If the research of Brig. Gen. Eldon G. Nemenzo, deputy commander of the 3rd Air Division of the Philippine Air Force (PAF) based in Zamboanga City that underneath the Philippines is a deposit of oil & gas worth $26.3 trillion is true, then the Philippines will soon be liberated from the bondage of poverty and boost its economy.
What is unfortunate is his quote, “But no sensible foreign investor would come in, because the government cannot guarantee a climate of security to underwrite their investments”.
Unless the leaders of the Philippine government will put their country above all personal interests, extracting these deposits will only be a dream. More so that there are other countries such as China claiming the oil-rich areas such as the Spratly Islands.
The development of the Malampaya Gas reserve is a start and hopefully not the end.