News Analysis: A relatively large deposit of oil has been discovered on Cebu Island after years of drilling in the area. Since this is NOT off-shore, as many other Philippine Deposits are, production costs should be much less. An estimated 12 million barrels of oil a day will most likely be the production rate of wells when operational.
Since there is likely a significant amount of Natural Gas at this location, a Power Plant for electrical production for this Island of almost 4 million people would be built to serve them.
Perhaps this discovery will lead others to look for more Oil on Land, of which there is 298,170 Km2 (115,124 Mi2), throughout the 7,107 Philippine Islands.
Reference: http://gulfnews.com/business/oil-gas/new-oil-find-raises-hopes-for-the-philippines-1.1275978