“There can no longer be any legal dispute that the fully submerged Reed Bank, which is where the rich reserves of gas is located, belongs exclusively to the Philippines, being within 200 nautical miles from Palawan and more than 800 nautical miles from China. The resolution of the legal issue is important for investors,” Carpio said.
A state-owned Chinese oil firm has rejected the proposal of business tycoon Manuel V. Pangilinan to invest in a contract to drill in the disputed Reed Bank but welcomed “innovative” proposals on how it can participate, according to a memorandum Pangilinan submitted to President Benigno Aquino.
SEN. Antonio Trillanes IV acted as the Philippines’ backdoor negotiator with China from April to July this year, communicating with Chinese foreign affairs officials in a role, Presidential Spokesperson Edwin Lacierda said, in which he won “minor successes.” But there were other back channels besides Trillanes.