Report: Mindoro oil spill damage valued at P41.2B

MANILA --- The sinking of oil tanker MT Princess Empress in Oriental Mindoro last year caused at least P41.2 billion worth of damage to the environment and coastal communities, according to a report by a sustainability think tank.

MT Princess Empress was carrying 800,000 liters of industrial fuel oil when it sank off Naujan town on Feb. 28, 2023, causing a massive oil spill that reached the coasts of provinces around the resource-rich Verde Island Passage (VIP).

The report of the Center for Energy, Ecology, and Development (CEED) released Monday estimated that the oil spill’s environmental damage amounted to around P40.1 billion. Meanwhile, socio-economic losses totaled P1.1 billion. The total cost of damage was 800% higher than the government’s estimate, according to CEED.

“Catastrophic oil spills like the one in the Verde Island Passage (VIP) are deadly, costly, and can forever change sensitive ecosystems,” CEED executive director Gerry Arances said.“The oil spill has also impoverished the people not just of Mindoro but other surrounding communities that depend on the resources of VIP for their survival,” he added.

Valuation

The study looked into the oil spill’s damage 39 weeks after it happened.

It used two methods to estimate the impact: how much coastal families in several Oriental Mindoro towns lost because of the incident, and how much people are willing to pay to fishing areas and applied it to those who do not live near the coast in the affected provinces. According to the study, fishers continued to suffer income losses from July to November even after the lifting of the fishing ban.

It cited reports indicating that fishers’yields had not returned to their usual pre-oil spill levels, with only around a third of their normal catch being obtained.