As the country’s vital resource for energy supply continues to exhaust and the prices of oil and its impact on power rates are pushing inflation, the Philippine Chamber of Commerce and Industry (PCCI) is calling on government to define its agenda on energy supply security and how to bring down electricity rates to a competitive level.

 

PCCI President George T. Barcelon lamented the lack of aggressiveness in oil and near-field exploration even as the Malampaya gas field is expected to run dry by 2027.  Barcelon stressed on the urgency of prospecting and developing the country’s indigenous oil and natural gas resources as domestic supply dwindles and prices at the international market skyrocket.  Citing the experience of neighboring countries that were able to develop domestic fuel resources by drilling more wells, Barcelon said the country needs to expedite petroleum exploration.

 

Carlos Ramon Aboitiz, chairman of PCCI’s industry committee suggested to start with near-field exploration for natural gas around SC-38 (Malampaya), potentially a quick win since the platform and pipeline are already in the vicinity.

 

Supporting the development of LNG, Frank Carbon, PCCI’s director for energy and power said introducing LNG in the country’s energy and power generation mix will contribute to its diversity, help the country better deal with upheavals in supply and demand and reduce risks of being overly dependent on a single type of fuel like coal.

 

Jose Alejandro, chairman of the energy and power committee stressed on the importance of security of supply and affordability of power citing that these are engines of growth.  He suggested the creation of a team that will focus mainly on examining price stability to drive competitiveness in the country.--- Rhuby Conel/Athena Danielle Quizon

​

​

​