Manila (Philippine Daily Inquirer/ANN) - Philippine President Benigno Aquino III is willing to share with other countries in the region the benefits of the natural gas deposits in the disputed territories in the West Philippine Sea. But he said he will not be a party to the ceding of portions of the Philippine archipelago to a foreign power like China.
Speaking before a general assembly of alumni of US universities late Wednesday, Aquino said the Philippine government continues to talk with the Chinese for a mutually beneficial solution to their standoff over the Panatag (Scarborough) Shoal as well as other disputed territories in the area.
"I am not empowered to give up any of our territory," the President said in answer to a suggestion that "a win-win solution" might be for the two countries to split the US$35 trillion worth of natural gas that another disputed territory, the Recto Bank, is believed to hold.
The Recto Bank (international name: Reed Bank), which lies within the Philippines' 200 nautical-mile (370 kilometres) economic zone, is located abut 150 km east of the Spratly chain of islets, which is claimed in whole or in part by Brunei, Malaysia, Taiwan and Vietnam, as well as the Philippines and China.
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