Tsinoys urged: Invest in energy exploration

Manila, Philippines -  The government has asked the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII) to consider investing in Philippine companies undertaking exploration activities in the country’s continental shelf.

Assistant Secretary Gilbert Asuque of the Department of Foreign Affairs’ Ocean Concerns Office (DFA-OCO) encouraged members of the federation during a meeting organized by the FFCCCII on Tuesday in Manila to invest in energy exploration projects in the Philippines’ continental shelf that includes Recto Bank (Reed Bank), which China claims to own.

Scientific data show that the West Philippine Sea (South China Sea) contains vast deposits of oil and natural gas. The area around Recto Bank alone has an estimated 16.6 trillion cubic feet of natural gas, enough to last a century, according to the Department of Energy.

Asuque also assured the public that the government is protecting the rights of Filipinos in their territory and the Philippines’ marine resources as provided under international law, including the United Nations Convention on the Law of the Sea (UNCLOS), and Philippine national laws.

During the meeting, Foreign Affairs Undersecretary for International Economic Relations Laura del Rosario invited the federation to partner with the DFA in exploring new economic opportunities both here and abroad.

In her opening remarks, Del Rosario acknowledged the federation’s contribution to Philippine economic growth and offered the DFA’s assistance in expanding its potential overseas markets through trade exhibits and missions, business matching sessions, and similar services.

Del Rosario urged the federation’s members to look into trade and business opportunities in the Middle East and Africa. She cited the large Filipino communities in Middle East countries and the growing middle class in resource-rich African countries as potential consumers of Filipino products.

Del Rosario also gave the federation an update on the Asia Pacific Economic Cooperation (APEC) Business Travel Cards. The card aims to promote economic and trade activities among APEC economies through visa-free entry procedures for qualified business travelers.

She cited the country’s vision of allowing small and medium enterprises to become an integral part of the global supply chain of manufactured goods.

The federation, in turn, welcomed the DFA’s offer of assistance and expressed its willingness to cooperate in matters of common concern.

It also shared its plan to launch a “Buy Pinoy” campaign to coincide with the birth anniversary of Philippine national hero Dr. Jose Rizal, to encourage Filipino consumers to buy Filipino products and further boost the country’s economic growth.