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How rich is the West Philippine Sea? An economist answers

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ABS-CBN News

<p>The Philippines&#x27; energy and food security will be affected if the government wavers in asserting the country&#x27;s rights to its exclusive economic zone in the West Philippine Sea, Former Finance Undersecretary Cielo Magno said on Tuesday. </p><p>Magno, who is an Associate Professor at the UP School of Economics, said there is an estimated 6.2 billion barrels of oil in the whole Exclusive Economic Zone of the Philippines, along with 12.15 trillion cubic feet of gas. </p><p>These energy resources can help the Philippines especially since the country imports 98 percent of its oil. With Malampaya&#x27;s reserves declining, and with Luzon depending heavily on energy production from Malampaya, gas from the West Philippine Sea will also be needed.</p><p>&quot;It would have been nice if we could already the exploration and extraction of these energy resources in the area to fill the gap in terms of energy supply,&quot; Magno said. </p><p>Around a quarter of industrial fishing production also comes from the West Philippine Sea, Magno said. This does not even take into account the small fishermen who depend on its waters. </p><p>Despite the rising tension between the Philippines and China over their competing territorial claims, Magno said it was unlikely that this would lead to war given the economic ties between the two nations, as well as China&#x27;s dependence on US and European markets. </p><p>&quot;Imagine if China would continue to violate international laws, economic sanctions can be established against China.&quot;</p><p>It is important for the government to keep asserting the Philippines&#x27; sovereign rights over the West Philippine Sea, Magno said. </p><p>&quot;We have to continuously assert our rights and evaluate if the threat of war is really valid or not. From my perspective, from an economic point of view, I don&#x27;t think it&#x27;s valid as I&#x27;ve explained in terms of economic linkages.&quot; </p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/YhvLFPOda_Y?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/RaCe4LUcIAs?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><div><br/></div>

<p>The Philippines' energy and food security will be affected if the government wavers in asserting the country's rights to its exclusive economic zone in the West Philippine Sea.</p>

The Philippines' energy and food security will be affected if the government wavers in asserting the country's rights to its exclusive economic zone in the West Philippine Sea.