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Gov’t prods Fil-Chinese to invest in Spratlys oil hunt 05/12/2012

Saturday, May 12, 2012

Gov’t prods Fil-Chinese to invest in Spratlys oil hunt

05/12/2012
Amid an ongoing standoff with China, the Department of Foreign Affairs (DFA) has called on Filipino-Chinese businessmen to partner with Philippine companies in undertaking exploration projects in the country’s continental shelf, including the disputed Recto Bank, also known as Reed Bank, off Palawan.

Other claimant-countries, however, earlier had protested Manila’s plan to explore oil and gas in disputed waters in the West Philippine Sea (South China Sea).

Recto Bank is about 80 nautical miles west of southwestern Palawan, according to the DFA.

China, reports said, has started its drilling operations near the disputed shoal.

Assistant Secretary Gilbert Asuque of the DFA’s Ocean Concerns Office during a meeting with the Federation of Filipino-Chinese Chambers of Commerce and Industry last May 8 encouraged its members to consider investing in Philippine companies undertaking exploration activities in the country’s continental shelf..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/headlines/20120512hea3.html

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