(NYMWPS) — Imee Marcos, incumbent senator and sister of Philippine President Ferdinand Marcos Jr., recently stated on ANC’s World Tonight that the Malampaya Gas Field in the West Philippine Sea would have been a “jackpot” for the Philippines and the perfect opportunity for the creation of a sovereign wealth for the Maharlika Investment Fund Bill.
Former Secretary of the National Economic Development Authority or NEDA Winnie Monsod stated earlier last week that the Gas field would have been the “perfect source of funds” for the bill. She further stated that the proceeds from Malampaya should have gone to the government to be used in investing in improving human capital, health, and infrastructure, among others.
Earlier this year, President Marcos Jr. awarded an extension of the service contract for the Malampaya Gas Field to Enrique Razon’s Prime Infrastructure Capital Inc. and Dennis Uy’s Udenna Corporation until February 22, 2039. The move has been severely criticized due to the missed opportunity of wealth creation for the Philippine government as well as the unanswered questions regarding the technical and managerial capabilities of Udenna Corporation for gas exploration.
The National Youth Movement for the West Philippine Sea or NYMWPS — a peaceful, non-partisan and transglobal organization that advocates for the preservation of Philippine sovereignty and territorial integrity, with socio-economic developments of the sectors in the West Philippine Sea as one of its goals — strongly opposes the service contract extension and award to the Uy and Razon-led firms, and strongly believes that the Malampaya Gas Field must be operated by the Philippine government to generate further substantial financing for national development.
Senator Marcos’ sentiments on the Malampaya Gas Field as a missed opportunity for a major windfall for the Philippines in oil exploration are exactly what the NYMWPS and its allies have been telling the government, the people and the media through various fora since the issue was raised during the previous administration.
Malampaya provides a critical opportunity for the Philippine government as a source of wealth creation and funding that could have been a major asset for the country and the people.
It is estimated that Udenna and Prime Energy had profited from Malampaya as much as seventy 70 billion pesos or $1.24 billion by now, equivalent to the contributions required by the Maharlika Investment Fund bill from the government-owned Land Bank and Development Bank of the Philippines.
In support of former NEDA Secretary Monsod’s statements, the NYMWPS strongly believes that the Malampaya Gas Field and the substantial funds it would generate should be used in developing human assets, infrastructure, health services, as well as investments in education, defense, commerce and the economic sectors.
The NYMWPS hereby intensifies and reiterates its condemnation of the Udenna-Prime Infra service contract extension and calls on President Marcos to reconsider his decision.
The Malampaya Gas Field must be used and developed for the Filipino people, for their benefit, and for their future.
