Ramon Ang: West Philippine Sea reserves should be protected

The Philippine should continue to protect its territory, particularly in the West Philippine Sea (WPS), given its potential to be a major source of oil for the country and possibly bring down local power costs, tycoon Ramon Ang said Monday.

Speaking before a panel of Cabinet officials, Ang — who leads San Miguel Corp. and Petron Corp. — said that the WPS has a very big reserve, while the country’s oil production is only at 6,000 barrels per day versus other countries with 1 million barrels a day.

“The Philippines, we don’t have oil, but we have a very big reserve in the WPS. That’s why they are very interested in the Philippines, so let us not let go of it. We should protect our territory,” he said.

He made the comments before a panel that included National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan, Finance Secretary Ralph Recto, and Budget and Management Secretary Amenah Pangandaman.

Continuing his remarks, Ang also provided a reason why fuel and power prices in the Philippines remain high compared with its neighbors.

“If you look at it on an equal basis, our prices without the subsidy and without taxes, is even lower than Malaysia, Indonesia, and Thailand. It’s also the same as power. Our power generation compared to our neighboring countries are lower but we impose taxes on the power sector and fuel and we also don’t give subsidy on power that’s why our power prices are higher,” he said.

To recall, the Philippines won in 2016 as it secured a landmark ruling by an international tribunal invalidating Beijing’s massive South China Sea claims.

China has refused to acknowledge such a ruling, with over 50 of its vessels spotted in the vicinity of Iroquois Reef and Sabina Shoal in the area, as reported by the Western Command earlier this month.

On the sidelines of the briefing, Ang said the planned P95-billion Pasig River Expressway (PAREX) could still push through, should public concerns be addressed as groups earlier expressed opposition citing the potential impact on traffic and the environment.—RF, GMA Integrated News