In a statement Philippine Energy Undersecretary Eduardo Mañalac said, “There were only four firms that participated in the actual bidding for PCR-1. Many of those that have signified interest to join the bidding round suddenly had cold feet because of the decision of the High Tribunal.”

The decision, by the 12, came despite the fact the Philippines’ Department of Energy declaring the Supreme Court decision does not affect PCR-1.

According to Energy Secretary Vincent S. Perez, “After review and evaluation of existing petroleum service contracts and the model contract for future projects including potential Philippine Contracting Rounds-1 awards, the DOE would like to affirm that petroleum service contracts issued in pursuance of the Oil Exploration and Development Act of 1972 remain valid.”

“The oil drilling contracts substantially address the Supreme Court’s concerns, considering that these contracts contain provisions which amply protect and safeguard the interest and welfare of the nation and the Filipino people,” added Perez.

PCR-1, which was announced last March, allowed for the bidding of 46 new exploration blocks near the Malampaya gas field off the coast of Palawan, in south-west and east Palawan, in the Sulu Sea and Reed Bank.