There is another scandal starting to rear it’s head here in the Philippines: The possibility that the Arroyo government exchanged claims of Philippine sovereignty to China in exchange for loans.

In a single word: Petroleum. The scattered Spratly island area of the South China Sea is claimed by VietNam, China and the Philippines.

Ricky Carandang follows the money….to China

Manuel QuezonIII has more HERE.

Far Eastern Economic review HERE.

Global Security has background HERE.

More from IHTribune…:

Summary: there is oil/gas off the coast of Viet Nam in the Spratlys…and everyone nearby wants it…so did the Philippines exchange their claims (and help push out the Vietnamese) for development loans badly needed by the Philippines?

(And did that money go instead to political slush funds?)

The deal was caught and nixed, partly due to publicity and a couple other major scandals involving Chinese development projects involving huge gifts to Pinoy politicians, but a couple local reporters are on it, and ABSCBN has the summary of articles HERE.

Sorry not to have more details, but it’s not my area of expertise.

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Nancy Reyes is a retired physician living in the rural Philippines. Her website is Finest Kind Clinic and Fishmarket. 

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