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RP, China sign $1.6-B accords
Hu cites ‘golden age’ of ties at Congress joint session
By GENALYN D. KABILING
Largest chunk goes to Surigao mining project
The Philippines and China yesterday invigorated economic cooperation with the signing of 14 agreements worth at least $1.6 billion in investments and loans, wherein the two largest deals seek to develop the railway and mining sectors in the country.
The two countries also agreed to cooperate in maritime safety and marine environmental protection and to explore other areas of defense teamwork, possibly including joint military exercises on anti-terrorism in the future.
President Gloria Macapagal Arroyo and Chinese President Hu Jintao witnessed the signing of the 10 bilateral and four business accords covering $1.10 billion investments, $524.2 million in loans, and $2.5 million in grant to fund several infrastructure projects.
The business deals were inked by top Filipino and Chinese government and business officials after a 45-minute closed-door bilateral meeting between Mrs. Arroyo and Hu in Malacañang. It was the second day of the three-day state visit of Hu in Manila, which coincides with the 30th anniversary of the diplomatic ties between China and the Philippines.
The biggest investment is the $950 million dollar investment by Jinchuan and Shanghai Baosteel Company to rehabilitate a nickel and cobalt mining plant in Surigao province. This is considered the largest foreign mining investment since the Supreme Court recently opened the country’s mining sector to foreign ownership.
Beijing, seeking to expand its economic and security influence in the region and secure resources for its booming economy, also agreed to provide $500 million in loans for the construction of the second phase of North Railway project linking Manila to the Luzon provinces.
In her remarks at the state banquet in the Palace, President Arroyo hailed the beginning of the "golden era" in the RP-China relations with the state visit of Hu, citing the renewed cooperation in political, economic, and cultural fields.
Mrs. Arroyo said she is looking the Philippine-China trade will likely climb to $30 billion by 2010 from the current level of about $10 billion a year.
The China-based Huawei Technologies Co. Ltd also signed an accord to provide $27 million in equipment to upgrade the existing telephone networks of the Digitel Mobile Philippines.
The state-run China National Offshore Oil Co. inked a pact with Philippine National Oil Company (PNOC) on a $10 million in prospective investment in oil and gas exploration off the coast of northwest Palawan.
Socioeconomic Planning Secretary Romulo Neri said the bilateral meeting between Mrs. Arroyo and Hu "shows that China is very much willing to finance the development projects of the Philippines."
"They are showing their willingness to help us out especially in our infrastructure projects," Neri told reporters shortly after the signing ceremony.
The two countries also agreed to open a Chinese consulate in Laoag and establish consultation mechanism to facilitate China’s commercial investments in infrastructure covering the fields of railway, electric power, energy and construction.
Other bilateral pacts signed were the promotion of trade and investment cooperation, the early harvest program allowing Philippine tropical fruit exports to China, special treatment for Philippine rice, and cooperation on youth affairs.
On security, the Department of Transportation and Communications and the Ministry of Communications of the China also signed a memorandum of understanding for bilateral cooperation in maritime safety, marine environmental, port state control, human resources development and information exchange.
Another $24.2 million in loan was given for the acquisition by the Bureau of Customs of non-intrusive scanning equipment from China.
Defense Secretary Avelino Cruz Jr. said the Philippines and China agreed to explore the possibility of forging military ties in the future.
In a news briefing in the Palace, Cruz said the security officials from both countries will hold dialogue next month to explore possible cooperation in anti-terrorism and disaster management.
He said they would discuss the possibility of joint sea border patrols and even joint military exercises.
Cruz immediately downplayed the renewed RP-China military relations might irritate the United States, Manila’s traditional military ally. "This will not affect our strong relations with the United States...It’s better to foster good relations to avoid misunderstanding in the future," he added.
Beijing agreed to give the Philippines $1.2 million in military assistance when Cruz visited Beijing last year and agreed to increase exchanges between military officers. The two countries have rival claims on the Spratly island group as well as the Scarborough Shoal, both in the South China Sea.
Early in the day, Malacañang gave a red carpet welcome for Hu and his delegation, starting with full military arrival honors with 21-gun salute at the Palace grounds.
Welcoming the guests were President Arroyo and First Gentleman Jose Miguel Arroyo and several cabinet officials, including new Philippine Ambassador to China Teofisto Guingona Jr.
