This is good news for the Philippines, but this will still not benefit the people, because an Australian firm is the one extracting the oil, and will market the oil for 25 years. What's the arrangement on this, BOT? Pnoy's PPP? What's the authority of the DOE/ERC on the pricing of fuel? Remember that the industry is de-regulated, and based on historical data, the Filipinos haven't gained anything in the Oil De-regulation Law, but the continuous increase in prices of all commodities, as a result of oil price hike. Gas2Grid could be the one to develop, but the Filipinos should own the oil.
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