PH needs expertise of big businesses, nations to tap Recto Bank resources – Palace
Map showing disputed claims in the South China Sea. Includes locations for Reed Bank and Benham Rise, where Chinese survey ships were seen in 2018, according to the Philippine government. AFP
MANILA, Philippines — The Philippines needs the expertise of big businesses and nations to tap the resources at Recto Bank (Reed Bank), acting presidential spokesperson Martin Andanar said Tuesday.
In a Palace press briefing, Andanar was asked if the government can use those resources in the West Philippine Sea amid the looming energy crisis.
“It’s going to need the cooperation of our big private partners in this republic. Alam mo naman na pagdating du’n sa (You know when it comes to) oil exploration, no one government can do this alone,” he answered.
“We need the expertise of other big businesses, the expertise of other countries, nations that are used to the exploring of energy from the earth,” he further explained.
READ: Fishermen find oil exploration device off coastal town in Pangasinan
Currently, oil prices reached $113 per barrel as Russia continues its assault on Ukraine. Russia is among the top producers of oil and crude in the world.
READ: Oil prices at highest since 2014; energy markets ‘seriously rattled’
In the Philippines, fuel prices soared to a whooping P3.60 and P5.85 a liter of gasoline and diesel, respectively, on Tuesday, reflecting world market prices. For this, President Rodrigo Duterte called on Congress to review the country’s Oil Deregulation Law.
He likewise approved the implementation of fuel subsidy and discount programs in a bid to mitigate the impact of increasing fuel costs.