Following the review of the military troops, the two leaders took the ceremonial walk at the Palace gardens while the 27-member Lostrobadores Rondalla of Cainta Elementary School serenaded them with folk songs.
Afterwards, the two leaders went inside Malacanang for their bilateral meeting while First Gentleman accompanied China’s First Lady Liu Yongqing for a separate tour of the Palace.
President Arroyo also presented to Hu a souvenir frame of special Philippine stamps to commemorate his visit and to highlight the three decades of diplomatic ties between their two countries.
Last night, the President hosted a state banquet of salmon and lobsters in honor of the visiting Chinese leader and his party in the Palace.
Attending the grand banquet were former Presidents Fidel Ramos, Corazon Aquino, House Speaker Jose De Venecia, several cabinet members, and a number of Filipino-Chinese taipans.
China’s trade and investment ties with the Philippines and other Southeast Asian countries have grown rapidly in recent years. China ranks as the fourth biggest trade partner of the Philippines with volume of $13.3 billion in 2004 from 12th biggest in 2001.
Hu exhorts Congress to ‘seize the opportunities’
By BEN R. ROSARIO
Stressing that political mutual trust has strengthened the 30 years of diplomatic ties between China and the Philippines, Chinese President Hu Jintao yesterday called on leaders of the two countries to "seize the opportunities" in adding a new chapter to the fruitful relationship.
In his 20-minute address before the Joint Session of Congress, President Hu cited the successes of the bilateral relations between China and the Philippines, saying he fully agrees with President Arroyo who described the two countries’ diplomatic ties over the past 30 years as a "golden age."
Senate President Franklin Drilon and Speaker Jose de Venecia jointly welcomed the Chinese leader and his delegation and took turns in expressing their appreciation for his acceptance of the Congress invitation to address the Joint Session.
President Hu arrived with his wife, Madame Liu Yongqing, who was separately welcomed by Mrs. Mila Drilon and Mrs. Georgina de Venecia.
De Venecia conferred to the visiting Chinese leader the Congressional Medal of Achievement in recognition of Hu’s espousal of market economies with former leaders Deng Xiaoping and Jiang Zemin that "delivered 400 million of their people from poverty."
Hu, who delivered his speech in Mandarin, underscored the "sound momentum" taken by the China-Asean strategic partnership which had shown "marked increase of political trust and steady elevation of cooperation level."
Vowing to fully support the plan of action for the implementation of the China-Asean Strategic Partnership for Peace and Prosperity, the Chinese leader said his country will move to carry it out "in a more comprehensive, systematic, regular and pragmatic manner."
Hu said China is looking forward to the launching of the comprehensive tariffs reduction. His government, Hu said, will encourage more Chinese enterprises to initiate joint business ventures in Asean countries and participate actively in the development of the East Asian Growth Area of which Philippines is a member.
"China pursues an independent foreign policy of peace and sticks to the path of peaceful development. It stands for a new security concept featuring mutual trust, mutual benefit, equality and cooperation, seeks to settle existing differences through dialogue and promotes common security through cooperation," he stressed.
Hu said development and cooperation are priorities that could guarantee prosperity and peace in Asia.
"As economic globalization and regional integration develop in depth, more Asian countries have realized the importance of cooperation," he said while pointing out that Asia accounts for a quarter of the world economy.
"However, we must not lose sight that threats of terrorism, separatism and religious extremism continue to render Asian peace and stability uncertain and that uneven development, poverty, infectious diseases and others remain severe challenges to Asian economic and social progress," he added.
On China-RP relationship, the Chinese chief executive noted that the two countries "have taken the lead in making the breakthrough" for the joint development in the South China Sea which had previously been considered as a major problem in diplomatic relations among countries contesting territorial ownership of the Spratlys group of islands.
According to Hu, such move transformed the South China Sea into a "sea of friendship and cooperation."
"Practice over the past 30 years of diplomatic ties shows that political mutual trust is an important basis for the development of China-Philippines relations, mutually beneficial cooperation their driving force and promoting peace and common development in strategic direction," he said.
He said, "Both sides should give full scope to the respective advantages, further expand trade, increase cooperation in agriculture, fishery, infrastructure, development, mineral development, tourism and other fields and bring our economic cooperation to an even higher level."
De Venecia expressed his gratitude to Hu for his support to Philippine agriculture, fisheries and mining; and the modernization of the Philippine railways.
"Our two countries commitment to stability and development brings closer the hundred years of peace we envision for the Asia Pacific," De Venecia said.
