IT took some time, but with President Marcos’ signing of RA 12120, the country’s energy security is no longer just a pipe dream. This law is set to revive foreign investor interest in the country’s natural gas reserves, potentially leading to the discovery of another Malampaya gas field.
Known as the Philippine Natural Gas Industry Development Act, it seeks to develop the country’s natural gas industry, promote natural gas as a safe, efficient, and cost-effective source of energy and address the concerns of foreign investors seeking to explore for gas fields.
For years, the government overlooked the country’s indigenous gas potential, but the second Marcos administration has renewed focus on this critical resource. With the new law and the Department of Energy’s thrust on energy security, a favorable environment for more investments arose. “With more than half of our energy requirements being imported, we are clearly vulnerable to geopolitical conflicts,” the senator said. “As we move toward renewable energy sources, we need additional baseload resources that are less harmful to the environment,” she added.
Marcos has made energy security a top priority, envisioning a future with reduced dependence on fuel imports while prioritizing environmental sustainability. He believes it is possible to achieve both secure energy supply and a clean environment. The passage of Republic Act 12120 is a testament to the collaborative efforts between the executive and legislative branches, grounded in a shared vision for a prosperous, energy-secure future for the Philippines.
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