A claim of up to 203 million Special Drawing Rights or $284 million from the International Oil Pollution Compensation Funds may be available to those affected by the Oriental Mindoro oil spill, said a Justice Undersecretary. | JMangaluzINQ
“The SDR currency value is calculated daily,” said the IMF.
While there is a supplementary fund, the Philippines is not a consignee of that particular agreement, making it unavailable, according to Vasquez. The Department of Environment and Natural Resources, Philippine Coast Guard, and the Office of Civil Defense will have an “inter-agency determination” to see how much of the claim could go to the government, said Vasquez.
The DOJ Undersecretary explained that the IOPC is a mutual fund. Since the Philippines is a member state, it contributed to the fund and is also entitled to compensation.“Everybody contributes, and the fund would be the source of the payment for all claims in respect to oil pollution,” he said.
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