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☆ Philippine Says Armed Forces to Ensure 'Unimpeded and Peaceful' Exploration in South China Sea
▼ + stars: | 2024-01-23 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

Manila calls the portion of the South China Sea that is within its EEZ as the West Philippine Sea, where it has had a series of confrontations with China with both trading accusations of provoking conflict. In addition to the Philippines, Vietnam, Indonesia, Malaysia and Brunei claim parts of the South China Sea disputed by China, which claims almost all of the sea, a conduit for more than $3 trillion of annual ship-borne commerce. Plans by a Philippine firm to drill for oil and natural gas on the Reed Bank in the South China Sea have been hampered for years by the territorial dispute. The encroacher has a vast area of sea," Teodoro said. China and the Philippines agreed last week to improve maritime communication and to properly manage conflicts and differences in the South China Sea through friendly talks.

Persons: Gilberto Teodoro, Teodoro, China's, Neil Jerome Morales, Karen Lema, Michael Perry Organizations: Manila Overseas Press Club, South China, West, Reed Bank Locations: MANILA, Philippines, Manila, West Philippines, South, West Philippine, China, Vietnam, Indonesia, Malaysia, Brunei, Beijing, Philippine, South China

☆ Philippines weighing legal options against China over coral reef 'destruction'
▼ + stars: | 2023-09-22 | by ( Neil Jerome Morales | ) www.reuters.com time to read: +3 min

MANILA, Sept 22 (Reuters) - The Philippines is exploring legal options against China accusing it of destruction of coral reefs within its exclusive economic zone (EEZ) in the South China Sea, an allegation rejected by Beijing an attempt to "create political drama". The Philippines foreign ministry late on Thursday said it was awaiting assessments from various agencies of the extent of environmental damage in Iroquois Reef in the Spratly islands and would be guided by solicitor general Menardo Guevarra. Any move to pursue arbitration would be highly controversial after the Philippines' landmark 2016 victory in a case against China that concluded Beijing's claim to sovereignty over most of the South China Sea had no basis under international law. Iroquois Reef is close to the Reed Bank, where the Philippines hopes to one day access gas reserves, a plan complicated by China's claim to the area. Coral in the South China Sea has been used for limestone and construction materials, traditional medicines and even souvenirs and jewelry.

Persons: Menardo, Guevarra, Mao Ning, Neil Jerome Morales, Martin Petty Organizations: China, Department of Foreign Affairs, South China, Reed Bank, Thomson Locations: MANILA, Philippines, South China, Beijing, Spratly, Hague, China, South, Manila, Vietnam, Malaysia

☆ Philippines Weighs Legal Options Against China Over Coral Reef 'Destruction'
▼ + stars: | 2023-09-21 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +3 min

By Neil Jerome MoralesMANILA (Reuters) -The Philippines is exploring legal options against China accusing it of destruction of coral reefs within its exclusive economic zone (EEZ) in the South China Sea, an allegation rejected by Beijing as an attempt to "create political drama". The Philippines is studying the possibility of filing a second legal case before the Permanent Court of Arbitration (PCA) in the Hague, Guevarra said on Friday. Manila refers to the part of the South China Sea that it claims as the West Philippine Sea. China, which has refused to recognise the 2016 ruling and has chafed at repeated mention of the case by Western powers, denied the latest claims of destruction of coral reefs. Coral in the South China Sea has been used for limestone and construction materials, traditional medicines and even souvenirs and jewellery.

Persons: Neil Jerome Morales MANILA, General Menardo Guevarra, Guevarra, China's, Ferdinand Marcos Jr, Mao Ning, Neil Jerome Morales, Martin Petty, Christopher Cushing Organizations: China, Reuters, South China, West, Department of Foreign Affairs, Reed Bank Locations: Philippines, South China, Beijing, Spratly, Hague, West Philippine, Manila, South, China, Vietnam, Malaysia

☆ Philippines raises alarm over increase in Chinese boats in disputed sea
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

MANILA, July 7 (Reuters) - The Philippine military on Friday reported an "alarming" increase in the number of Chinese fishing vessels in disputed waters in the South China Sea, which it said threatens the security of the oil and gas-rich Reed Bank. "China must cease its swarming of vessels to respect our sovereign rights," Ariel Coloma, spokesperson for the Western Command, said in a statement. The Philippines won a landmark arbitration case in 2016 that invalidated China's expansive claims in the South China Sea, where about $3 trillion worth of sea-borne goods pass every year. U.S. Defense Secretary Lloyd Austin told his Philippine counterpart, Gilbert Teodoro, on Thursday that the U.S. commitment to the defense of its ally was "ironclad," including in the South China Sea, according to a U.S. summary of the call. The Philippines on Wednesday accused the China Coast Guard of harassment, obstruction and "dangerous manoeuvres" against its vessels, after another incident near a strategic feature of the South China Sea.

Persons: Ariel Coloma, WESCOM, Lloyd Austin, Gilbert Teodoro, Karen Lema, Robert Birsel Organizations: Philippine, Reed Bank, Western Command, The Philippines, PXP Energy Corp, China Coast Guard, U.S . Defense, Thomson Locations: MANILA, South China, China, Manila, States, Philippine, Sabina, Philippines

☆ U.S. Treasury says FSOC agreed banking system sound
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, March 24 (Reuters) - The U.S. Treasury said that the multi-regulator Financial Stability Oversight Council agreed in a meeting on Friday that the U.S. banking system remains "sound and resilient" despite stress on some institutions. In a readout of the closed meeting held by videoconference, the Treasury said that FSOC participants heard a presentation on market developments from the staff of the Federal Reserve Bank of New York. "The Council discussed current conditions in the banking sector and noted that while some institutions have come under stress, the U.S. banking system remains sound and resilient," the Treasury said in a statement. Reporting by David Lawder; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

The influence of Fed rate hikes "is going to hit...That is how it is designed." As of December officials expected the policy rate would rise to around 5.1% by year's end. The experience of 1970s-era central bankers informed not only the extent of the rate increases, with the policy rate rising 4.5 percentage points from near zero as of last March. None of those reforms prevented SVB from funneling its rapidly growing deposits into long-term government bonds that lost value as the Fed raised rates. The Fed has announced a review of its supervision at SVB to see if warning signs were missed.

☆ Philippines needs to find ways to exploit South China Sea resources, says Marcos
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +2 min

MANILA, Dec 1 (Reuters) - The Philippines must find a way to explore for oil and gas in the South China Sea even without a deal with China, President Ferdinand Marcos Jr said on Thursday, emphasising his country's right to exploit energy reserves in the contested waterway. Talks over joint energy exploration between Manila and Beijing in the South China Sea had been terminated, the previous government said in June, citing constitutional constraints and issues of sovereignty. I think there might be other ways so it does not have to be G-to-G (government-to-government)," Marcos said. During a three-day visit last week, U.S. Vice President Kamala Harris affirmed American defence commitments to the Philippines and reiterated support for a 2016 arbitration ruling that invalidated Beijing's expansive South China Sea claims. The ruling, which China refused to recognise, states that the Philippines has sovereign rights to exploit energy reserves inside its 200-mile Exclusive Economic Zone.

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