All publications by tag «PHILIPPINES»
IMF - When we think about Asia’s economic future, we know that this future is being built on strong foundations—on the richness and diversity of its cultures, on the incredible energy and ingenuity of the people who have changed the world by transforming their own economies. China and India have been driving the greatest poverty reduction in human history by creating the world’s largest middle classes. In a single generation, Vietnam has moved from being one of the world’s poorest nations to being a middle-income country.
China claims almost all of a large stretch of sea between Taiwan, Malaysia, Indonesia, the Philippines, Brunei, Vietnam and Japan. The trouble is, between them, these seven other states all do too.
The Philippines relies overwhelmingly on imports to fuel its fast-growing economy. That reliance will grow further in a few years when the main source of domestic natural gas runs out, so the clock is ticking for it to develop offshore fields that China shows no sign of loosening its grip on.
About $5 trillion in ship-borne trade passes every year though the energy-rich, strategic waters of the South China Sea, where China's territorial claims overlap in parts with Vietnam, the Philippines, Malaysia, Brunei and Taiwan.
"On the issue of territory and disputes over maritime delineation, China does not accept any dispute resolution from a third party and does not accept any dispute resolution forced on China."
China’s ambassador to the Philippines has suggested that the two countries sit down for talks on the most squeamish territorial dispute in Asia. The question of who controls the fishery-rich, 3.5 million-square-kilometer South China Sea, also full of oil and natural gas as well as major world shipping lanes, could proceed from military preparations to a calm negotiating room. The two governments – both unusually aggressive in asserting rival claims to the sea — might be able to work something out. The Philippines is talking now to Taiwan to agree on law enforcement in their own overlapping waters.
The chairman of a Philippine energy company said Friday a Chinese state-owned oil producer hasn't responded to a revived proposal to jointly explore a disputed area of the South China Sea but drilling will go ahead by 2016 with or without a partnership.
Natural gas serves a small, but growing, portion of China’s total energy demand
China says South China Sea tension exaggerated
Pentagon plans new tactics to deter China in South China Sea.