Emergency Fund aimed at potential Oil Spill in Palawan
Monaco, France – August 16, 2018
Coral World Park Undersea Resorts Inc. (CWP) in cooperation with the Dr. AB Monozca Foundation has launched a PHP2Billion (USD$40m) philanthropic Reef Conservation Fund aimed at providing emergency clean up equipment and logistics in case of an oil spill in it’s area in Coron, Palawan in the Philippines. It’s emergency plan is expandable within a 7,000 square mile radius covering key areas where Oil & Gas concessions are present.
The fund will acquire oil & water separation machines made by a US based company which have been tried and tested by other major oil companies in the world. It will also provide the much needed logistics team to clean up a potential oil spill. There are currently multiple oil concessions around Palawan and is the biggest threat to an expandable marine reserve to protect the environment in Palawan.
The Fund will be administered by a dedicated Trust (CWP Trust) where the Dr. AB Monozca Foundation will match a contribution from the CWP and in return a selected party will contribute whatever the two former parties have contributed in aggregate to have an equal 50-50 contribution.
“The concern is the growing Oil & Gas interests in Palawan especially where our tourism plans are located in the town of Coron. This fund is very small compared to other Oil spill funds around the world but at least it is a start. There are no contributions from any other government related entity or any existing politicians in political office in the Philippines – I want to be clear on this so there are no wrong conclusions. This is a private sector initiative and is a preventive approach.” says Paul Monozca, Chairman & CEO of the CWP.
The fund will be based overseas and will only activate in case of a major oil spill. Selected trustees with strong backgrounds in environmental protection are being invited to manage the emergency fund.The CWP is developing a masterplanned community in the Coron area and aims to create the town to a global tourism destination. It’s philanthropic objective is to support an enhanced Marine Reserve and Reef Conservation initiative in the area via an eco-friendly tourism development which can provide the much needed jobs for the locals and supporting infrastructure for it’s exponential population growth.