He cited Hu for quietly resolving bilateral tension with Japanese Prime Minister Junichiro Koizumi.
"In the visit to Beijing of Kuomintang leaders, we hope the ruling party in Taiwan will appreciate the recourse to party-to-party diplomacy to resolve contentious issues across the Taiwans traits," De Venecia added.
Among those who welcome Hu upon his arrival at the Batasan Pambansa building in Quezon City were Senate Majority Leader Francis Pangilinan; Senators Alfredo Lim, Juan Flavier and former Vice President Teofisto Guingona.
The House welcoming delegation was composed of Majority Leader Prospero Nograles; Reps. Rodolfo Bacani (Manila); Cynthia Villar (Las Piñas); Cecilia Jalosjos-Carreon (Zamboanga del Sur); Edcel Lagman (Albay); Ignacio Arroyo (Negros Occidental) and Mikey Arroyo (Pampanga).
Former President Fidel V. Ramos was also present, joining foreign dignitaries in the gallery.
Meanwhile, Speaker De Venecia said President Hu Jintao’s state visit to the Philippines and his speech before a joint session of Congress opened the door to a golden age in RP-China relations.
"Our two countries’ commitment to stability and development brings closer the hundred years of peace we envision for the Asia Pacific," de Venecia said.
Likewise, De Venecia noted China’s vital influence and efforts that may eventually "bring the six powers involved back to the negotiating table" and break the nuclear stalemate on the Korean Peninsula.
Noting Hu’s statesmanship in the quest for peace, De Venecia cited the Chinese President’s meeting in Bandung, Indonesia with his Japanese counterpart, Prime Minister Junichiro Koizumi, "quietly" resolving the recent bilateral tensions.
The House leader also praised China’s "peaceful rise" in the greatest emancipation that history has ever seen —- delivering some 400 million people from poverty.
Congress confers highest award on Hu
Visiting President Hu Jintao of the Peoples’ Republic of China yesterday was conferred the Congressional Medal of Achievement as Speaker Jose de Venecia and other senior leaders of the House of Representatives extolled Hu’s "statesman’s role in guiding China’s peaceful development."
In solemn ceremonies before Hu’s address before theJoint Session of Philippine Congress, De Venecia said the Chinese leader is turning his country from the "pursuit of pure growth to the building of a harmonious national society focused on social justice and the well-being of those whom development is leaving behind."
On the second day of his three-day state visit, Hu and his official party arrived at 4 p.m. at the Batasan complex.
In the House citation for Hu read by Rep. Antonio Cuenco, the House recognized the espousal of market economics by Hu and the reform-minded Deng Xiaoping and Jiang Zemin that "delivered 400 million of their people from poverty."
Hu was also cited for his leadership in helping "integrate China and the Southeast Asian states in an ASEAN-10 plus one free-trade area," and in "supporting Japan and Korea into an Asean plus Three Economic Community."
Hu was also recognized for his support of the tri-nation seismic program in the South China Sea between the Philippines, Vietnam and China. De Venecia said the program would likely lead to a "peaceful settlement and development in the disputed areas and unimpeded maritime traffic in the China Sea."
RP may award Palawan oil contract to China
MANILA (Reuters) — The Philippines expects to award a service contract to China National Offshore Oil Company (CNOOC) to drill for oil in the western part of the country, the head of the Philippine state oil firm said yesterday.
Officials from the Philippine National Oil Company (PNOC) and state-owned CNOOC signed an agreement earlier to study prospects for oil and gas in the Calamian area off the northwest coast of Palawan island.
"We are now conducting studies in view of awarding a service contract by September to China’s National Offshore Oil Company," Eduardo Manalac, PNOC president, told Reuters.
"We are just reviewing existing studies on a 6,000-10,000 square kilometer area near the Malampaya gas fields. Hopefully, we start drilling for oil wells in one or two years."
The Calamian area is part of Philippine territory.
CNOOC, PNOC and Vietnam’s state oil firm signed a separate agreement in March to conduct seismic studies in the disputed Spratlys in the South China Sea.
The Philippines, which imports nearly all of its oil requirement, has opened about 46 oil and gas blocks around the offshore Malampaya natural gas field in Palawan for foreign bids.
There are 16 sedimentary basins with a potential of 8 billion barrels of oil equivalent in the area, according to a resource assessment conducted by the government.
