"x x x.
The West Philippine Sea (South China Sea) is estimated to hold 213 billion barrels of oil. Assuming a very conservative estimate of $50 a barrel, more than $11 trillion in a highly valuable resource partly belongs to the Philippines. The total value is 35 times its gross domestic product in 2011. Properly managed, and avoiding the corruption of Nigeria and the arbitrariness of Venezuela, the Philippines can be an economic powerhouse just based on a modest share of the West Philippine Sea oil resources. And this does not include the natural gas reserves estimated to reach 4.4 trillion cubic feet.
Fortunately, unlike Japan, our resources are far greater and diverse. We are third in gold reserves, fourth in copper reserves, fifth in nickel reserves and overall fifth in mineral wealth in the world. China’s Zijing Mining Group is planning to spend almost $1 billion in overseas acquisitions of gold and copper reserves, and has indicated that it is considering such acquisitions in the Philippines. Any such acquisitions should be part of a broad plan to resolve the West Philippine Sea dispute and maximize the benefits to Filipino workers without harming the environment.
x x x."
