Philippines feels the economic cost of standing up to China
(Read article summary)The South China Sea dispute between China and the Philippines is beginning to take its toll on the Philippine economy, which is heavily dependent on Chinese demand for its exports.
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The South China Sea territorial dispute between China and the Philippines is beginning to take a toll on the Philippine economy, which is dependent on a steady Chinese demand for its products.
The two countries have been locked in a tense standoff since April 10, when a Philippine naval ship attempted to arrest Chinese fishermen working off what is known internationally as the Scarborough Shoal. The Philippines claims the territory is within its exclusive economic zone, but China claims sovereignty over it, and Chinese ships blocked the arrest, ordering the Philippine ship to leave.
Beijing calls the cluster of land, which is more than 500 miles from China and about 150 miles from the Philippines, Huangyan Island. Manila calls it Panatag.
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