MANILA, Philippines -- President Rodrigo Duterte would not declare the gas-rich Reed Bank as a patrimonial asset of the Philippines, Malacaang said Tuesday, dismissing as "misplaced" the apprehension of Supreme Court Senior Associate Justice Antonio Carpio. Carpio had warned that China could seize the gas resource in the Reed Bank, internationally known as Recto Bank, if Manila would not be able to pay the $62-million loan agreementwith Beijing. The loan agreement, signed on April 10, 2018, stated that "in case of default by the Philippines in repayment of the loan, China can seize, to satisfy any arbitral award in favor of China, "patrimonial asse...
Keep on reading: Duterte won’t declare Reed Bank as patrimonial asset — Palace
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