Senate President Vicente "Tito" Sotto III on Tuesday said the Philippines should "start scouting for investors" who could fund explorations in its exclusive economic zone to assert its claim on the West Philippine Sea, as Chinese ships refuse to leave the area.
Sotto said Manila has an advantage, given a UN-backed arbitration court ruled in its favor in 2016 and invalidated China's claim. Beijing refuses to recognize that decision.
One option for investors is oil exploration, Sotto said. Under international maritime law, a country has the right to exploit natural resources in its EEZ, while it does not necessarily constitute part of its territory.
“Huwag nating sayangin ang economic opportunity na available sa atin. Our government leaders should start scouting for investors who are willing to pour in funds to explore the rich aquatic resources in the area. There are oil and gas reserves and other natural resources in the depths of these waters,” Sotto said in a statement.
“The public discourse over the WPS (West Philippine Sea) boils down to one thing: While the United Nations ruled in our favor, the ruling cannot be put in force because of the absence of an international body that would enforce it," he said.
The Department of Energy can consider proposals for exploration activities in the West Philippine Sea and even open the initiative to private investors as well as to the countries on a 60-40 sharing agreement, Sotto said.
China can't stop the Philippines from exploring natural resources within the latter's exclusive economic zone, he added.
President Rodrigo Duterte recently compared Manila's arbitral victory invalidating Beijing's claims over the West Philippine Sea to a "piece of paper," drawing fresh criticism on his handling of the maritime dispute.
Beijing has ignored the ruling and fortified its artificial islands over Philippine reefs. Recently, the lingering presence of Chinese ships put a fresh strain on the ties between the two nations.
As of May 9, National Security Adviser Hermogenes Esperon Jr. said 287 Chinese militia ships were still "scattered" off various features of the Philippines' Kalayaan municipality in the Spratlys.
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