(Eagle News) — The discovery of oil reserves in Alegria, Cebu can help boost the Philippine economy.
This is according to President Rodrigo Duterte after the Department of Energy announced the discovery of commercial quantities of gas and oil from Alegria oil Field in Southern Cebu.
“We have been lagging behind our neighbors, and not because we are lazy or poor. But in terms of natural resources. We are behind Indonesia because they have oil. We are behind Brunei because it is awash in oil,” the President said in a speech during the ceremonial opening of the Alegria Oilfield Polyard-3 Well Site.
“If the Philippines had the resources and if we managed our revenues well, we would have long ago achieved parity. Our progress and development would have already been equal to theirs… Now there is wealth that can be found in Alegria,” the President said.
President Dutere believed that the municipality of Alegria will be the richest municipalities in Cebu in the next five to ten year due to the quantities of discovered gas and oil.