WPS worth over $10T or 30x PH economy: That is what Duterte is giving up for chump change from China – Mareng Winnie
Former Socioeconomic Planning Secretary Solita “Mareng Winnie” Monsod warns that Filipinos stand to lose over $10 trillion in the mineral and fishing resources in the West Philippine SEA (WPS) if President Rodrigo Duterte continues to do nothing while China usurps the country’s territorial waters.
“This is what is at stake in the WPS, which from appearances is being ‘shared, with China. That’s what this and future generations of Filipinos are losing,” said Monsod in the Inquirer.
The West Philippine Sea (WPS). The Philippines won an outstanding victory in the case against China in the Permanent Court of Arbitration (PCA) in the Netherlands. Remember, Reader, that China, using its nine-dash-line demarcation, claims (1) 80 percent of the Philippine Exclusive Economic Zone (EEZ) in the South China Sea—381,000 square kilometers of maritime space, and (2) 100 percent of our extended continental shelf (ECS)—over 150,000 sq km of maritime space.
The PCA ruled that there was no legal basis for China’s nine-dash
line. But China does not accept the ruling, and the Duterte
administration is tiptoeing around it for fear of displeasing China.
Citing crude oil experts, Monsod said WPS has between $3.4 trillion to $10.6 trillion in oil and natural gas potential and $15.8 billion annually for fisheries (she gave no amount to the methanol reserves which ex-Justice Antonio Carpio believed could fuel China’s economy for 130 years).
Monsod noted that the Philippine economy as measured by gross domestic product was only worth $330 billion in 2018.
“In contrast, President Duterte is grateful to China for its aid to us. His Beijing trip brought in a pledge of $9 billion in soft loans (including a $3 billion credit line). Over the Duterte regime, that would be $1.5 billion a year,” said Monsod noting the foolishness of Duterte’s policy to give away WPS which the Philippines owned based on a ruling by the Permanent Court of Arbitration (PCA).