RP navy in charge of treasure hunt

RP navy in charge of treasure hunt

MANILA (AFP): President Fidel Ramos yesterday said he had ordered the Philippine navy to take charge of a treasure hunt for a sunken Japanese ship that may hold cargo worth $500 million.

"The Philippine navy will undertake the project of first controlling the area so that there will be no illegal activities and to preserve for the Philippine government whatever treasures there may be," Ramos said in his weekly press conference.

He was referring to a sunken Japanese World War II ship off Camiguin island in the northern Philippines which is reportedly the subject of a race by two rival U.S. salvage firms.

Ramos added that "the Philippine navy by itself, is capable of deep sea diving and recovery operations," adding that the Central Bank and other military agencies were to help in the recovery effort.

One of the groups in the race to salvage the Japanese ship, Pacific Sea Quest, has accused rival group Mardive Corp. of trying to salvage the treasure without a permit.