Although it is within the Philippine Exclusive Economic Zone (Philippine EEZ), economic rights to the are disputed - mainly by the Peoples Republic of China.
The bank is in the northeast quadrant of the Philippine\s Kalayaan Islands claimed territory. The aread is located oof the west coast of Palawan, north of Iroquis reef and the Southern reefs, and east of the northeast part of the Spratly islands. The nearest occupied parts of the Spratly islands are Philippine-occupied Flat Island, Nanshan Island, Ayungin Shoal (or Second Thomas Shoal, and the PRC occupied Mischief Reef.
Oil and gas
Seismic surveys indicate that the Recto Bank (Reed Bank) is rich in oil and gas deposits, but they have only been partly tapped due to disputed claims from China.
Exploration in the area began in 1970, and in 1976 gas was discovered in the Sampaguita structure followin the drilling of a well.
Impact of the Ruling by the Permanent Court of Arbitration.
On July 12, 2016 the Permanent Court of Arbitration ruled that there was no legal or historic basis for China's claim to most of the South China Sea. It also found that China violated the Philippines sovereign rights by constructing artificial islands within the disputed area. On the basis of the decision, the development and exploitation of the Recto Bank's (Reed Bank) is now within the Philippines' Exclusive Economic Zone.
Link : https://en.wikipedia.org/wiki/Reed_Bank
Map of Joint Marine Seismic Undertaking done by China in the year 2008 with the
approval of ex President Gloria Macapagal-Arroyo.
Map of Joint Marine Seismic Undertaking done by China in the year 2008