President Ferdinand R. Marcos Jr. has signed into law a measure establishing a framework for the development of the country’s natural gas industry.
Marcos signed Republic Act (RA) 12120 or the Philippine Natural Gas Industry Development Act on Jan. 8, a copy of which was uploaded to the Official Gazette on Tuesday.
The new law seeks to establish the Philippine Downstream Natural Gas Industry and increase the share of natural gas in the country’s energy mix by promoting it as a safe, efficient, and cost-effective source of energy and an indispensable contributor to energy security.
Likewise, RA 12120 offers incentives to boost investments in the Philippine natural gas industry by allowing the entry of investors under a system of competition, transparency and fair trade, and by providing responsive policy support, with the end goal of attaining low cost energy prices pursuant to RA 7638 or the Department of Energy Act of 1992.
The new law is also seen to help the Philippines meet the increasing local demand for fuel, and develop the country as a Liquefied Natural Gas (LNG) trading and transshipment hub within the Asia-Pacific Region.
Under the Marcos administration, the government has adopted a more aggressive stance to increase renewable energy in the country. (PNA)