I've heard that even the discovered oil in the Galoc property is going to earn 60-40 in favor of the government (in royalties) and it will be cheaper to transport oil from there instead of ports elsewhere. Palawan crude will be still sold at prices indicated by the world market. I just hope the government does not waste this opportunity to have the resources' earnings go to the rightful set of people. They in turn would be able to use the money for the right projects and make our country stable before the 200million barrels of oil run out. I hope that its not the last of it too because they are still exploring of course!
We (the Philippines) by the way have a 7 percent GNP rate last 2007 and it is expected to be higher this year unlike other countries that are in a slowdown. She also urges the business community to report anomalies to the anti-red tape task force. I just hope this just works so lets just be optimistic and cross our fingers and stop complaining too much! lolz! ^_^