MANILA - On the morning it was announced that the President had lifted the moratorium on oil exploration in the West Philippine Sea, the shares of PXP Energy went up nearly 50 per cent.
Which may be why, in some circles, the news of the lifting of the moratorium was also met with moderate enthusiasm of an altogether more meaningful kind than mere stock speculation. This, according to these circles, was the structure hammered out under the memorandum of understanding and terms of reference that were signed by the Philippines and China.
Another"if": If this were to happen, it would provide a model for the region; China could then offer similar arrangements to, say, Vietnam or Malaysia, with a high probability those countries would agree. On the other hand, the same circles are quick to point out, the Philippines, even without the high-tide features, will still be able to claim the areas as forming part of our exclusive economic zone.
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