Manila Bulletin
Persons affected by Oriental Mindoro oil spill may get total of $284-M in compensation -- DOJ
The Philippines may be eligible to receive up to $284 million (P15.8 billion) from the International Oil Pollution Compensation (IOPC) Funds for damages caused by the Oriental Mindoro oil spill.
Department of Justice (DOJ) Undersecretary Raul Vasquez confirmed that the maximum coverage available from the IOPC is 203 million Special Drawing Rights (SDRs), equivalent to $284 million.
Claimants for this fund would primarily include individuals and government agencies whose livelihoods were adversely affected by the oil spill.
Vasquez clarified that earlier discussions of a $1 billion claim were based on an incorrect assumption about the availability of a supplementary fund, to which the Philippines is not a party.
Special Drawing Rights (SDRs) are a unit of account of the International Monetary Fund (IMF) whose value is based on a basket of major world currencies.
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The International Oil Pollution Compensation (IOPC) Funds has pledged to provide settlements to all victims of the oil spill caused by the sunken MT Princess Empress in Oriental Mindoro.
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The Department of Environment and Natural Resources (DENR) estimates potential environmental damage from the Oriental Mindoro oil spill to be around P7 billion.
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