin, whose term ends with Duterte on June 30. "One step forward from where we stood on the edge of the abyss is a drop into constitutional crisis.”