The Philippines, eager to resume development of vital oil and gas reserves off its coast, will likely need to reach an accord with a Chinese government infuriated by last week’s ruling that granted Manila a big victory in the South China Sea. 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. Beijing has refused to recognize the ruling by the Permanent Court of Arbitration that granted the Philippines sovereign rights to access offshore oil and gas fields, including the Reed Bank, a shallow tablemount some 85 nautical miles off its coast. And as long as things stay that way, the Philippines will have a hard time finding much-needed [...]