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RP, China sign $1.6-B accords
Hu cites ‘golden age’ of ties at Congress joint session
By GENALYN D. KABILING
Largest chunk goes to Surigao mining project
The Philippines and China yesterday invigorated economic cooperation with the signing of 14 agreements worth at least $1.6 billion in investments and loans, wherein the two largest deals seek to develop the railway and mining sectors in the country.
The two countries also agreed to cooperate in maritime safety and marine environmental protection and to explore other areas of defense teamwork, possibly including joint military exercises on anti-terrorism in the future.
President Gloria Macapagal Arroyo and Chinese President Hu Jintao witnessed the signing of the 10 bilateral and four business accords covering $1.10 billion investments, $524.2 million in loans, and $2.5 million in grant to fund several infrastructure projects.
The business deals were inked by top Filipino and Chinese government and business officials after a 45-minute closed-door bilateral meeting between Mrs. Arroyo and Hu in Malacañang. It was the second day of the three-day state visit of Hu in Manila, which coincides with the 30th anniversary of the diplomatic ties between China and the Philippines.
The biggest investment is the $950 million dollar investment by Jinchuan and Shanghai Baosteel Company to rehabilitate a nickel and cobalt mining plant in Surigao province. This is considered the largest foreign mining investment since the Supreme Court recently opened the country’s mining sector to foreign ownership.
Beijing, seeking to expand its economic and security influence in the region and secure resources for its booming economy, also agreed to provide $500 million in loans for the construction of the second phase of North Railway project linking Manila to the Luzon provinces.
In her remarks at the state banquet in the Palace, President Arroyo hailed the beginning of the "golden era" in the RP-China relations with the state visit of Hu, citing the renewed cooperation in political, economic, and cultural fields.
Mrs. Arroyo said she is looking the Philippine-China trade will likely climb to $30 billion by 2010 from the current level of about $10 billion a year.
The China-based Huawei Technologies Co. Ltd also signed an accord to provide $27 million in equipment to upgrade the existing telephone networks of the Digitel Mobile Philippines.
The state-run China National Offshore Oil Co. inked a pact with Philippine National Oil Company (PNOC) on a $10 million in prospective investment in oil and gas exploration off the coast of northwest Palawan.
Socioeconomic Planning Secretary Romulo Neri said the bilateral meeting between Mrs. Arroyo and Hu "shows that China is very much willing to finance the development projects of the Philippines."
"They are showing their willingness to help us out especially in our infrastructure projects," Neri told reporters shortly after the signing ceremony.
The two countries also agreed to open a Chinese consulate in Laoag and establish consultation mechanism to facilitate China’s commercial investments in infrastructure covering the fields of railway, electric power, energy and construction.
Other bilateral pacts signed were the promotion of trade and investment cooperation, the early harvest program allowing Philippine tropical fruit exports to China, special treatment for Philippine rice, and cooperation on youth affairs.
On security, the Department of Transportation and Communications and the Ministry of Communications of the China also signed a memorandum of understanding for bilateral cooperation in maritime safety, marine environmental, port state control, human resources development and information exchange.
Another $24.2 million in loan was given for the acquisition by the Bureau of Customs of non-intrusive scanning equipment from China.
Defense Secretary Avelino Cruz Jr. said the Philippines and China agreed to explore the possibility of forging military ties in the future.
In a news briefing in the Palace, Cruz said the security officials from both countries will hold dialogue next month to explore possible cooperation in anti-terrorism and disaster management.
He said they would discuss the possibility of joint sea border patrols and even joint military exercises.
Cruz immediately downplayed the renewed RP-China military relations might irritate the United States, Manila’s traditional military ally. "This will not affect our strong relations with the United States...It’s better to foster good relations to avoid misunderstanding in the future," he added.
Beijing agreed to give the Philippines $1.2 million in military assistance when Cruz visited Beijing last year and agreed to increase exchanges between military officers. The two countries have rival claims on the Spratly island group as well as the Scarborough Shoal, both in the South China Sea.
Early in the day, Malacañang gave a red carpet welcome for Hu and his delegation, starting with full military arrival honors with 21-gun salute at the Palace grounds.
Welcoming the guests were President Arroyo and First Gentleman Jose Miguel Arroyo and several cabinet officials, including new Philippine Ambassador to China Teofisto Guingona Jr.
