Monday, October 13, 2008

Will Galoc Oil Benefit The Filipinos?

Will the recently-discovered Galoc Oil Field in Palawan Benefit The Filipinos? Yes, according to Energy undersecretary Zamzamin Ampatuan who said the oil find will ultimately trickle down to the Filipinos directly or indirectly. Coming from a family of politicians that have made themselves rich but left millions of Muslims in Cotabato POOR, this seems hard to believe.

But let's give Ampatuan the benefit of the doubt.

However, one of the investors in the oil drilling venture said he doubts if the oil find will lower down fuel prices in the country considering that the joint venture will decide where the oil will be sold. And from a businessman's point of view, he said, the oil would be sold to the highest bidder so that they can recover what they invested and of course make some profit in the process. The government cannot do anything about this because it was a mere onlooker in the whole process. All it can do is get a certain percentage which political speculators said, will be a great source of funds for the coming 2010 elections.

So where's the benefit to the masses in there?

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