DEVELOPING the country’s natural gas industry is critical to driving investments that will enhance national energy security, reduce electricity costs and create more jobs for Filipinos.
The Senate Committee on Energy Technical Working Group (TWG) issued this observation during a meeting on Senate Bill No. 2247 seeking to promote the development of a “comprehensive, and integrated legislative policy that aids in the rapid development of the Philippines’ natural gas sector.”
Lawyer Gareth Tungol, special legal counsel of Senator Raffy Tulfo, said developing the country’s natural gas industry will open up a larger market share for investors as government policy shifts towards clean energy.
Tulfo underscored the urgency of the bill’s passage as he cited the critical need to extend the life of the Malampaya field which provides about 40 percent of the country’s natural energy needs since 2001.
The TWG also noted that the bill added “priority” dispatch for indigenous natural gas to encourage more investments in the development of indigenous gas resources.
“When it comes to using fuel for gas-fired power plants, my gas will come first…we are prioritizing Filipino gas first,” Tungol said.
“I think that’s the best driver of our investment because instead of investing on importation, they should invest on facilities, and infrastructure,” he added.
The Department of Energy (DOE) expressed support for the development of the country’s natural gas industry, which also aims to promote growth in the power generation industry.
Tungol also said using coal is “a lot more ecologically damaging” and more expensive than natural gas.
The TWG has yet to release the exact amount of reduction of prices once the law takes effect because pricing will depend on the market.
However, Tungol gave assurance that “the end goal of all our energy bills is to drive down the [energy] prices.”
Aside from energy security, the TWG chair noted that the development of the natural gas industry in the country has a “trickle-down effect” including job generation.