Following the review of the military troops, the two leaders took the ceremonial walk at the Palace gardens while the 27-member Lostrobadores Rondalla of Cainta Elementary School serenaded them with folk songs.
Afterwards, the two leaders went inside Malacanang for their bilateral meeting while First Gentleman accompanied China’s First Lady Liu Yongqing for a separate tour of the Palace.
President Arroyo also presented to Hu a souvenir frame of special Philippine stamps to commemorate his visit and to highlight the three decades of diplomatic ties between their two countries.
Last night, the President hosted a state banquet of salmon and lobsters in honor of the visiting Chinese leader and his party in the Palace.
Attending the grand banquet were former Presidents Fidel Ramos, Corazon Aquino, House Speaker Jose De Venecia, several cabinet members, and a number of Filipino-Chinese taipans.
China’s trade and investment ties with the Philippines and other Southeast Asian countries have grown rapidly in recent years. China ranks as the fourth biggest trade partner of the Philippines with volume of $13.3 billion in 2004 from 12th biggest in 2001.
Hu exhorts Congress to ‘seize the opportunities’
By BEN R. ROSARIO
Stressing that political mutual trust has strengthened the 30 years of diplomatic ties between China and the Philippines, Chinese President Hu Jintao yesterday called on leaders of the two countries to "seize the opportunities" in adding a new chapter to the fruitful relationship.
In his 20-minute address before the Joint Session of Congress, President Hu cited the successes of the bilateral relations between China and the Philippines, saying he fully agrees with President Arroyo who described the two countries’ diplomatic ties over the past 30 years as a "golden age."
Senate President Franklin Drilon and Speaker Jose de Venecia jointly welcomed the Chinese leader and his delegation and took turns in expressing their appreciation for his acceptance of the Congress invitation to address the Joint Session.
President Hu arrived with his wife, Madame Liu Yongqing, who was separately welcomed by Mrs. Mila Drilon and Mrs. Georgina de Venecia.
De Venecia conferred to the visiting Chinese leader the Congressional Medal of Achievement in recognition of Hu’s espousal of market economies with former leaders Deng Xiaoping and Jiang Zemin that "delivered 400 million of their people from poverty."
Hu, who delivered his speech in Mandarin, underscored the "sound momentum" taken by the China-Asean strategic partnership which had shown "marked increase of political trust and steady elevation of cooperation level."
Vowing to fully support the plan of action for the implementation of the China-Asean Strategic Partnership for Peace and Prosperity, the Chinese leader said his country will move to carry it out "in a more comprehensive, systematic, regular and pragmatic manner."
Hu said China is looking forward to the launching of the comprehensive tariffs reduction. His government, Hu said, will encourage more Chinese enterprises to initiate joint business ventures in Asean countries and participate actively in the development of the East Asian Growth Area of which Philippines is a member.
"China pursues an independent foreign policy of peace and sticks to the path of peaceful development. It stands for a new security concept featuring mutual trust, mutual benefit, equality and cooperation, seeks to settle existing differences through dialogue and promotes common security through cooperation," he stressed.
Hu said development and cooperation are priorities that could guarantee prosperity and peace in Asia.
"As economic globalization and regional integration develop in depth, more Asian countries have realized the importance of cooperation," he said while pointing out that Asia accounts for a quarter of the world economy.
"However, we must not lose sight that threats of terrorism, separatism and religious extremism continue to render Asian peace and stability uncertain and that uneven development, poverty, infectious diseases and others remain severe challenges to Asian economic and social progress," he added.
On China-RP relationship, the Chinese chief executive noted that the two countries "have taken the lead in making the breakthrough" for the joint development in the South China Sea which had previously been considered as a major problem in diplomatic relations among countries contesting territorial ownership of the Spratlys group of islands.
According to Hu, such move transformed the South China Sea into a "sea of friendship and cooperation."
"Practice over the past 30 years of diplomatic ties shows that political mutual trust is an important basis for the development of China-Philippines relations, mutually beneficial cooperation their driving force and promoting peace and common development in strategic direction," he said.
He said, "Both sides should give full scope to the respective advantages, further expand trade, increase cooperation in agriculture, fishery, infrastructure, development, mineral development, tourism and other fields and bring our economic cooperation to an even higher level."
De Venecia expressed his gratitude to Hu for his support to Philippine agriculture, fisheries and mining; and the modernization of the Philippine railways.
"Our two countries commitment to stability and development brings closer the hundred years of peace we envision for the Asia Pacific," De Venecia said.
