The Philippine government must act now to protect and make use of the Reed Bank, a part of the West Philippine Sea that is being claimed by China, as energy prices might eventually shoot up due to the country's depleting resources, retired senior associate justice Antonio Carpio said Thursday, August 10.

Carpio, who led the country's victory over the West Philippine Sea through the 2016 Arbitral Award, made the remark as he noted that Malampaya, "which supplies 40 percent of the energy requirement of Luzon, will soon run out of gas."

Gas-rich Reed Bank is located within 200 nautical miles from the Philippines' archipelagic baselines.

"There is urgency for the Philippines to develop Reed Bank," Carpio said in his speech during an event organized by Stratbase ADR Institute.

That is the reason why China is now becoming "more assertive" in its illegal claim over the West Philippine Sea and the whole South China Sea, the retired justice said.

If the government would not take any actions, power rates might increase by up to 50 percent because the country would have to import liquified natural gas (LNG), he added.

Carpio said "we really have to get the gas in the bank now," otherwise the economy will be affected.

"It's been delayed already. That should have been done during the time of Duterte. Now, it takes four years to develop Reed Bank, so we will have a gap where energy costs will be high because we will be using LNG, and LNG is expensive," he said in an interview with reporters.

"The economy will suffer tremendously. President Marcos Jr. will become very unpopular if inflation will shoot up because energy is basic. So we really have to get the gas in the bank now," he added.