Golez: MABUHAY ANG PHILIPPINE DEPARTMENT OF ENERGY FOR THIS DECISION TO RESUME DRILLING IN OUR REED OR RECTO BANK. Congratulations Secretary Cusi for this decision. The Filipino people should support this. Yesterday, in the maritime forum sponsored by the Albert Del Rosario Institute, I said that the revenue we can generate from the oil fields we can develop in Reed Bank will be much, much more than the $24 Billion economic package that China is giving us. And no need to repay unlike the Chinese loans.

Golez: MABUHAY ANG PHILIPPINE DEPARTMENT OF ENERGY FOR THIS DECISION TO RESUME DRILLING IN OUR REED OR RECTO BANK. Congratulations Secretary Cusi for this decision. The Filipino people should support this. Yesterday, in the maritime forum sponsored by the Albert Del Rosario Institute, I said that the revenue we can generate from the oil fields we can develop in Reed Bank will be much, much more than the $24 Billion economic package that China is giving us. And no need to repay unlike the Chinese loans. 

And let us not worry about China waging war against us. China will not do that because of the horrific repercussions that would fall on them if they go to war. Vietnam offered a block for oil exploration to India and China cannot do anything about it. Vietnam is taking a stand and so can we.

Philippines: Energy Exploration To Resume In South China Sea 

"The Philippines may resume drilling for oil and natural gas on the Reed Bank in the South China Sea before the end of the year, as the government prepares to offer new trade blocks to investors, according to a statement by a Philippine energy official on July 12, Reuters reported. China, however, claims sovereignty over almost the entire South China Sea. The Philippines suspended energy exploration around the bank in 2014 amid maritime disputes with China. In 2016, the Permanent Court of Arbitration invalidated China's claim to sovereignty in the South China Sea. Despite this, it is likely that the Philippines will carry out its drilling operations with China."

From Stratfor:

Philippines: Energy Exploration To Resume In South China Sea 

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The Philippines may resume drilling for oil and natural gas on the Reed Bank in the South China Sea before the end of the year, as the government prepares to offer new trade blocks to investors, according to a statement by a Philippine energy official on July 12, Reuters reported. China, however, claims sovereignty over almost the entire South China Sea. The Philippines suspended energy exploration around the bank in 2014 amid maritime disputes with China. In 2016, the Permanent Court of Arbitration invalidated China's claim to sovereignty in the South China Sea. Despite this, it is likely that the Philippines will carry out its drilling operations with China.