Good day. Here are the stories for The Manila Times for Wednesday, October 12, 2022.
READ: Old oil field stirs investors' interest
AN "old" oilfield in Palawan that could begin production next year has helped gain renewed confidence and strong interest from foreign investors in the country's upstream oil and gas sector, President Ferdinand "Bongbong" Marcos Jr. said on Tuesday. The Department of Energy allowed Nido Petroleum Philippines Pty. Ltd., the technical operator/operator of service contract (SC) 6B, to proceed with the site survey of its drilling locations in its service contract areas by the last quarter of this year. Marcos said the activities will pave the way for the drilling of two wells, one exploration and one appraisal, by the first half of 2023. For SC 6B, he added, the appraisal well for the Cadlao oil field could lead to early oil production toward the second half of 2023 while the recoverable volumes expected from the oil field are 5 to 6 million barrels of oil.
READ: CA denies Ressa appeal on cyberlibel conviction
THE Court of Appeals (CA) on Tuesday denied Rappler CEO and Executive Editor Maria Ressa's motion for reconsideration on her conviction for cyberlibel. The motion for reconsideration was filed by Ressa and Reynaldo Santos Jr., assailing the decision of the CA on July 7, 2022, which affirmed a verdict handed down by the Manila Regional Trial Court Branch 46 on June 15, 2020 that found the two journalists guilty beyond reasonable doubt for the crime of cyberlibel. Ressa has expressed her disappointment over the CA decision to reject her motion for reconsideration.
READ: 'Govt to defend Pinoy fishing rights in WPS'
THE Department of Foreign Affairs (DFA) on Tuesday said the government will "consistently protect and promote" fishing rights of Filipinos in the South China Sea or West Philippine Sea, in both Philippine territorial waters and in its exclusive economic zone (EEZ). The Spratly Islands in the South China Sea (SCS) — believed to be rich in oil and mineral deposits — are claimed in whole or in part by China, Brunei, Malaysia, Taiwan, Vietnam and the Philippines.
READ: Fisheries production in the red – group
FISHERS' group Oceana on Tuesday said that fisheries production in the country is in the red due to overfishing. The total production in 2021 declined by 3.4 percent, with an output of 4.251 million metric tons compared to 4.4 million MT in 2020. Oceana Vice President Gloria Estenzo Ramos cited a study conducted by Dr. Wilfredo Campos of the University of the Philippines Visayas which monitored the movement of sardine stocks in Fisheries Management Area 7 covering Bicol and Samar. Ramos said the Oceana study covered Balatan in Camarines Sur, Pio Duran in Albay, Monreal in Ticao Island, and the main station for fishing vessel operations in Bulan, Sorsogon.
READ: Marcos wants maritime devt plan
PRESIDENT Ferdinand "Bongbong" Marcos Jr. has ordered the creation of a Maritime Industry Development Plan to improve the maritime and aviation sectors in the country, Malacañang said Tuesday. Marcos issued the directive during the 11th Cabinet meeting he convened to discuss his administration's plans to develop and upgrade the maritime and aviation industries. Office of the Press Secretary Officer in Charge Cheloy Garafil said the President pointed out several issues concerning the transportation sector, including the maritime and aviation sectors.
BUSINESS: Trade deficit widens to $6B in Aug
Over to business, the country's trade deficit widened further to $6 billion in August as imports continued to outpace exports, Philippine Statistics Authority (PSA) data showed on Tuesday. According to the preliminary data from the PSA, the country's trade gap rose 81.3 percent from the $3.310 billion recorded last month and 51.9 percent versus August 2021. In August, export receipts decreased by 2 percent to $6.41 billion, slower than the 4-percent decrease in July and a reversal from a 18.9-percent jump in August 2021. Compared to the same period in 2021, total exports from January to August amounted to $51.16 billion, an increase of 4.4 percent.
SPORTS: URCC holds first bare-knuckle fight
In sports, a no-holds-barred bareknuckle boxing fight between two influencers will highlight the Universal Reality Combat Championship (URCC) fight card on October 27 at Xylo at the Palace in Taguig City. The bare-knuckle exhibition fight will be between influencers Maps Soberano and Kenjohns alias Mr. Mainit as the main event of the evening billed as "URCC 80: Bare Madness." According to URCC founder Alvin Aguilar, bare-knuckle boxing is very different from regular boxing, aside from not bandaging the bare knuckles on both fighters.
Rigoberto Tiglao and Marlen Ronquillo are today's front page columnists. Tiglao analyzes President Marcos' first 100 days, while Ronquillo tackles on mapping the country into agricultural zones.
Today's editorial believes creative industries are key to the country's economic growth. Read the full version in the paper's opinion section or listen to the Voice of the Times.
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For The Manila Times, this is Kim Isabelle Dignadice.