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The Philippines should focus on the development of resources in 'undisputed' territories to boost growth, instead of getting caught up in conflicting claims with neighboring countries, a credit ratings firm said.
"The challenge for the Philippines is to be able to expoloit its undisputed resources. [The] Philippines [is] so much similar to Indonesia. They [Indonesia] were able to exploit their resouces," Thomas J. Byrne, Moody's Investor Service senior vice president, said on the sidelines of the 45th Annual Meeting of the Asian Development Bank Board of Governors. "The Philippines should have the right regime and rule of law like Indonesia."
The pronouncements of the rating firm's executive were made in the context of potential oil and gas resources in the South China Sea. The area - referred to by the Philippine government as the "West Philippine Sea" - is the stage of an ongoing standoff between China and the Philippines.
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