He cited Hu for quietly resolving bilateral tension with Japanese Prime Minister Junichiro Koizumi.
"In the visit to Beijing of Kuomintang leaders, we hope the ruling party in Taiwan will appreciate the recourse to party-to-party diplomacy to resolve contentious issues across the Taiwans traits," De Venecia added.
Among those who welcome Hu upon his arrival at the Batasan Pambansa building in Quezon City were Senate Majority Leader Francis Pangilinan; Senators Alfredo Lim, Juan Flavier and former Vice President Teofisto Guingona.
The House welcoming delegation was composed of Majority Leader Prospero Nograles; Reps. Rodolfo Bacani (Manila); Cynthia Villar (Las Piñas); Cecilia Jalosjos-Carreon (Zamboanga del Sur); Edcel Lagman (Albay); Ignacio Arroyo (Negros Occidental) and Mikey Arroyo (Pampanga).
Former President Fidel V. Ramos was also present, joining foreign dignitaries in the gallery.
Meanwhile, Speaker De Venecia said President Hu Jintao’s state visit to the Philippines and his speech before a joint session of Congress opened the door to a golden age in RP-China relations.
"Our two countries’ commitment to stability and development brings closer the hundred years of peace we envision for the Asia Pacific," de Venecia said.
Likewise, De Venecia noted China’s vital influence and efforts that may eventually "bring the six powers involved back to the negotiating table" and break the nuclear stalemate on the Korean Peninsula.
Noting Hu’s statesmanship in the quest for peace, De Venecia cited the Chinese President’s meeting in Bandung, Indonesia with his Japanese counterpart, Prime Minister Junichiro Koizumi, "quietly" resolving the recent bilateral tensions.
The House leader also praised China’s "peaceful rise" in the greatest emancipation that history has ever seen —- delivering some 400 million people from poverty.
Congress confers highest award on Hu
Visiting President Hu Jintao of the Peoples’ Republic of China yesterday was conferred the Congressional Medal of Achievement as Speaker Jose de Venecia and other senior leaders of the House of Representatives extolled Hu’s "statesman’s role in guiding China’s peaceful development."
In solemn ceremonies before Hu’s address before theJoint Session of Philippine Congress, De Venecia said the Chinese leader is turning his country from the "pursuit of pure growth to the building of a harmonious national society focused on social justice and the well-being of those whom development is leaving behind."
On the second day of his three-day state visit, Hu and his official party arrived at 4 p.m. at the Batasan complex.
In the House citation for Hu read by Rep. Antonio Cuenco, the House recognized the espousal of market economics by Hu and the reform-minded Deng Xiaoping and Jiang Zemin that "delivered 400 million of their people from poverty."
Hu was also cited for his leadership in helping "integrate China and the Southeast Asian states in an ASEAN-10 plus one free-trade area," and in "supporting Japan and Korea into an Asean plus Three Economic Community."
Hu was also recognized for his support of the tri-nation seismic program in the South China Sea between the Philippines, Vietnam and China. De Venecia said the program would likely lead to a "peaceful settlement and development in the disputed areas and unimpeded maritime traffic in the China Sea."
RP may award Palawan oil contract to China
MANILA (Reuters) — The Philippines expects to award a service contract to China National Offshore Oil Company (CNOOC) to drill for oil in the western part of the country, the head of the Philippine state oil firm said yesterday.
Officials from the Philippine National Oil Company (PNOC) and state-owned CNOOC signed an agreement earlier to study prospects for oil and gas in the Calamian area off the northwest coast of Palawan island.
"We are now conducting studies in view of awarding a service contract by September to China’s National Offshore Oil Company," Eduardo Manalac, PNOC president, told Reuters.
"We are just reviewing existing studies on a 6,000-10,000 square kilometer area near the Malampaya gas fields. Hopefully, we start drilling for oil wells in one or two years."
The Calamian area is part of Philippine territory.
CNOOC, PNOC and Vietnam’s state oil firm signed a separate agreement in March to conduct seismic studies in the disputed Spratlys in the South China Sea.
The Philippines, which imports nearly all of its oil requirement, has opened about 46 oil and gas blocks around the offshore Malampaya natural gas field in Palawan for foreign bids.
There are 16 sedimentary basins with a potential of 8 billion barrels of oil equivalent in the area, according to a resource assessment conducted by the government.
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